Celestica (NYSE:CLS) Shares Gap Down – What’s Next?

Celestica Inc. (NYSE:CLS) (TSE:CLS) shares gapped down prior to trading 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 trading hands.

Analyst Ratings Changes

A number of brokerages have recently commented on CLS. BMO Capital Markets upped their price target on Celestica from $64.00 to $72.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Canaccord Genuity Group upped their price objective on shares of Celestica from $77.00 to $110.00 and gave the company a “buy” rating in a report on Friday, December 20th. Barclays began coverage on shares of Celestica in a research note on Tuesday, November 5th. They issued an “overweight” rating and a $91.00 target price for the company. TD Securities raised 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. Finally, TD Cowen lifted their price objective on shares of Celestica from $68.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. Three research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $84.82.

Celestica Trading Up 8.0 %

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

Insiders Place Their Bets

In related news, Director Michael Wilson sold 25,000 shares of the stock in a transaction on 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 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 Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

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