Celestica (NYSE:CLS) Shares Down 4.2% – Here’s What Happened

Celestica Inc. (NYSE:CLS) (TSE:CLS)’s share price dropped 4.2% during mid-day trading on Tuesday . The company traded as low as $86.23 and last traded at $87.96. Approximately 1,241,015 shares were traded during trading, a decline of 54% from the average daily volume of 2,712,737 shares. The stock had previously closed at $91.78.

Analyst Upgrades and Downgrades

CLS has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. initiated coverage on Celestica in a research report on Friday, February 21st. They set an “overweight” rating and a $166.00 target price on the stock. Cibc World Mkts raised Celestica from a “hold” rating to a “strong-buy” rating in a research report on Friday, January 31st. 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. CIBC raised Celestica from a “neutral” rating to a “sector outperform” rating and set a $150.00 price target on the stock in a research report on Friday, January 31st. Finally, TD Securities upped their price target on Celestica from $70.00 to $107.00 and gave the company a “buy” rating in a research report on Tuesday, January 28th. Two analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $110.83.

Celestica Stock Performance

The company has a market cap of $10.37 billion, a P/E ratio of 23.81 and a beta of 2.21. The firm has a 50 day moving average price of $110.59 and a 200-day moving average price of $85.19. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.87 and a current ratio of 1.47.

Insider Transactions at Celestica

In related news, insider Yann L. Etienvre sold 9,181 shares of the 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 sale, the insider now owns 83,179 shares in the company, valued at $10,608,649.66. This represents a 9.94 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Alok K. Agrawal sold 6,826 shares of the stock in a transaction that occurred 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 sale, the insider now owns 9,224 shares of the company’s stock, valued at approximately $1,235,278.08. The trade was a 42.53 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 959,381 shares of company stock worth $119,142,019. 1.00% of the stock is owned by corporate insiders.

Institutional Trading of Celestica

A number of hedge funds have recently modified their holdings of CLS. Natixis Advisors LLC lifted its position in shares of Celestica by 1,697.3% in the 3rd quarter. Natixis Advisors LLC now owns 233,485 shares of the technology company’s stock worth $11,936,000 after acquiring an additional 220,494 shares during the period. LMR Partners LLP acquired a new position in shares of Celestica in the 3rd quarter worth approximately $5,112,000. Advisors Asset Management Inc. raised its holdings in shares of Celestica by 61.9% in the 3rd quarter. Advisors Asset Management Inc. now owns 32,901 shares of the technology company’s stock worth $1,682,000 after buying an additional 12,584 shares in the last quarter. Value Aligned Research Advisors LLC raised its holdings in shares of Celestica by 10.5% in the 3rd quarter. Value Aligned Research Advisors LLC now owns 77,210 shares of the technology company’s stock worth $3,953,000 after buying an additional 7,354 shares in the last quarter. Finally, L & S Advisors Inc acquired a new position in shares of Celestica in the 3rd quarter worth approximately $1,961,000. 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.