The Manufacturers Life Insurance Company significantly increased its stake in Celestica Inc. (NYSE:CLS) during the fourth quarter, according to its latest filing with the Securities and Exchange Commission. The institutional investor boosted its holdings by 18.7% during the quarter, acquiring an additional 80,385 shares to own a total of 509,490 shares. This stake represents approximately 0.44% of Celestica, valued at $47,082,000 at the end of the quarter.
Other institutional investors have also made notable changes to their positions in Celestica. Peregrine Capital Management LLC established a new stake valued at around $30,000, while Pinpoint Asset Management Ltd increased its holdings by 109.6%. Bessemer Group Inc. and R Squared Ltd also initiated new positions worth approximately $42,000 and $51,000, respectively. IFP Advisors Inc boosted its stake by 122.7% during the fourth quarter.
Analyst Ratings and Price Targets
Several equities research analysts have recently commented on CLS shares. Barclays lowered its price target from $157.00 to $126.00, maintaining an ‘overweight’ rating. CIBC reduced its target price from $150.00 to $120.00, keeping an ‘outperformer’ rating. Conversely, JPMorgan Chase & Co. increased its price target from $105.00 to $115.00 with an ‘overweight’ rating. TD Securities raised its target price from $70.00 to $107.00, assigning a ‘buy’ rating. Stifel Nicolaus also increased its target from $140.00 to $150.00 with a ‘buy’ rating.
The stock currently has an average rating of ‘Moderate Buy’ with a consensus price target of $105.42. Two analysts have assigned a ‘hold’ rating, ten have given a ‘buy’ rating, and one has issued a ‘strong buy’ rating.
Insider Transactions
Recent insider activity includes Alok K. Agrawal selling 6,826 shares at an average price of $133.92, reducing his holdings by 42.53%. CEO Robert Mionis sold 52,588 shares at $127.54, decreasing his position by 9%. In the last three months, insiders have sold 934,381 shares valued at $116,673,769. Company insiders collectively own 1.00% of the company’s stock.
Company Performance
Celestica Inc. reported quarterly earnings on April 24th, with earnings per share (EPS) of $1.20, surpassing analyst estimates of $1.10. The company generated $2.65 billion in revenue during the quarter, exceeding expectations of $2.56 billion. Revenue growth was 19.9% compared to the same quarter last year. The company maintains a market capitalization of $9.90 billion and has a PE ratio of 22.82.
