Celestica (NYSE:CLS) Stock Price Expected to Rise, Canadian Imperial Bank of Commerce Analyst Says

Key Points

• Canadian Imperial Bank of Commerce raised its price target on Celestica from $360 to $425 and maintained an "outperformer" rating, implying roughly a 9.8% upside from the prior close.
• Analyst sentiment is positive overall—one Strong Buy, 16 Buy and four Hold ratings—giving a consensus rating of "Moderate Buy" with a consensus price target of $359, while the stock recently traded at $387.21 near its 52‑week high and has a market cap of $44.52 billion.
• Significant insider selling occurred last quarter, with insiders selling 297,923 shares worth about $88.0 million, leaving insiders owning just 0.52% of the company.

Celestica (NYSE:CLS - Get Free Report) TSE: CLS had its price target lifted by research analysts at Canadian Imperial Bank of Commerce from $360.00 to $425.00 in a report released on Tuesday,BayStreet.CA reports. The firm presently has an "outperformer" rating on the technology company's stock. Canadian Imperial Bank of Commerce's target price would indicate a potential upside of 9.76% from the stock's previous close.

Other research analysts have also recently issued reports about the company. TD Cowen reissued a "hold" rating on shares of Celestica in a research report on Friday, January 30th. Wall Street Zen raised Celestica from a "hold" rating to a "buy" rating in a research note on Friday, January 23rd. Aletheia Capital raised their price objective on Celestica from $330.00 to $410.00 and gave the stock a "buy" rating in a research note on Tuesday, January 20th. Bank of America initiated coverage on Celestica in a research note on Wednesday, January 28th. They issued a "buy" rating and a $400.00 price objective on the stock. Finally, Citigroup decreased their price objective on Celestica from $375.00 to $338.00 and set a "buy" rating on the stock in a research note on Friday, January 30th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $359.00.

Celestica Stock Performance

NYSE:CLS traded up $21.75 on Tuesday, hitting $387.21. The stock had a trading volume of 2,521,770 shares, compared to its average volume of 2,491,440. The stock has a market cap of $44.52 billion, a price-to-earnings ratio of 53.94 and a beta of 1.88. 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 business's 50-day simple moving average is $287.37 and its two-hundred day simple moving average is $296.43. Celestica has a 52-week low of $77.86 and a 52-week high of $392.12.

Insider Transactions at Celestica

In related news, insider Yann L. Etienvre sold 86,229 shares of Celestica 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 Todd C. Cooper sold 89,484 shares of Celestica stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $287.45, for a total value of $25,722,175.80. Following the sale, the president directly owned 108,970 shares in the company, valued at $31,323,426.50. This trade represents a 45.09% 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 over the last quarter. 0.52% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of CLS. Pinney & Scofield Inc. increased its position in shares of Celestica by 20.0% during the 3rd quarter. Pinney & Scofield Inc. now owns 180 shares of the technology company's stock valued at $44,000 after purchasing an additional 30 shares during the last quarter. LeConte Wealth Management LLC increased its position in shares of Celestica by 3.5% during the 4th quarter. LeConte Wealth Management LLC now owns 1,001 shares of the technology company's stock valued at $296,000 after purchasing an additional 34 shares during the last quarter. MassMutual Private Wealth & Trust FSB increased its position in shares of Celestica by 42.5% during the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 124 shares of the technology company's stock valued at $31,000 after purchasing an additional 37 shares during the last quarter. World Equity Group Inc. increased its position in shares of Celestica by 1.7% during the 3rd quarter. World Equity Group Inc. now owns 2,263 shares of the technology company's stock valued at $558,000 after purchasing an additional 38 shares during the last quarter. Finally, Terra Nova Asset Management LLC increased its position in shares of Celestica by 2.3% during the 4th quarter. Terra Nova Asset Management LLC now owns 1,686 shares of the technology company's stock valued at $498,000 after purchasing an additional 38 shares during the last quarter. 67.38% of the stock is owned by hedge funds and other institutional investors.

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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