CIBC Cuts Celestica (NYSE:CLS) Price Target to $120.00

Celestica (NYSE:CLS) (TSE:CLS) had its price target lowered by CIBC from $150.00 to $120.00 in a research note published on Tuesday morning, MarketBeat.com reports. The firm currently has an outperformer rating on the technology company’s stock.

Several other research firms have also weighed in on CLS. TD Securities upped their price objective on Celestica from $70.00 to $107.00 and gave the company a “buy” rating in a research note on Tuesday, January 28th. Barclays upped their price target on Celestica from $139.00 to $157.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. JPMorgan Chase & Co. assumed coverage on Celestica in a report on Friday, February 21st. They set an “overweight” rating and a $166.00 price objective for the company. Canaccord Genuity Group upped their target price 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, Stifel Nicolaus lifted their price target on shares of Celestica from $140.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, February 19th. Two investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $108.33.

Celestica Price Performance

Shares of Celestica stock opened at $82.58 on Tuesday. Celestica has a twelve month low of $40.25 and a twelve month high of $144.27. 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 firm has a market cap of $9.58 billion, a P/E ratio of 22.08 and a beta of 2.09. The firm’s 50-day simple moving average is $97.45 and its 200-day simple moving average is $90.55.

Insider Activity at Celestica

In related news, CEO Robert Mionis sold 441,325 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $122.28, for a total value of $53,965,221.00. Following the transaction, the chief executive officer now owns 531,417 shares in the company, valued at $64,981,670.76. This trade represents a 45.37 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Alok K. Agrawal sold 6,826 shares of the business’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $133.92, for a total value of $914,137.92. Following the sale, the insider now directly owns 9,224 shares of the company’s stock, valued at $1,235,278.08. This represents a 42.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 934,381 shares of company stock valued at $116,673,769 over the last quarter. Corporate insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On Celestica

A number of institutional investors and hedge funds have recently modified their holdings of CLS. Cornerstone Wealth Management LLC acquired a new stake in Celestica during the 4th quarter worth $385,000. Raymond James Financial Inc. acquired a new stake in shares of Celestica during the fourth quarter worth $47,685,000. Schechter Investment Advisors LLC bought a new stake in Celestica in the fourth quarter valued at about $294,000. American Century Companies Inc. lifted its stake in Celestica by 16.4% in the fourth quarter. American Century Companies Inc. now owns 219,062 shares of the technology company’s stock valued at $20,217,000 after buying an additional 30,851 shares during the period. Finally, Fruth Investment Management bought a new position in Celestica during the fourth quarter worth about $286,000. 67.38% of the stock is owned by 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.