Celestica (NYSE:CLS) Shares Gap Down – Should You Sell?

Celestica Inc. (NYSE:CLS) (TSE:CLS)’s stock price 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 Upgrades and Downgrades

A number of research analysts have commented on CLS shares. TD Cowen upped their price target on Celestica from $68.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, October 24th. TD Securities upped their price objective on shares of Celestica from $70.00 to $107.00 and gave the stock a “buy” rating in a report on Tuesday. Royal Bank of Canada lifted their target price on shares of Celestica from $75.00 to $115.00 and gave the company an “outperform” rating in a research note on Wednesday, January 8th. Stifel Nicolaus increased their price target on shares of Celestica from $70.00 to $100.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Finally, BMO Capital Markets upped 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. Three investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $84.82.

Celestica Price Performance

The firm has a 50 day moving average price of $97.08 and a 200 day moving average price of $71.25. The stock has a market cap of $10.98 billion, a P/E ratio of 29.96 and a beta of 2.25. The company has a quick ratio of 0.87, a current ratio of 1.47 and a debt-to-equity ratio of 0.49.

Insider Buying and Selling at Celestica

In other news, Director Michael Wilson sold 25,000 shares of the company’s 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 of the company’s stock, valued at $176,134.32. This represents a 93.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vaughan Nelson Investment Management L.P. bought a new stake in shares of Celestica during the third quarter valued at approximately $61,210,000. Whale Rock Capital Management LLC increased its holdings in Celestica by 13.0% in the 3rd quarter. Whale Rock Capital Management LLC now owns 8,467,244 shares of the technology company’s stock valued at $432,846,000 after acquiring an additional 975,163 shares during the last quarter. Point72 Asset Management L.P. lifted its stake in Celestica by 38.5% in the 3rd quarter. Point72 Asset Management L.P. now owns 1,084,722 shares of the technology company’s stock worth $55,451,000 after purchasing an additional 301,563 shares in the last quarter. Natixis Advisors LLC boosted its holdings in shares of Celestica by 1,697.3% during the 3rd quarter. Natixis Advisors LLC now owns 233,485 shares of the technology company’s stock valued at $11,936,000 after purchasing an additional 220,494 shares during the last quarter. Finally, Broad Peak Investment Advisers Pte Ltd grew its position in shares of Celestica by 53.8% during the third quarter. Broad Peak Investment Advisers Pte Ltd now owns 524,245 shares of the technology company’s stock valued at $26,799,000 after purchasing an additional 183,300 shares in the last quarter. 67.38% of the stock is currently 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.