Celestica (NYSE:CLS) Shares Down 8.4% – Should You Sell?

Celestica Inc. (NYSE:CLS) (TSE:CLS) dropped 8.4% on Monday . The stock traded as low as $78.86 and last traded at $80.17. Approximately 2,514,735 shares changed hands during mid-day trading, a decline of 50% from the average daily volume of 5,030,222 shares. The stock had previously closed at $87.53.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on CLS. Royal Bank of Canada raised their target price on Celestica from $115.00 to $140.00 and gave the company an “outperform” rating in a research note on Friday, January 31st. UBS Group began coverage on shares of Celestica in a research note on Friday, November 22nd. They set a “neutral” rating and a $95.00 target price for the company. JPMorgan Chase & Co. assumed coverage on Celestica in a research note on Friday, February 21st. They issued an “overweight” rating and a $166.00 price target for the company. Canaccord Genuity Group upped their price objective on shares of Celestica from $77.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Finally, TD Securities raised their target price on shares of Celestica from $70.00 to $107.00 and gave the company a “buy” rating in a research note on Tuesday, January 28th. Two research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Celestica presently has an average rating of “Moderate Buy” and a consensus price target of $110.83.

Celestica Stock Down 7.2 %

The business’s 50 day simple moving average is $111.23 and its 200 day simple moving average is $83.93. The company has a market capitalization of $9.45 billion, a PE ratio of 21.71 and a beta of 2.21. 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 Activity at Celestica

In related news, Director Michael Wilson sold 25,000 shares of the 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 sale, the director now directly owns 1,784 shares of the company’s stock, valued at approximately $176,134.32. This represents a 93.34 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Alok K. Agrawal sold 6,826 shares of Celestica stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $133.92, for a total value of $914,137.92. Following the transaction, the insider now directly owns 9,224 shares in the company, valued at approximately $1,235,278.08. This trade represents a 42.53 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 959,381 shares of company stock worth $119,142,019. 1.00% of the stock is owned by corporate insiders.

Institutional Trading of Celestica

Hedge funds and other institutional investors have recently modified their holdings of the company. Cornerstone Wealth Management LLC acquired a new position in Celestica in the 4th quarter worth about $385,000. Quantbot Technologies LP grew its stake in shares of Celestica by 120.9% in the 3rd quarter. Quantbot Technologies LP now owns 103,660 shares of the technology company’s stock valued at $5,299,000 after buying an additional 56,732 shares in the last quarter. Vaughan Nelson Investment Management L.P. acquired a new position in Celestica in the third quarter worth approximately $61,210,000. Sigma Planning Corp bought a new position in Celestica during the third quarter valued at approximately $420,000. Finally, Advisors Asset Management Inc. lifted its stake in Celestica by 61.9% in the third quarter. Advisors Asset Management Inc. now owns 32,901 shares of the technology company’s stock valued at $1,682,000 after acquiring an additional 12,584 shares during the last quarter. 67.38% of the stock is currently 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.