Investment firm Corsair Capital Management L.P. has expanded its holdings in Celestica, Inc. (NYSE: CLS, TSE: CLS), acquiring 6,000 shares of the technology company in the second quarter of 2023. This investment is valued at approximately $937,000, as reported by Holdings Channel. The move underscores growing interest among institutional investors in Celestica, which is known for its supply chain solutions across multiple regions including North America, Europe, and Asia.
Several other institutions have also adjusted their positions in Celestica. Jones Financial Companies Lllp significantly increased its stake by an impressive 1,103.8% during the first quarter. Following this acquisition, Jones Financial now owns 24,486 shares valued at around $1.93 million. Meanwhile, Thompson Davis & CO. Inc. initiated a new position in Celestica worth about $328,000.
In the second quarter, Y Intercept Hong Kong Ltd raised its holdings by a remarkable 406.3%, acquiring 42,215 additional shares, bringing its total to 52,606 shares valued at approximately $8.21 million. Fortis Capital Advisors LLC also entered the market, acquiring a new stake valued at about $343,000. Additionally, TD Waterhouse Canada Inc. increased its holdings by 2.2%, now owning 150,422 shares worth around $22.36 million. Collectively, institutional investors own 67.38% of Celestica’s stock.
Stock Performance and Analyst Ratings
As of the latest trading session, Celestica’s stock opened at $332.45. The company has a market capitalization of $38.23 billion, a debt-to-equity ratio of 0.37, and a current ratio of 1.47. The stock has fluctuated significantly over the past year, recording a fifty-two week low of $58.05 and a high of $363.40.
Analyst sentiment around Celestica has been largely positive. On October 29, Goldman Sachs Group raised its price target for Celestica from $340.00 to $440.00, maintaining a “buy” rating. TD Securities also increased its price target from $238.00 to $305.00, while assigning a “hold” rating. Barclays upgraded its price target slightly, moving it from $357.00 to $359.00 and maintaining an “overweight” rating.
Further, BMO Capital Markets set a price objective of $370.00, giving Celestica an “outperform” rating. JPMorgan Chase & Co. increased its target price from $295.00 to $360.00, also rating it as “overweight.” Currently, the consensus rating for Celestica is “Moderate Buy,” with an average price target of $336.13, according to MarketBeat.
Insider Transactions and Company Overview
In related news, Laurette T. Koellner, a director at Celestica, purchased 6,000 shares at an average cost of $341.67 each on October 30, 2023. This transaction amounted to a total investment of $2,050,020, significantly enhancing her stake in the company. Following this acquisition, insiders now hold 0.52% of Celestica’s stock.
Celestica, Inc. specializes in providing supply chain solutions and operates through two main segments: Advanced Technology Solutions and Connectivity & Cloud Solutions. The company offers a comprehensive range of services, including design and development, electronics manufacturing, order fulfillment, and after-market repair.
The ongoing investments and positive analyst outlooks indicate a strong confidence in Celestica’s future performance, as the company continues to adapt to the evolving technology landscape.
