Celestica (NYSE:CLS) Given New $410.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan raised its price target on Celestica to $410 (from $360) and kept an "overweight" rating, implying roughly a 6.7% upside from the recent share price.
• Analysts have broadly lifted targets—Celestica's average price target is $361.78 with the consensus skewing buy—and the stock recently traded at $384.19, well above its 50- and 200-day moving averages.
• Insiders sold about 297,923 shares (~$88.0M) in the past three months, leaving company insiders with just 0.52% ownership.

Celestica (NYSE:CLS - Get Free Report) TSE: CLS had its price objective raised by equities research analysts at JPMorgan Chase & Co. from $360.00 to $410.00 in a research report issued on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the technology company's stock. JPMorgan Chase & Co.'s price objective indicates a potential upside of 6.72% from the stock's current price.

Several other research analysts also recently issued reports on the stock. Zacks Research downgraded shares of Celestica from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 6th. Aletheia Capital upped their price target on shares of Celestica from $330.00 to $410.00 and gave the stock a "buy" rating in a research report on Tuesday, January 20th. Barclays upped their price target on shares of Celestica from $359.00 to $391.00 and gave the stock an "overweight" rating in a research report on Friday, January 30th. Canaccord Genuity Group upped their price target on shares of Celestica from $400.00 to $430.00 and gave the stock a "buy" rating in a research report on Monday, February 2nd. Finally, TD Securities upped their target price on shares of Celestica from $305.00 to $330.00 and gave the company a "hold" rating in a research report on Friday, January 30th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, Celestica has an average rating of "Moderate Buy" and an average price target of $361.78.

Celestica Price Performance

NYSE CLS traded up $2.25 on Thursday, hitting $384.19. 1,726,158 shares of the company were exchanged, compared to its average volume of 2,497,237. The firm has a 50 day moving average of $291.23 and a two-hundred day moving average of $298.00. The company has a market cap of $44.17 billion, a P/E ratio of 53.53 and a beta of 1.88. The company has a current ratio of 1.44, a quick ratio of 0.88 and a debt-to-equity ratio of 0.34. Celestica has a 1-year low of $78.54 and a 1-year high of $393.00.

Insider Buying and Selling at Celestica

In other Celestica news, President Todd C. Cooper sold 89,484 shares of the company's stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $287.45, for a total transaction of $25,722,175.80. Following the transaction, the president directly owned 108,970 shares in the company, valued at approximately $31,323,426.50. This represents a 45.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, President Jason Phillips sold 100,000 shares of the company's stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $308.92, for a total transaction of $30,892,000.00. Following the transaction, the president owned 12,584 shares in the company, valued at approximately $3,887,449.28. The trade was a 88.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 297,923 shares of company stock worth $88,027,459. Company insiders own 0.52% of the company's stock.

Institutional Trading of Celestica

A number of hedge funds have recently modified their holdings of the company. NewGen Equity Long Short Fund acquired a new stake in Celestica during the 2nd quarter worth approximately $14,050,000. Northwestern Mutual Wealth Management Co. raised its holdings in Celestica by 7,646.2% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,007 shares of the technology company's stock worth $157,000 after buying an additional 994 shares during the period. First Trust Advisors LP raised its holdings in Celestica by 30.0% during the 2nd quarter. First Trust Advisors LP now owns 78,061 shares of the technology company's stock worth $12,197,000 after buying an additional 18,025 shares during the period. NewEdge Advisors LLC raised its holdings in Celestica by 385.8% during the 2nd quarter. NewEdge Advisors LLC now owns 2,803 shares of the technology company's stock worth $438,000 after buying an additional 2,226 shares during the period. Finally, HUB Investment Partners LLC raised its holdings in Celestica by 11.0% during the 2nd quarter. HUB Investment Partners LLC now owns 3,181 shares of the technology company's stock worth $497,000 after buying an additional 315 shares during the period. 67.38% of the stock is currently owned by institutional investors and hedge funds.

Celestica Company Profile

Celestica Inc is a multinational electronics manufacturing services (EMS) company that provides design, engineering, manufacturing and supply chain solutions to original equipment manufacturers across a range of industries. Headquartered in Toronto, Ontario, Canada, Celestica works with customers to develop and produce complex electronic and electro-mechanical products, integrating activities from product design and prototyping through high-volume assembly, testing and final system integration.

The company's service offering typically includes product engineering and design support, printed circuit board assembly, box-build and systems assembly, automated test and inspection, aftermarket repair and refurbishment, and end-to-end supply chain and logistics management.

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