Celestica (NYSE:CLS) Shares Gap Up – Here’s Why

Celestica Inc. (NYSE:CLS) (TSE:CLS) shares gapped up before the market opened on Tuesday . The stock had previously closed at $87.36, but opened at $91.65. Celestica shares last traded at $91.17, with a volume of 2,142,439 shares changing hands.

Analyst Ratings Changes

A number of equities analysts recently weighed in on CLS shares. Royal Bank of Canada boosted their price objective on shares of Celestica from $75.00 to $115.00 and gave the stock an “outperform” rating in a report on Wednesday, January 8th. TD Cowen upped their price target on Celestica from $68.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, October 24th. Stifel Nicolaus lifted their price objective on Celestica from $70.00 to $100.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. BMO Capital Markets upped their target price on shares of Celestica from $64.00 to $72.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Finally, TD Securities boosted their price objective on shares of Celestica from $68.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, October 24th. Three investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $81.45.

Celestica Stock Performance

The business has a 50 day moving average price of $96.92 and a two-hundred day moving average price of $71.01. The stock has a market cap of $10.85 billion, a P/E ratio of 29.52 and a beta of 2.25. The company has a quick ratio of 0.87, a current ratio of 1.47 and a debt-to-equity ratio of 0.49.

Insider Buying and Selling at Celestica

In other Celestica news, Director Michael Wilson sold 25,000 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $98.73, for a total transaction of $2,468,250.00. Following the completion of the transaction, the director now owns 1,784 shares in the company, valued at $176,134.32. This trade represents a 93.34 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of CLS. Livforsakringsbolaget Skandia Omsesidigt purchased a new position in shares of Celestica in the 4th quarter worth $4,549,000. Adero Partners LLC purchased a new position in Celestica in the fourth quarter worth about $207,000. Fruth Investment Management bought a new stake in Celestica during the fourth quarter worth approximately $286,000. Choreo LLC purchased a new stake in Celestica during the fourth quarter valued at approximately $352,000. Finally, Stratos Wealth Partners LTD. raised its position in Celestica by 22.0% during the fourth quarter. Stratos Wealth Partners LTD. now owns 47,080 shares of the technology company’s stock valued at $4,346,000 after purchasing an additional 8,487 shares during the period. 67.38% of the stock is owned by hedge funds and other 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.