Celestica (NYSE:CLS) Shares Down 6.3% – Here’s What Happened

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

Wall Street Analyst Weigh In

CLS has been the subject of several research reports. TD Securities increased their price objective on Celestica from $70.00 to $107.00 and gave the company a “buy” rating in a report on Tuesday, January 28th. Barclays lifted their target price on shares of Celestica from $139.00 to $157.00 and gave the company an “overweight” rating in a research note on Thursday, February 13th. CIBC raised Celestica from a “neutral” rating to a “sector outperform” rating and set a $150.00 price objective for the company in a research report on Friday, January 31st. Royal Bank of Canada lifted their price target on shares of Celestica from $115.00 to $140.00 and gave the stock an “outperform” rating in a research note on Friday, January 31st. Finally, Canaccord Genuity Group raised their price objective on Celestica from $77.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Two 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 company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $110.83.

Celestica Price Performance

The firm has a market capitalization of $10.27 billion, a price-to-earnings ratio of 23.65 and a beta of 2.21. The company has a current ratio of 1.47, a quick ratio of 0.87 and a debt-to-equity ratio of 0.49. The stock’s fifty day moving average price is $109.61 and its two-hundred day moving average price is $87.50.

Insider Activity

In related news, insider Yann L. Etienvre sold 9,181 shares of Celestica stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $127.54, for a total transaction of $1,170,944.74. Following the completion of the transaction, the insider now directly owns 83,179 shares in the company, valued at $10,608,649.66. The trade was a 9.94 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Michael Wilson sold 25,000 shares of the stock in a transaction on Monday, January 6th. The shares were sold at an average price of $98.73, for a total value of $2,468,250.00. Following the sale, the director now owns 1,784 shares in the company, valued at approximately $176,134.32. This trade represents a 93.34 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 959,381 shares of company stock worth $119,142,019 in the last 90 days. 1.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Celestica

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CLS. Cornerstone Wealth Management LLC acquired a new stake in shares of Celestica during the 4th quarter worth $385,000. Quantbot Technologies LP increased its position in shares of Celestica by 120.9% in the third quarter. Quantbot Technologies LP now owns 103,660 shares of the technology company’s stock worth $5,299,000 after acquiring an additional 56,732 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Celestica in the 4th quarter valued at $47,685,000. Schechter Investment Advisors LLC acquired a new position in shares of Celestica during the 4th quarter valued at $294,000. Finally, XTX Topco Ltd purchased a new stake in Celestica during the 3rd quarter worth $1,580,000. Hedge funds and other institutional investors 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.