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

Celestica Inc. (NYSE:CLS) (TSE:CLS) shares gapped down before the market opened on Monday . The stock had previously closed at $121.69, but opened at $105.63. Celestica shares last traded at $102.34, with a volume of 4,050,386 shares changing hands.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. 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. TD Cowen boosted their target price on Celestica from $68.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, October 24th. Cibc World Mkts raised Celestica from a “hold” rating to a “strong-buy” rating in a report on Friday. BMO Capital Markets boosted their target price on Celestica from $64.00 to $72.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Finally, Barclays boosted their target price on Celestica from $91.00 to $139.00 and gave the stock an “overweight” rating in a report on Thursday. Two equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $99.64.

Celestica Stock Down 9.1 %

The firm’s 50-day simple moving average is $98.48 and its 200 day simple moving average is $72.36. The company has a market cap of $13.05 billion, a P/E ratio of 29.52 and a beta of 2.27. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.87 and a current ratio of 1.47.

Insider Buying and Selling at Celestica

In related news, Director Michael Wilson sold 25,000 shares of the company’s stock in a transaction 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 sale, the director now owns 1,784 shares in the company, valued at $176,134.32. This represents a 93.34 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Celestica

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Peregrine Capital Management LLC acquired a new position in shares of Celestica during the 4th quarter worth about $30,000. Optimum Investment Advisors lifted its stake in Celestica by 66.7% in the 3rd quarter. Optimum Investment Advisors now owns 500 shares of the technology company’s stock valued at $26,000 after purchasing an additional 200 shares during the last quarter. R Squared Ltd acquired a new stake in Celestica in the 4th quarter valued at about $51,000. Financial Management Professionals Inc. acquired a new stake in Celestica in the 3rd quarter valued at about $30,000. Finally, UMB Bank n.a. acquired a new stake in Celestica in the 3rd quarter valued at about $34,000. 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.