Celestica (NYSE:CLS) Shares Down 8.4% – Here’s What Happened

Celestica Inc. (NYSE:CLS) (TSE:CLS)’s stock price was down 8.4% on Monday . The company traded as low as $78.86 and last traded at $80.17. Approximately 2,514,735 shares traded hands during mid-day trading, a decline of 50% from the average daily volume of 5,030,222 shares. The stock had previously closed at $87.53.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. UBS Group initiated coverage on shares of Celestica in a research note on Friday, November 22nd. They set a “neutral” rating and a $95.00 price target on the stock. 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 research report on Friday, December 20th. Cibc World Mkts upgraded Celestica from a “hold” rating to a “strong-buy” rating in a report on Friday, January 31st. Stifel Nicolaus raised their price objective on Celestica from $140.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, February 19th. Finally, Barclays boosted their target price on Celestica from $139.00 to $157.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Two equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $110.83.

Celestica Trading Up 6.9 %

The stock has a market cap of $10.09 billion, a PE ratio of 23.19 and a beta of 2.21. 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 has a 50-day moving average of $110.87 and a 200 day moving average of $84.37.

Insider Transactions at Celestica

In other Celestica news, President Todd C. Cooper sold 65,000 shares of the stock in a transaction on 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 transaction, the president now owns 110,426 shares of the company’s stock, valued at $14,331,086.28. This represents a 37.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Alok K. Agrawal sold 6,826 shares of Celestica stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $133.92, for a total value of $914,137.92. Following the completion of the sale, the insider now directly owns 9,224 shares of the company’s stock, valued at approximately $1,235,278.08. This represents a 42.53 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 959,381 shares of company stock worth $119,142,019 over the last ninety days. 1.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Celestica

A number of hedge funds have recently added to or reduced their stakes in the business. Peregrine Capital Management LLC acquired a new position in shares of Celestica during the 4th quarter valued at about $30,000. Pinpoint Asset Management Ltd increased its position in 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 last quarter. Bessemer Group Inc. acquired a new position in shares of Celestica in the 4th quarter valued at $42,000. R Squared Ltd purchased a new stake in shares of Celestica during the 4th quarter valued at $51,000. Finally, IFP Advisors Inc increased its holdings in shares of Celestica by 122.7% during the 4th quarter. IFP Advisors Inc now owns 668 shares of the technology company’s stock worth $62,000 after buying an additional 368 shares during the last quarter. 67.38% of the stock is owned by institutional investors and hedge funds.

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.