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

Celestica Inc. (NYSE:CLS) (TSE:CLS)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $86.59, but opened at $92.06. Celestica shares last traded at $90.22, with a volume of 1,108,179 shares trading hands.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on CLS shares. Barclays lifted their price target on shares of Celestica from $139.00 to $157.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. Cibc World Mkts upgraded shares of Celestica from a “hold” rating to a “strong-buy” rating in a report 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 shares of Celestica in a report on Friday, February 21st. They issued an “overweight” rating and a $166.00 price objective on the stock. Finally, CIBC upgraded shares of Celestica from a “neutral” rating to a “sector outperform” rating and set a $150.00 target price for the company in a report on Friday, January 31st. Two investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $110.83.

Celestica Trading Up 5.0 %

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 company’s 50-day moving average price is $110.87 and its 200-day moving average price is $84.37. The firm has a market capitalization of $10.58 billion, a PE ratio of 24.26 and a beta of 2.21.

Insider Activity

In other Celestica news, CEO Robert Mionis sold 75,000 shares of the stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $141.29, for a total transaction of $10,596,750.00. Following the completion of the sale, the chief executive officer now directly owns 456,417 shares of the company’s stock, valued at approximately $64,487,157.93. This trade represents a 14.11 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Todd C. Cooper sold 9,538 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $127.54, for a total value of $1,216,476.52. Following the completion of the transaction, the president now directly owns 175,426 shares in the company, valued at approximately $22,373,832.04. The trade was a 5.16 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 959,381 shares of company stock worth $119,142,019. 1.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Celestica

A number of hedge funds and other institutional investors have recently bought and sold shares of CLS. Peregrine Capital Management LLC acquired a new stake in shares of Celestica in the 4th quarter worth $30,000. Pinpoint Asset Management Ltd lifted its position in Celestica by 109.6% in the fourth quarter. Pinpoint Asset Management Ltd now owns 348 shares of the technology company’s stock valued at $32,000 after purchasing an additional 182 shares during the period. Bessemer Group Inc. acquired a new stake in Celestica in the fourth quarter valued at about $42,000. R Squared Ltd purchased a new stake in Celestica in the 4th quarter valued at approximately $51,000. Finally, IFP Advisors Inc increased its position in Celestica by 122.7% during the 4th quarter. IFP Advisors Inc now owns 668 shares of the technology company’s stock worth $62,000 after purchasing an additional 368 shares during the period. 67.38% of the stock is currently 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.