Celestica, Inc. $CLS Stock: IPG Investment Advisors LLC Trims Stake

IPG Investment Advisors LLC decreased its holdings in Celestica, Inc. (NYSE:CLS) (TSE:CLS) by 42.5% in the third quarter, Holdings Channel.com reports. The institutional investor owned 3,080 shares of the technology company’s stock after selling 2,280 shares during the period. IPG Investment Advisors LLC’s holdings in Celestica were worth $1,117,000 as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. Cibc World Market Inc. bought a new position in Celestica during the second quarter valued at approximately $757,811,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Celestica during the 2nd quarter valued at $674,199,000. Bank of America Corp DE bought a new position in shares of Celestica during the 2nd quarter valued at $444,899,000. The Manufacturers Life Insurance Company purchased a new position in shares of Celestica in the 2nd quarter worth $351,717,000. Finally, Legal & General Group Plc purchased a new position in shares of Celestica in the 2nd quarter worth $333,588,000. 67.38% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CLS. JPMorgan Chase & Co. lifted their price objective on Celestica from $445.00 to $485.00 and gave the stock an “overweight” rating in a report on Wednesday, July 29th. The Goldman Sachs Group restated a “conviction-buy” rating and set a $435.00 price target on shares of Celestica in a research note on Wednesday, October 28th. BMO Capital Markets restated an “outperform” rating and set a $400.00 target price on shares of Celestica in a research report on Friday, October 23rd. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Celestica in a report on Thursday, October 15th. Finally, Zacks Research cut shares of Celestica from a “strong-buy” rating to a “hold” rating in a report on Monday, September 28th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Celestica presently has a consensus rating of “Moderate Buy” and a consensus price target of $453.32.

Insiders Place Their Bets

In other news, CEO Robert Mionis sold 23,496 shares of the firm’s stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $362.39, for a total transaction of $8,514,715.44. Following the completion of the transaction, the chief executive officer owned 23,396 shares in the company, valued at $8,478,476.44. This trade represents a 50.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, President Todd C. Cooper sold 20,118 shares of the company’s stock in a transaction that occurred on Wednesday, September 23rd. The stock was sold at an average price of $360.00, for a total value of $7,242,480.00. Following the sale, the president directly owned 73,252 shares in the company, valued at $26,370,720. This trade represents a 21.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 67,010 shares of company stock valued at $24,278,487. 1.10% of the stock is owned by company insiders.

Celestica Stock Performance

NYSE:CLS opened at $259.41 on Wednesday. The stock has a 50-day simple moving average of $322.97 and a two-hundred day simple moving average of $330.63. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.03 and a current ratio of 1.61. Celestica, Inc. has a 52-week low of $244.51 and a 52-week high of $474.02. The firm has a market capitalization of $32.71 billion, a PE ratio of 26.74, a P/E/G ratio of 0.63 and a beta of 2.10.

Celestica (NYSE:CLS) (TSE:CLS) last released its earnings results on Monday, October 26th. The technology company reported $3.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.02 by $0.28. The company had revenue of $5.74 billion during the quarter, compared to analyst estimates of $5.39 billion. Celestica had a net margin of 6.83% and a return on equity of 33.80%. Analysts forecast that Celestica, Inc. will post 11.55 EPS for the current year.

Celestica Profile

Celestica Inc is a global provider of design, manufacturing, and supply chain solutions for original equipment manufacturers and other technology companies. The company helps customers develop, produce, and support complex hardware and integrated systems across their product life cycles.

Its services include product design and engineering, electronics and mechanical manufacturing, systems integration, testing, supply chain management, logistics, and after-market support. Celestica serves markets such as communications, enterprise and cloud computing, aerospace and defense, industrial technology, health technology, and capital equipment.

Headquartered in Toronto, Canada, Celestica operates a global network of manufacturing, engineering, and supply chain facilities serving customers in North America, Europe, and Asia.