Celestica (NYSE:CLS) Trading Down 6.3% – Here’s Why

Shares of Celestica Inc. (NYSE:CLS) (TSE:CLS) traded down 6.3% on Wednesday . The company traded as low as $88.81 and last traded at $91.21. 2,299,104 shares traded hands during trading, a decline of 16% from the average session volume of 2,745,480 shares. The stock had previously closed at $97.37.

Analyst Upgrades and Downgrades

CLS has been the subject of several recent research reports. TD Securities upped their price target on Celestica from $70.00 to $107.00 and gave the company a “buy” rating in a report on Tuesday, January 28th. CIBC upgraded Celestica from a “neutral” rating to a “sector outperform” rating and set a $150.00 target price for the company in a research note on Friday, January 31st. Canaccord Genuity Group lifted their price target on shares of Celestica from $77.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Barclays boosted their price target on shares of Celestica from $139.00 to $157.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Celestica in a report on Friday, February 21st. They set an “overweight” rating and a $166.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Celestica presently has an average rating of “Moderate Buy” and a consensus target price of $110.83.

Celestica Trading Down 2.2 %

The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.87 and a current ratio of 1.47. The stock has a market cap of $9.57 billion, a P/E ratio of 22.07 and a beta of 2.21. The company has a 50-day simple moving average of $108.70 and a 200-day simple moving average of $87.48.

Insider Activity at Celestica

In other news, insider Yann L. Etienvre sold 9,181 shares of the stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $127.54, for a total transaction of $1,170,944.74. Following the sale, the insider now directly owns 83,179 shares of the company’s stock, valued at $10,608,649.66. This represents a 9.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, President Todd C. Cooper sold 65,000 shares of the firm’s stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $129.78, for a total transaction of $8,435,700.00. Following the completion of the sale, the president now directly owns 110,426 shares of the company’s stock, valued at approximately $14,331,086.28. This represents a 37.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 959,381 shares of company stock valued at $119,142,019 over the last ninety days. 1.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Cerity Partners LLC lifted its position in Celestica by 3.2% during the 3rd quarter. Cerity Partners LLC now owns 10,772 shares of the technology company’s stock valued at $551,000 after purchasing an additional 338 shares during the period. Larson Financial Group LLC acquired a new position in Celestica in the third quarter valued at approximately $204,000. Private Trust Co. NA boosted its stake in Celestica by 480.0% in the third quarter. Private Trust Co. NA now owns 870 shares of the technology company’s stock valued at $44,000 after acquiring an additional 720 shares during the last quarter. D.A. Davidson & CO. grew its holdings in Celestica by 66.2% during the 3rd quarter. D.A. Davidson & CO. now owns 12,175 shares of the technology company’s stock worth $622,000 after acquiring an additional 4,850 shares during the period. Finally, Avestar Capital LLC raised its position in shares of Celestica by 9.6% during the 3rd quarter. Avestar Capital LLC now owns 5,700 shares of the technology company’s stock valued at $291,000 after acquiring an additional 500 shares during the last quarter. Institutional investors and hedge funds own 67.38% of the company’s stock.

About Celestica

Celestica Inc provides supply chain solutions in North America, Europe, and Asia. It operates through two segments: Advanced Technology Solutions, and Connectivity & Cloud Solutions. The company offers a range of product manufacturing and related supply chain services, including design and development, new product introduction, engineering services, component sourcing, electronics manufacturing and assembly, testing, complex mechanical assembly, systems integration, precision machining, order fulfillment, logistics, asset management, product licensing, and after-market repair and return services.