Celestica (NYSE:CLS) Sees Unusually-High Trading Volume After Analyst Upgrade

Celestica Inc. (NYSE:CLS) (TSE:CLS) saw unusually-strong trading volume on Thursday after Cibc World Mkts upgraded the stock from a hold rating to a strong-buy rating. Approximately 2,638,324 shares were traded during mid-day trading, a decline of 34% from the previous session’s volume of 4,021,195 shares.The stock last traded at $114.72 and had previously closed at $100.49.

A number of other research analysts have also recently commented on CLS. BMO Capital Markets boosted their price target on Celestica from $64.00 to $72.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Barclays lifted their price target on shares of Celestica from $91.00 to $139.00 and gave the company an “overweight” rating in a report on Thursday. Canaccord Genuity Group boosted their target price on Celestica from $77.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Stifel Nicolaus increased their price objective on shares of Celestica from $70.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Finally, Royal Bank of Canada lifted their target price on Celestica from $115.00 to $140.00 and gave the stock an “outperform” rating in a report on Friday. Two analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $99.64.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of CLS. Peregrine Capital Management LLC bought a new position in Celestica during the 4th quarter worth about $30,000. Optimum Investment Advisors lifted its position in shares of Celestica by 66.7% in the 3rd quarter. Optimum Investment Advisors now owns 500 shares of the technology company’s stock worth $26,000 after purchasing an additional 200 shares during the period. R Squared Ltd bought a new position in shares of Celestica during the fourth quarter valued at approximately $51,000. Financial Management Professionals Inc. bought a new position in shares of Celestica during the third quarter valued at approximately $30,000. Finally, UMB Bank n.a. bought a new position in Celestica in the third quarter worth approximately $34,000. Institutional investors own 67.38% of the company’s stock.

Celestica Stock Performance

The company has a debt-to-equity ratio of 0.49, a current ratio of 1.47 and a quick ratio of 0.87. The company has a market cap of $14.38 billion, a PE ratio of 33.04 and a beta of 2.25. The business has a fifty day simple moving average of $98.48 and a two-hundred day simple moving average of $72.18.

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.