Celestica (NYSE:CLS) Reaches New 12-Month Low Following Analyst Downgrade

Celestica Inc. (NYSE:CLS) (TSE:CLS)’s stock price hit a new 52-week low during mid-day trading on Wednesday after Argus lowered their price target on the stock from $150.00 to $120.00. Argus currently has a buy rating on the stock. Celestica traded as low as $81.88 and last traded at $85.36, with a volume of 3302700 shares trading hands. The stock had previously closed at $87.05.

CLS has been the subject of several other research reports. CIBC reduced their price target on shares of Celestica from $150.00 to $120.00 and set an “outperformer” rating for the company in a research report on Tuesday, April 15th. Royal Bank of Canada reissued an “outperform” rating and set a $120.00 target price on shares of Celestica in a research report on Monday. TD Securities lifted their price target on shares of Celestica from $70.00 to $107.00 and gave the stock a “buy” rating in a report on Tuesday, January 28th. Barclays reduced their price objective on Celestica from $157.00 to $126.00 and set an “overweight” rating for the company in a report on Monday. Finally, JPMorgan Chase & Co. raised their target price on Celestica from $105.00 to $115.00 and gave the stock an “overweight” rating in a research report on Monday. Two analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $105.42.

Insider Activity at Celestica

In other Celestica news, CEO Robert Mionis sold 441,325 shares of the stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $122.28, for a total value of $53,965,221.00. Following the sale, the chief executive officer now directly owns 531,417 shares in the company, valued at $64,981,670.76. This represents a 45.37 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Yann L. Etienvre sold 83,179 shares of the firm’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $122.28, for a total transaction of $10,171,128.12. Following the completion of the transaction, the insider now directly owns 9,224 shares of the company’s stock, valued at approximately $1,127,910.72. The trade was a 90.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 853,591 shares of company stock worth $106,369,812. 1.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Celestica

Institutional investors have recently added to or reduced their stakes in the business. Rothschild Investment LLC purchased a new position in shares of Celestica during the first quarter worth about $26,000. ORG Partners LLC bought a new stake in Celestica during the first quarter valued at approximately $29,000. Peregrine Capital Management LLC purchased a new position in Celestica in the 4th quarter worth approximately $30,000. Center for Financial Planning Inc. bought a new position in shares of Celestica in the 1st quarter worth $30,000. Finally, Pinpoint Asset Management Ltd raised its position in shares of Celestica by 109.6% during the 4th quarter. Pinpoint Asset Management Ltd now owns 348 shares of the technology company’s stock valued at $32,000 after buying an additional 182 shares in the last quarter. 67.38% of the stock is currently owned by institutional investors.

Celestica Stock Performance

The company’s 50-day moving average price is $86.47 and its two-hundred day moving average price is $92.76. The stock has a market cap of $10.34 billion, a PE ratio of 23.84 and a beta of 2.09. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.87 and a current ratio of 1.47.

Celestica (NYSE:CLS) (TSE:CLS) last released its quarterly earnings results on Thursday, April 24th. The technology company reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.10. The business had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.56 billion. Celestica had a return on equity of 23.34% and a net margin of 4.61%. The company’s revenue for the quarter was up 19.9% on a year-over-year basis. During the same quarter last year, the business posted $0.83 earnings per share. On average, equities research analysts forecast that Celestica Inc. will post 4.35 EPS for the current year.

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.