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 $82.69, but opened at $76.13. Celestica shares last traded at $78.02, with a volume of 1,275,159 shares.

Analyst Upgrades and Downgrades

CLS has been the topic of several recent research reports. CIBC raised Celestica from a “neutral” rating to a “sector outperform” rating and set a $150.00 price objective on the stock in a report on Friday, January 31st. TD Securities lifted their target price on shares of Celestica from $70.00 to $107.00 and gave the stock a “buy” rating in a research report on Tuesday, January 28th. Royal Bank of Canada raised their price target 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. JPMorgan Chase & Co. initiated coverage on shares of Celestica in a research note on Friday, February 21st. They issued an “overweight” rating and a $166.00 price objective on the stock. Finally, Canaccord Genuity Group raised their target price on Celestica from $77.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Two research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Celestica presently has a consensus rating of “Moderate Buy” and an average price target of $110.83.

Celestica Trading Up 0.5 %

The company has a debt-to-equity ratio of 0.49, a current ratio of 1.47 and a quick ratio of 0.87. The firm has a fifty day simple moving average of $107.40 and a 200-day simple moving average of $88.61. The firm has a market cap of $9.18 billion, a P/E ratio of 21.17 and a beta of 2.21.

Insider Buying and Selling

In other news, insider Yann L. Etienvre sold 9,181 shares of the stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $127.54, for a total value of $1,170,944.74. Following the completion of the sale, the insider now directly owns 83,179 shares of the company’s stock, valued at $10,608,649.66. This represents a 9.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Michael Wilson sold 25,000 shares of Celestica stock in a transaction that occurred 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 transaction, the director now directly owns 1,784 shares in the company, valued at approximately $176,134.32. The trade was a 93.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 959,381 shares of company stock worth $119,142,019 in the last ninety days. Corporate insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Celestica

Hedge funds have recently bought and sold shares of the company. FMR LLC boosted its stake in shares of Celestica by 91.2% in the 4th quarter. FMR LLC now owns 11,688,700 shares of the technology company’s stock worth $1,078,804,000 after buying an additional 5,574,342 shares during the last quarter. Whale Rock Capital Management LLC lifted its holdings in Celestica by 13.0% during the third quarter. Whale Rock Capital Management LLC now owns 8,467,244 shares of the technology company’s stock worth $432,846,000 after acquiring an additional 975,163 shares during the period. Arrowstreet Capital Limited Partnership boosted its position in Celestica by 64.6% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,572,988 shares of the technology company’s stock worth $329,460,000 after purchasing an additional 1,401,877 shares during the last quarter. FIL Ltd grew its stake in Celestica by 5,976.1% in the 4th quarter. FIL Ltd now owns 3,463,729 shares of the technology company’s stock valued at $319,662,000 after purchasing an additional 3,406,723 shares during the period. Finally, Invesco Ltd. increased its position in shares of Celestica by 20.2% during the 4th quarter. Invesco Ltd. now owns 2,942,816 shares of the technology company’s stock valued at $271,622,000 after purchasing an additional 494,542 shares during the last quarter. 67.38% of the stock is owned by hedge funds and other 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.