Arrowstreet Capital Limited Partnership has increased its stake in Celestica, Inc. by 48.5%, now holding a substantial position valued at approximately $85.98 million. This increase, reported on October 30, 2023, reflects the acquisition of an additional 179,815 shares during the second quarter, bringing their total holdings to 550,610 shares.
The move aligns with a trend among institutional investors, as several other hedge funds have also recently adjusted their positions in Celestica. Notably, Norges Bank established a new position in Celestica during the same quarter, valued at around $236.07 million. Voya Investment Management LLC exhibited a significant boost in its stake by 362.8% in the first quarter, acquiring 1,453,473 shares for a total of $146.12 million.
Other notable investors include Alkeon Capital Management, which purchased a new stake worth approximately $96.94 million, and AllianceBernstein L.P., which raised its stake by 405.5%, acquiring 587,145 shares valued at $57.68 million. Collectively, institutional investors now own 67.38% of Celestica’s stock.
Company Performance and Analyst Ratings
Celestica’s stock opened at $309.06 on Thursday, reflecting a rise of 1.6%. The company boasts a market capitalization of $35.54 billion and a price-to-earnings (PE) ratio of 50.17. Its stock has fluctuated widely over the past year, with a low of $58.05 and a high of $363.40. Analysts have been generally optimistic about the company’s prospects, with a 50-day moving average of $294.36 and a 200-day moving average of $216.41.
Multiple research analysts have recently provided updates on Celestica. On October 29, TD Securities raised its price target from $238.00 to $305.00, maintaining a “hold” rating. Royal Bank of Canada also increased its price objective from $315.00 to $400.00, assigning an “outperform” rating. The Goldman Sachs Group set a target price of $440.00 and rated the stock as a “buy.” Overall, analysts currently rate Celestica with an average target price of $336.13 and a consensus rating of “Moderate Buy.”
Insider Activity and Company Overview
In other developments, Director Laurette T. Koellner acquired 6,000 shares of Celestica on October 30, for a total transaction of approximately $2.05 million. This purchase signifies a notable increase in her ownership of the company’s stock, which now amounts to a value of $2.05 million. This insider trading activity was disclosed in a filing with the U.S. Securities and Exchange Commission.
Celestica, Inc. operates primarily in the technology sector, providing supply chain solutions across North America, Europe, and Asia. The company is divided into two core segments: Advanced Technology Solutions and Connectivity & Cloud Solutions. Its offerings include product manufacturing, engineering services, component sourcing, and after-market repair services.
As the technology sector continues to evolve, Celestica’s strategic positioning and investor interest highlight its potential for growth in a competitive market. Investors and analysts alike will be monitoring the company’s performance closely in the upcoming quarters.
