Celestica (NYSE:CLS) Shares Down 4.2% – Here’s What Happened

Shares of Celestica Inc. (NYSE:CLS) (TSE:CLS) dropped 4.2% on Tuesday . The stock traded as low as $86.23 and last traded at $87.96. Approximately 1,241,015 shares traded hands during trading, a decline of 54% from the average daily volume of 2,712,737 shares. The stock had previously closed at $91.78.

Analyst Ratings Changes

CLS has been the subject of several recent analyst reports. Royal Bank of Canada raised their price objective on shares of Celestica from $115.00 to $140.00 and gave the stock an “outperform” rating in a report on Friday, January 31st. Cibc World Mkts raised shares of Celestica from a “hold” rating to a “strong-buy” rating in a report on Friday, January 31st. JPMorgan Chase & Co. started coverage on shares of Celestica in a report on Friday, February 21st. They issued an “overweight” rating and a $166.00 price target for the company. Canaccord Genuity Group lifted their price target on shares of Celestica from $77.00 to $110.00 and gave the company a “buy” rating in a report on Friday, December 20th. Finally, UBS Group started coverage on shares of Celestica in a report on Friday, November 22nd. They issued a “neutral” rating and a $95.00 price target for the company. Two investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Celestica presently has a consensus rating of “Moderate Buy” and a consensus price target of $110.83.

Celestica Price Performance

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 business’s 50 day simple moving average is $110.59 and its 200-day simple moving average is $85.19. The stock has a market capitalization of $10.37 billion, a price-to-earnings ratio of 23.81 and a beta of 2.21.

Insiders Place Their Bets

In other Celestica news, insider Yann L. Etienvre sold 9,181 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $10,608,649.66. The trade was a 9.94 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, President Todd C. Cooper sold 65,000 shares of the business’s stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $129.78, for a total transaction of $8,435,700.00. Following the sale, the president now owns 110,426 shares in the company, valued at $14,331,086.28. This trade represents a 37.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 959,381 shares of company stock worth $119,142,019. 1.00% of the stock is owned by corporate insiders.

Institutional Trading of Celestica

A number of hedge funds and other institutional investors have recently made changes to their positions in CLS. Independent Advisor Alliance lifted its stake in Celestica by 0.3% during the fourth quarter. Independent Advisor Alliance now owns 29,588 shares of the technology company’s stock valued at $2,731,000 after purchasing an additional 79 shares during the last quarter. Jones Financial Companies Lllp grew its holdings in shares of Celestica by 4.6% in the 4th quarter. Jones Financial Companies Lllp now owns 2,034 shares of the technology company’s stock worth $188,000 after acquiring an additional 89 shares during the last quarter. CoreCap Advisors LLC raised its position in shares of Celestica by 5.4% during the fourth quarter. CoreCap Advisors LLC now owns 1,760 shares of the technology company’s stock worth $162,000 after purchasing an additional 90 shares during the period. Pinpoint Asset Management Ltd raised its position in shares of Celestica by 109.6% during the fourth quarter. Pinpoint Asset Management Ltd now owns 348 shares of the technology company’s stock worth $32,000 after purchasing an additional 182 shares during the period. Finally, NewEdge Advisors LLC raised its position in shares of Celestica by 5.5% during the fourth quarter. NewEdge Advisors LLC now owns 5,400 shares of the technology company’s stock worth $498,000 after purchasing an additional 281 shares during the period. 67.38% of the stock is currently owned by institutional investors.

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.