Celestica (NYSE:CLS) Stock Price Down 3.6% – Time to Sell?

Celestica Inc. (NYSE:CLS) (TSE:CLS)’s share price dropped 3.6% on Thursday . The company traded as low as $76.90 and last traded at $79.07. Approximately 1,367,358 shares changed hands during mid-day trading, a decline of 55% from the average daily volume of 3,013,557 shares. The stock had previously closed at $82.06.

Analyst Upgrades and Downgrades

CLS has been the topic of a number of research analyst reports. CIBC upgraded shares of Celestica from a “neutral” rating to a “sector outperform” rating and set a $150.00 target price on the stock in a research note on Friday, January 31st. Royal Bank of Canada raised their price target on Celestica from $115.00 to $140.00 and gave the company an “outperform” rating in a research report on Friday, January 31st. TD Securities lifted their price objective on Celestica from $70.00 to $107.00 and gave the stock a “buy” rating in a research note on Tuesday, January 28th. Canaccord Genuity Group increased their target price on Celestica from $77.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Finally, JPMorgan Chase & Co. assumed coverage on Celestica in a report on Friday, February 21st. They issued an “overweight” rating and a $166.00 target price on the stock. Two equities research 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 company’s stock. Based on data from MarketBeat, Celestica presently has an average rating of “Moderate Buy” and an average target price of $110.83.

Celestica Price Performance

The company’s fifty day simple moving average is $100.65 and its 200-day simple moving average is $89.70. The stock has a market cap of $9.07 billion, a P/E ratio of 20.94 and a beta of 2.09. The company has a current ratio of 1.47, a quick ratio of 0.87 and a debt-to-equity ratio of 0.49.

Insider Buying and Selling

In other Celestica news, CFO Mandeep Chawla sold 9,483 shares of Celestica stock in a transaction on Friday, January 31st. The stock was sold at an average price of $127.54, for a total transaction of $1,209,461.82. Following the completion of the transaction, the chief financial officer now directly owns 90,771 shares of the company’s stock, valued at approximately $11,576,933.34. This trade represents a 9.46 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, President Todd C. Cooper sold 65,000 shares of the company’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 completion of the sale, the president now directly owns 110,426 shares in the company, valued at approximately $14,331,086.28. The trade was a 37.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 934,381 shares of company stock valued at $116,673,769 over the last quarter. Corporate insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Celestica

Institutional investors have recently added to or reduced their stakes in the company. Janus Henderson Group PLC increased its holdings in shares of Celestica by 10.5% during the third quarter. Janus Henderson Group PLC now owns 37,467 shares of the technology company’s stock worth $1,919,000 after buying an additional 3,545 shares in the last quarter. Stifel Financial Corp grew its position in Celestica by 2,107.2% during the 3rd quarter. Stifel Financial Corp now owns 107,379 shares of the technology company’s stock worth $5,489,000 after acquiring an additional 102,514 shares during the last quarter. State Street Corp acquired a new stake in Celestica during the 3rd quarter valued at $452,000. MML Investors Services LLC raised its position in Celestica by 274.0% in the 3rd quarter. MML Investors Services LLC now owns 27,328 shares of the technology company’s stock valued at $1,397,000 after purchasing an additional 20,022 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new position in Celestica in the third quarter worth $214,000. 67.38% of the stock is owned by institutional investors.

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.