Celestica (NYSE:CLS) Shares Down 8.4% – Here’s What Happened

Celestica Inc. (NYSE:CLS) (TSE:CLS)’s share price dropped 8.4% during trading on Monday . The stock traded as low as $78.86 and last traded at $80.17. Approximately 2,514,735 shares changed hands during trading, a decline of 50% from the average daily volume of 5,030,222 shares. The stock had previously closed at $87.53.

Analyst Ratings Changes

CLS has been the subject of a number of analyst reports. Stifel Nicolaus boosted their price target on Celestica from $140.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, February 19th. Barclays boosted their target price on Celestica from $139.00 to $157.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. CIBC raised shares of 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. Canaccord Genuity Group raised their target price on shares of Celestica from $77.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Finally, TD Securities raised 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 equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Celestica presently has an average rating of “Moderate Buy” and a consensus target price of $110.83.

Celestica Trading Down 7.2 %

The business has a 50-day moving average price of $111.23 and a 200-day moving average price of $83.93. 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 firm has a market capitalization of $9.45 billion, a P/E ratio of 21.71 and a beta of 2.21.

Insider Buying and Selling at Celestica

In other Celestica news, Director Michael Wilson sold 25,000 shares of the company’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $98.73, for a total value of $2,468,250.00. Following the sale, the director now directly owns 1,784 shares in the company, valued at $176,134.32. This represents a 93.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Alok K. Agrawal sold 6,826 shares of the stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $133.92, for a total value of $914,137.92. Following the transaction, the insider now owns 9,224 shares of the company’s stock, valued at $1,235,278.08. This represents a 42.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 959,381 shares of company stock valued at $119,142,019 in the last 90 days. 1.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Celestica

Large investors have recently made changes to their positions in the company. FMR LLC grew its stake in Celestica by 91.2% during the fourth quarter. FMR LLC now owns 11,688,700 shares of the technology company’s stock worth $1,078,804,000 after buying an additional 5,574,342 shares during the last quarter. FIL Ltd increased its holdings in Celestica by 5,976.1% during the 4th quarter. FIL Ltd now owns 3,463,729 shares of the technology company’s stock valued at $319,662,000 after purchasing an additional 3,406,723 shares in the last quarter. Norges Bank bought a new position in Celestica in the 4th quarter valued at $139,008,000. Polar Capital Holdings Plc grew its holdings in shares of Celestica by 822.6% during the fourth quarter. Polar Capital Holdings Plc now owns 1,607,969 shares of the technology company’s stock worth $148,416,000 after purchasing an additional 1,433,681 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its holdings in shares of Celestica by 64.6% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,572,988 shares of the technology company’s stock worth $329,460,000 after purchasing an additional 1,401,877 shares during the last quarter. 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.