Celestica (NYSE:CLS) Shares Gap Up – What’s Next?

Shares of Celestica Inc. (NYSE:CLS) (TSE:CLS) gapped up before the market opened on Wednesday . The stock had previously closed at $86.59, but opened at $92.06. Celestica shares last traded at $90.22, with a volume of 1,108,179 shares changing hands.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on CLS shares. Royal Bank of Canada lifted their price target on Celestica from $115.00 to $140.00 and gave the company an “outperform” rating in a research note on Friday, January 31st. Barclays boosted their target price on shares of Celestica from $139.00 to $157.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. JPMorgan Chase & Co. assumed coverage on Celestica in a report on Friday, February 21st. They issued an “overweight” rating and a $166.00 price objective on the stock. Cibc World Mkts upgraded Celestica from a “hold” rating to a “strong-buy” rating in a research report on Friday, January 31st. Finally, TD Securities increased their price objective on Celestica from $70.00 to $107.00 and gave the company a “buy” rating in a research note on Tuesday, January 28th. Two 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, the company currently has an average rating of “Moderate Buy” and an average target price of $110.83.

Celestica Price Performance

The firm has a market cap of $10.07 billion, a price-to-earnings ratio of 23.15 and a beta of 2.21. The stock’s fifty day moving average price is $110.82 and its 200-day moving average price is $84.41. The company has a current ratio of 1.47, a quick ratio of 0.87 and a debt-to-equity ratio of 0.49.

Insiders Place Their Bets

In related 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 transaction of $2,468,250.00. Following the completion of the transaction, the director now owns 1,784 shares of the company’s stock, valued at approximately $176,134.32. This trade represents a 93.34 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Robert Mionis sold 52,588 shares of Celestica stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $127.54, for a total transaction of $6,707,073.52. Following the completion of the sale, the chief executive officer now owns 531,417 shares of the company’s stock, valued at $67,776,924.18. This trade represents a 9.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 959,381 shares of company stock valued at $119,142,019 over the last 90 days. 1.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CLS. Peregrine Capital Management LLC purchased a new position in Celestica in the 4th quarter valued at approximately $30,000. Pinpoint Asset Management Ltd grew its stake in 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. Bessemer Group Inc. purchased a new stake in Celestica during the 4th quarter worth about $42,000. Private Trust Co. NA raised its position in Celestica by 480.0% in the 3rd quarter. Private Trust Co. NA now owns 870 shares of the technology company’s stock valued at $44,000 after purchasing an additional 720 shares in the last quarter. Finally, R Squared Ltd purchased a new position in shares of Celestica in the 4th quarter valued at about $51,000. Institutional investors and hedge funds own 67.38% of the company’s stock.

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.