Celestica (NYSE:CLS) Hits New 52-Week High After Analyst Upgrade

Key Points

• New 52-week high: Celestica surged to a new 52-week high after BMO Capital raised its price target from $370 to $450 and kept an "outperform" rating; shares traded as high as $422.89 and last at $406.97 on volume of about 752,964 shares.
• Significant insider selling: Insiders including Yann L. Etienvre and President Jason Phillips sold large positions (86,229 and 100,000 shares respectively), with insiders selling 297,923 shares worth roughly $88.0M over the past 90 days and now owning 1.10% of the stock.
• Analyst and institutional view: Analysts' consensus is a "Moderate Buy" with an average price target of $373.89, and institutional investors hold about 67.38% of the company's shares.

Shares of Celestica, Inc. (NYSE:CLS - Get Free Report) TSE: CLS reached a new 52-week high on Monday after BMO Capital Markets raised their price target on the stock from $370.00 to $450.00. BMO Capital Markets currently has an outperform rating on the stock. Celestica traded as high as $422.89 and last traded at $406.97, with a volume of 752964 shares traded. The stock had previously closed at $410.21.

CLS has been the subject of a number of other research reports. Barclays upped their price target on Celestica from $359.00 to $391.00 and gave the stock an "overweight" rating in a research report on Friday, January 30th. Weiss Ratings reissued a "buy (b)" rating on shares of Celestica in a research report on Wednesday, January 21st. Susquehanna assumed coverage on shares of Celestica in a report on Wednesday, April 1st. They set a "positive" rating and a $375.00 target price for the company. Citigroup decreased their target price on shares of Celestica from $375.00 to $338.00 and set a "buy" rating for the company in a research report on Friday, January 30th. Finally, Royal Bank Of Canada reiterated an "outperform" rating and issued a $400.00 price target on shares of Celestica in a research note on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $373.89.

Insiders Place Their Bets

In other Celestica news, insider Yann L. Etienvre sold 86,229 shares of the business's stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $287.45, for a total transaction of $24,786,526.05. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, President Jason Phillips sold 100,000 shares of the company's stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $308.92, for a total value of $30,892,000.00. Following the completion of the sale, the president owned 12,584 shares in the company, valued at $3,887,449.28. This represents a 88.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 297,923 shares of company stock valued at $88,027,459 in the last 90 days. 1.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Celestica

Large investors have recently added to or reduced their stakes in the business. NewGen Equity Long Short Fund bought a new stake in shares of Celestica during the 2nd quarter worth about $14,050,000. Northwestern Mutual Wealth Management Co. raised its holdings in Celestica by 7,646.2% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,007 shares of the technology company's stock valued at $157,000 after acquiring an additional 994 shares during the period. First Trust Advisors LP lifted its position in Celestica by 30.0% during the second quarter. First Trust Advisors LP now owns 78,061 shares of the technology company's stock worth $12,197,000 after acquiring an additional 18,025 shares during the last quarter. NewEdge Advisors LLC lifted its position in Celestica by 385.8% during the second quarter. NewEdge Advisors LLC now owns 2,803 shares of the technology company's stock worth $438,000 after acquiring an additional 2,226 shares during the last quarter. Finally, HUB Investment Partners LLC boosted its holdings in shares of Celestica by 11.0% during the second quarter. HUB Investment Partners LLC now owns 3,181 shares of the technology company's stock worth $497,000 after acquiring an additional 315 shares during the period. Institutional investors own 67.38% of the company's stock.

Celestica Trading Down 0.8%

The business has a fifty day moving average price of $305.50 and a 200-day moving average price of $305.92. The company has a quick ratio of 0.88, a current ratio of 1.44 and a debt-to-equity ratio of 0.34. The company has a market cap of $46.79 billion, a P/E ratio of 56.74, a PEG ratio of 1.23 and a beta of 1.88.

About Celestica

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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