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

Celestica Inc. (NYSE:CLS) (TSE:CLS)’s share price gapped down before the market opened on Monday . The stock had previously closed at $87.53, but opened at $82.75. Celestica shares last traded at $80.77, with a volume of 1,598,995 shares changing hands.

Analyst Upgrades and Downgrades

CLS has been the subject of a number of research analyst reports. Stifel Nicolaus lifted their price target on shares of Celestica from $140.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. JPMorgan Chase & Co. initiated coverage on shares of Celestica in a research note on Friday, February 21st. They issued an “overweight” rating and a $166.00 target price on the stock. Canaccord Genuity Group boosted their price objective on Celestica from $77.00 to $110.00 and gave the company a “buy” rating in a report on Friday, December 20th. 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 research report on Friday, January 31st. Finally, Cibc World Mkts upgraded Celestica from a “hold” rating to a “strong-buy” rating in a research note on Friday, January 31st. Two 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. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $110.83.

Celestica Stock Down 10.0 %

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’s 50-day moving average price is $111.23 and its 200 day moving average price is $83.72. The firm has a market cap of $9.16 billion, a P/E ratio of 21.14 and a beta of 2.21.

Insiders Place Their Bets

In other news, Director Michael Wilson sold 25,000 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $98.73, for a total value of $2,468,250.00. Following the completion of the transaction, the director now directly owns 1,784 shares in the company, valued at $176,134.32. This trade represents a 93.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Robert Mionis sold 75,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $141.29, for a total transaction of $10,596,750.00. Following the transaction, the chief executive officer now owns 456,417 shares in the company, valued at $64,487,157.93. This represents a 14.11 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 959,381 shares of company stock worth $119,142,019. Insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Celestica

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Independent Advisor Alliance lifted its holdings in shares of Celestica by 0.3% in the fourth quarter. Independent Advisor Alliance now owns 29,588 shares of the technology company’s stock valued at $2,731,000 after buying an additional 79 shares during the period. Jones Financial Companies Lllp raised its position in Celestica by 4.6% in the fourth quarter. Jones Financial Companies Lllp now owns 2,034 shares of the technology company’s stock worth $188,000 after acquiring an additional 89 shares in the last quarter. CoreCap Advisors LLC lifted its holdings in Celestica by 5.4% in the 4th quarter. CoreCap Advisors LLC now owns 1,760 shares of the technology company’s stock valued at $162,000 after acquiring an additional 90 shares during 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 valued at $32,000 after purchasing an additional 182 shares in the last quarter. Finally, NewEdge Advisors LLC boosted its position in shares of Celestica by 5.5% during the 4th quarter. NewEdge Advisors LLC now owns 5,400 shares of the technology company’s stock valued at $498,000 after purchasing an additional 281 shares in the last quarter. 67.38% of the stock is owned by institutional investors.

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.