Celestica (NYSE:CLS) Stock Price Down 7.1% – Here’s Why

Shares of Celestica Inc. (NYSE:CLS) (TSE:CLS) traded down 7.1% during trading on Monday . The company traded as low as $75.59 and last traded at $76.85. 2,155,210 shares changed hands during mid-day trading, a decline of 25% from the average session volume of 2,868,687 shares. The stock had previously closed at $82.69.

Wall Street Analyst Weigh In

CLS has been the topic of several recent analyst reports. Stifel Nicolaus lifted their price target on shares of Celestica from $140.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, February 19th. Barclays raised their price objective on shares of Celestica from $139.00 to $157.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. TD Securities increased their target price on Celestica from $70.00 to $107.00 and gave the stock a “buy” rating in a research report on Tuesday, January 28th. JPMorgan Chase & Co. started coverage on Celestica in a research report on Friday, February 21st. They set an “overweight” rating and a $166.00 price target on the stock. Finally, CIBC upgraded Celestica from a “neutral” rating to a “sector outperform” rating and set a $150.00 price objective for the company in a report on Friday, January 31st. Two investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $110.83.

Celestica Price Performance

The firm has a fifty day moving average price of $107.40 and a two-hundred day moving average price of $88.61. The company has a quick ratio of 0.87, a current ratio of 1.47 and a debt-to-equity ratio of 0.49. The stock has a market capitalization of $9.18 billion, a P/E ratio of 21.17 and a beta of 2.21.

Insider Buying and Selling at Celestica

In other Celestica news, CEO Robert Mionis sold 441,325 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $122.28, for a total transaction of $53,965,221.00. Following the sale, the chief executive officer now directly owns 531,417 shares in the company, valued at approximately $64,981,670.76. This trade represents a 45.37 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, President Todd C. Cooper sold 9,538 shares of the business’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $127.54, for a total value of $1,216,476.52. Following the completion of the transaction, the president now owns 175,426 shares of the company’s stock, valued at $22,373,832.04. This represents a 5.16 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 959,381 shares of company stock worth $119,142,019. 1.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Celestica

Several hedge funds and other institutional investors have recently bought and sold shares of CLS. Cerity Partners LLC raised its holdings in shares of Celestica by 3.2% during the third 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 last quarter. D.A. Davidson & CO. raised its stake in Celestica by 66.2% during the 3rd quarter. D.A. Davidson & CO. now owns 12,175 shares of the technology company’s stock valued at $622,000 after buying an additional 4,850 shares during the last quarter. Townsquare Capital LLC bought a new position in shares of Celestica during the 3rd quarter valued at $202,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Celestica by 6.0% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,002 shares of the technology company’s stock valued at $1,380,000 after buying an additional 1,530 shares during the period. Finally, Centiva Capital LP grew its holdings in shares of Celestica by 15.4% in the third quarter. Centiva Capital LP now owns 11,364 shares of the technology company’s stock worth $581,000 after acquiring an additional 1,515 shares during the period. Institutional investors own 67.38% of the company’s stock.

Celestica Company Profile

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.