Celestica (NYSE:CLS) Stock Price Down 14.9% – Time to Sell?

Celestica Inc. (NYSE:CLS) (TSE:CLS) was down 14.9% during mid-day trading on Thursday . The company traded as low as $69.89 and last traded at $70.07. Approximately 2,544,652 shares were traded during trading, a decline of 12% from the average daily volume of 2,899,726 shares. The stock had previously closed at $82.35.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on CLS shares. Royal Bank of Canada boosted their target price on shares of Celestica from $115.00 to $140.00 and gave the company an “outperform” rating in a research note on Friday, January 31st. 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 report on Friday, January 31st. Stifel Nicolaus increased their price objective on Celestica from $140.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, February 19th. JPMorgan Chase & Co. initiated coverage on Celestica in a research note on Friday, February 21st. They issued an “overweight” rating and a $166.00 target price on the stock. Finally, TD Securities lifted their price objective on Celestica from $70.00 to $107.00 and gave the stock a “buy” rating in a report on Tuesday, January 28th. 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. According to MarketBeat, Celestica currently has an average rating of “Moderate Buy” and an average target price of $110.83.

Celestica Price Performance

The firm has a market capitalization of $8.00 billion, a P/E ratio of 18.45 and a beta of 2.21. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.87 and a current ratio of 1.47. The business has a 50 day simple moving average of $105.80 and a two-hundred day simple moving average of $88.80.

Insider Activity at Celestica

In related news, President Todd C. Cooper sold 9,538 shares of the stock in a transaction on Friday, January 31st. The shares were sold at an average price of $127.54, for a total transaction of $1,216,476.52. Following the transaction, the president now owns 175,426 shares of the company’s stock, valued at approximately $22,373,832.04. This trade represents a 5.16 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael Wilson sold 25,000 shares of Celestica stock in a transaction dated 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 completion of the transaction, the director now owns 1,784 shares in the company, valued at approximately $176,134.32. This represents a 93.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 959,381 shares of company stock valued at $119,142,019 over the last three months. 1.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in CLS. Versant Capital Management Inc bought a new position in Celestica during the 1st quarter valued at approximately $84,000. Wellington Management Group LLP purchased a new position in Celestica during the 4th quarter valued at $26,965,000. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Celestica during the fourth quarter valued at approximately $405,000. Park Square Financial Group LLC bought a new position in Celestica in the fourth quarter worth $345,000. Finally, Mackenzie Financial Corp lifted its position in Celestica by 39.3% during the fourth quarter. Mackenzie Financial Corp now owns 761,084 shares of the technology company’s stock valued at $70,164,000 after buying an additional 214,872 shares during the period. 67.38% of the stock is owned by hedge funds and other institutional investors.

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.