Celestica (NYSE:CLS) Sets New 1-Year High - Here's What Happened

Key Points

• Celestica's shares hit a new 52-week high of $364.99 (last at $361.00) during mid-day trading, rising about 4% on roughly 1.2 million shares versus a prior close of $351.31.
• Analysts show a consensus rating of Moderate Buy with an average price target of $355.39, though several firms have recently trimmed targets and ratings vary from Strong Buy to Hold.
• Notable insider selling has occurred — President Jason Phillips sold 100,000 shares for about $30.9 million and insiders have sold ~297,923 shares (~$88.0M) in the past 90 days — while institutional investors own roughly 67.38% of the stock.

Celestica, Inc. (NYSE:CLS - Get Free Report) TSE: CLS's stock price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $364.99 and last traded at $361.0020, with a volume of 1199715 shares. The stock had previously closed at $351.31.

Analyst Upgrades and Downgrades

CLS has been the subject of a number of research analyst reports. Wolfe Research raised shares of Celestica to a "strong-buy" rating in a report on Tuesday, February 17th. Zacks Research cut shares of Celestica from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 6th. Canadian Imperial Bank of Commerce dropped their target price on shares of Celestica from $400.00 to $360.00 and set an "outperform" rating on the stock in a report on Wednesday, March 11th. Citigroup reduced their target price on shares of Celestica from $375.00 to $338.00 and set a "buy" rating for the company in a report on Friday, January 30th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Celestica in a research report on Wednesday, January 21st. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Celestica has a consensus rating of "Moderate Buy" and an average price target of $355.39.

Celestica Trading Up 4.0%

The company has a current ratio of 1.44, a quick ratio of 0.88 and a debt-to-equity ratio of 0.34. The stock has a market cap of $42.01 billion, a price-to-earnings ratio of 50.88 and a beta of 1.88. The company has a fifty day simple moving average of $285.75 and a 200-day simple moving average of $295.57.

Insider Activity

In related news, 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 approximately $3,887,449.28. This represents a 88.82% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Todd C. Cooper sold 1,065 shares of the firm's stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $283.51, for a total transaction of $301,938.15. Following the completion of the transaction, the president directly owned 108,970 shares of the company's stock, valued at $30,894,084.70. This represents a 0.97% 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 worth $88,027,459 over the last 90 days. 0.52% of the stock is owned by company insiders.

Institutional Trading of Celestica

Several hedge funds and other institutional investors have recently modified their holdings of the business. Osbon Capital Management LLC purchased a new stake in Celestica in the 4th quarter worth about $755,000. World Investment Advisors boosted its holdings in shares of Celestica by 13.2% during the fourth quarter. World Investment Advisors now owns 1,532 shares of the technology company's stock worth $453,000 after purchasing an additional 179 shares during the period. Corient Private Wealth LLC boosted its stake in shares of Celestica by 16.3% during the 4th quarter. Corient Private Wealth LLC now owns 9,348 shares of the technology company's stock valued at $2,764,000 after buying an additional 1,308 shares during the period. SHP Wealth Management acquired a new stake in Celestica during the fourth quarter valued at $60,000. Finally, Tobam grew its stake in shares of Celestica by 29.8% in the 4th quarter. Tobam now owns 2,101 shares of the technology company's stock valued at $621,000 after buying an additional 482 shares in the last quarter. Institutional investors and hedge funds own 67.38% of the company's stock.

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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