Pitcairn Co. Decreases Holdings in Celestica, Inc. $CLS

Pitcairn Co. lessened its stake in shares of Celestica, Inc. (NYSE:CLS) (TSE:CLS) by 44.9% in the 3rd quarter, Holdings Channel reports. The firm owned 5,332 shares of the technology company’s stock after selling 4,337 shares during the period. Pitcairn Co.’s holdings in Celestica were worth $1,314,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CLS. Vanguard Group Inc. boosted its holdings in Celestica by 2.1% in the 3rd quarter. Vanguard Group Inc. now owns 4,738,673 shares of the technology company’s stock worth $1,166,093,000 after buying an additional 97,755 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of Celestica by 25.8% during the second quarter. Franklin Resources Inc. now owns 1,833,205 shares of the technology company’s stock valued at $286,184,000 after acquiring an additional 375,910 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Celestica by 17.6% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,733,686 shares of the technology company’s stock valued at $271,045,000 after acquiring an additional 259,504 shares during the last quarter. Norges Bank purchased a new position in shares of Celestica in the second quarter valued at approximately $236,069,000. Finally, Geode Capital Management LLC lifted its position in shares of Celestica by 27.6% in the second quarter. Geode Capital Management LLC now owns 962,521 shares of the technology company’s stock valued at $153,449,000 after acquiring an additional 208,249 shares in the last quarter. 67.38% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CLS has been the subject of several research reports. Aletheia Capital boosted their price target on Celestica from $330.00 to $410.00 and gave the stock a “buy” rating in a research report on Tuesday, January 20th. Zacks Research raised shares of Celestica from a “hold” rating to a “strong-buy” rating in a report on Thursday, February 5th. Wolfe Research raised shares of Celestica to a “strong-buy” rating in a research note on Tuesday, February 17th. Bank of America initiated coverage on shares of Celestica in a research report on Wednesday, January 28th. They set a “buy” rating and a $400.00 price target on the stock. Finally, Canaccord Genuity Group increased their price objective on shares of Celestica from $400.00 to $430.00 and gave the company a “buy” rating in a report on Monday, February 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $356.59.

Celestica Stock Down 6.1%

Shares of CLS opened at $249.58 on Friday. Celestica, Inc. has a 52-week low of $58.05 and a 52-week high of $363.40. 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 stock has a fifty day simple moving average of $295.88 and a two-hundred day simple moving average of $283.75. The company has a market capitalization of $28.71 billion, a PE ratio of 34.76 and a beta of 1.88.

Insiders Place Their Bets

In related news, insider Yann L. Etienvre sold 86,229 shares of the company’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 value of $24,786,526.05. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, President Todd C. Cooper sold 89,484 shares of the stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $287.45, for a total value of $25,722,175.80. Following the completion of the transaction, the president owned 108,970 shares of the company’s stock, valued at $31,323,426.50. The trade was a 45.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 297,923 shares of company stock valued at $88,027,459 over the last ninety days. Company insiders own 0.52% of the company’s stock.

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.