Celestica (NYSE:CLS) Stock Price Down 3.2% – Here’s Why

Celestica Inc. (NYSE:CLS) (TSE:CLS) shares fell 3.2% during mid-day trading on Tuesday . The stock traded as low as $94.56 and last traded at $96.77. 1,605,685 shares traded hands during mid-day trading, a decline of 41% from the average session volume of 2,739,995 shares. The stock had previously closed at $99.98.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on CLS shares. Stifel Nicolaus raised their price objective on shares of Celestica from $140.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, February 19th. JPMorgan Chase & Co. began coverage on shares of Celestica in a research note on Friday, February 21st. They issued an “overweight” rating and a $166.00 target price for the company. Canaccord Genuity Group lifted their price objective on shares of Celestica from $77.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Cibc World Mkts raised shares of Celestica from a “hold” rating to a “strong-buy” rating in a research report on Friday, January 31st. Finally, Barclays upped their price objective on Celestica from $139.00 to $157.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. Two research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $110.83.

Celestica Stock Performance

The stock has a market cap of $11.21 billion, a price-to-earnings ratio of 25.84 and a beta of 2.21. The company has a quick ratio of 0.87, a current ratio of 1.47 and a debt-to-equity ratio of 0.49. The company has a 50 day simple moving average of $109.73 and a 200 day simple moving average of $87.11.

Insider Buying and Selling

In related news, insider Alok K. Agrawal sold 6,826 shares of the business’s stock in a transaction 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 $1,235,278.08. The trade was a 42.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, President Todd C. Cooper sold 9,538 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $127.54, for a total value of $1,216,476.52. Following the completion of the sale, the president now owns 175,426 shares in the company, valued at $22,373,832.04. The trade was a 5.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 959,381 shares of company stock worth $119,142,019 in the last three months. 1.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Celestica

Several institutional investors and hedge funds have recently made changes to their positions in the business. Independent Advisor Alliance boosted its holdings in shares of Celestica by 0.3% during the 4th quarter. Independent Advisor Alliance now owns 29,588 shares of the technology company’s stock worth $2,731,000 after buying an additional 79 shares in the last quarter. Jones Financial Companies Lllp increased its stake in Celestica by 4.6% in the fourth quarter. Jones Financial Companies Lllp now owns 2,034 shares of the technology company’s stock valued at $188,000 after purchasing an additional 89 shares in the last quarter. CoreCap Advisors LLC increased its stake in Celestica by 5.4% in the fourth quarter. CoreCap Advisors LLC now owns 1,760 shares of the technology company’s stock valued at $162,000 after purchasing an additional 90 shares in the last quarter. Pinpoint Asset Management Ltd boosted its position in shares of Celestica by 109.6% during the 4th quarter. Pinpoint Asset Management Ltd now owns 348 shares of the technology company’s stock worth $32,000 after purchasing an additional 182 shares in the last quarter. Finally, NewEdge Advisors LLC grew its stake in shares of Celestica by 5.5% in the 4th quarter. NewEdge Advisors LLC now owns 5,400 shares of the technology company’s stock valued at $498,000 after buying an additional 281 shares during the period. 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.