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

Celestica Inc. (NYSE:CLS) (TSE:CLS)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $82.69, but opened at $76.13. Celestica shares last traded at $78.02, with a volume of 1,275,159 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CLS. Canaccord Genuity Group lifted 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. JPMorgan Chase & Co. began coverage on Celestica in a research report on Friday, February 21st. They set an “overweight” rating and a $166.00 target price for the company. Royal Bank of Canada increased their price target on Celestica from $115.00 to $140.00 and gave the stock an “outperform” rating in a report on Friday, January 31st. Cibc World Mkts raised Celestica from a “hold” rating to a “strong-buy” rating in a research report on Friday, January 31st. Finally, TD Securities raised their price target on shares of Celestica from $70.00 to $107.00 and gave the stock a “buy” rating in a research note on Tuesday, January 28th. Two research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $110.83.

Celestica Trading Up 0.5 %

The company has a market cap of $9.18 billion, a price-to-earnings ratio of 21.17 and a beta of 2.21. The company has a current ratio of 1.47, a quick ratio of 0.87 and a debt-to-equity ratio of 0.49. The business’s 50 day moving average price is $107.40 and its 200-day moving average price is $88.61.

Insider Buying and Selling

In other news, insider Yann L. Etienvre sold 9,181 shares of Celestica stock in a transaction on Friday, January 31st. The stock was sold at an average price of $127.54, for a total transaction of $1,170,944.74. Following the completion of the sale, the insider now owns 83,179 shares of the company’s stock, valued at approximately $10,608,649.66. This trade represents a 9.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Robert Mionis sold 52,588 shares of the business’s stock in a transaction dated 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 directly owns 531,417 shares of the company’s stock, valued at $67,776,924.18. This represents a 9.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 959,381 shares of company stock valued at $119,142,019. Insiders own 1.00% of the company’s stock.

Institutional Trading of Celestica

Several large investors have recently modified their holdings of the stock. Cornerstone Wealth Management LLC bought a new position in Celestica in the 4th quarter valued at about $385,000. Raymond James Financial Inc. bought a new position in Celestica in the fourth quarter valued at approximately $47,685,000. Schechter Investment Advisors LLC acquired a new position in Celestica during the fourth quarter valued at approximately $294,000. XTX Topco Ltd bought a new stake in shares of Celestica during the 3rd quarter worth $1,580,000. Finally, American Century Companies Inc. grew its position in Celestica by 16.4% in the fourth quarter. American Century Companies Inc. now owns 219,062 shares of the technology company’s stock valued at $20,217,000 after acquiring an additional 30,851 shares during the last quarter. 67.38% of the stock is owned by institutional investors and hedge funds.

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.