CIBC Issues Pessimistic Forecast for Celestica (NYSE:CLS) Stock Price

Celestica (NYSE:CLS) (TSE:CLS) had its price target decreased by CIBC from $150.00 to $120.00 in a research report released on Tuesday, Marketbeat Ratings reports. CIBC currently has an outperformer rating on the technology company’s stock.

A number of other brokerages also recently issued reports on CLS. JPMorgan Chase & Co. assumed coverage on Celestica in a research report on Friday, February 21st. They issued an “overweight” rating and a $166.00 price objective on the stock. Barclays raised their price target on Celestica from $139.00 to $157.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. TD Securities boosted their price objective on Celestica from $70.00 to $107.00 and gave the stock a “buy” rating in a report on Tuesday, January 28th. Cibc World Mkts raised shares of Celestica from a “hold” rating to a “strong-buy” rating in a research note on Friday, January 31st. Finally, Canaccord Genuity Group lifted their target price on shares of Celestica from $77.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Two equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $103.25.

Celestica Stock Performance

Celestica stock opened at $84.12 on Tuesday. Celestica has a 1-year low of $40.25 and a 1-year high of $144.27. The company has a current ratio of 1.47, a quick ratio of 0.87 and a debt-to-equity ratio of 0.49. The firm has a market capitalization of $9.75 billion, a PE ratio of 22.49 and a beta of 2.09. The firm’s 50 day simple moving average is $95.46 and its 200 day simple moving average is $90.43.

Insider Activity at Celestica

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 transaction of $1,170,944.74. Following the completion of the sale, the insider now owns 83,179 shares of the company’s stock, valued at approximately $10,608,649.66. This represents a 9.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Robert Mionis sold 75,000 shares of the firm’s 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 transaction, the chief executive officer now owns 456,417 shares in the company, valued at $64,487,157.93. This represents a 14.11 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 934,381 shares of company stock valued at $116,673,769. Insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On Celestica

Institutional investors have recently added to or reduced their stakes in the company. FMR LLC increased its position in shares of Celestica by 91.2% in the fourth quarter. FMR LLC now owns 11,688,700 shares of the technology company’s stock valued at $1,078,804,000 after acquiring an additional 5,574,342 shares during the period. FIL Ltd grew its stake in shares of Celestica by 5,976.1% in the fourth quarter. FIL Ltd now owns 3,463,729 shares of the technology company’s stock worth $319,662,000 after purchasing an additional 3,406,723 shares during the last quarter. Norges Bank purchased a new position in Celestica during the 4th quarter valued at about $139,008,000. Polar Capital Holdings Plc raised its position in Celestica by 822.6% during the 4th quarter. Polar Capital Holdings Plc now owns 1,607,969 shares of the technology company’s stock valued at $148,416,000 after purchasing an additional 1,433,681 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in Celestica by 64.6% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,572,988 shares of the technology company’s stock worth $329,460,000 after buying an additional 1,401,877 shares during the period. Hedge funds and other institutional investors own 67.38% of the company’s stock.

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.