Celestica (NYSE:CLS) Shares Down 9.5% Following Insider Selling

Celestica Inc. (NYSE:CLS) (TSE:CLS)’s stock price dropped 9.5% during mid-day trading on Thursday following insider selling activity. The company traded as low as $128.25 and last traded at $129.97. Approximately 3,873,933 shares traded hands during trading, a decline of 23% from the average daily volume of 5,025,290 shares. The stock had previously closed at $143.67.

Specifically, CEO Robert Mionis sold 75,000 shares of the firm’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $141.29, for a total value of $10,596,750.00. Following the transaction, the chief executive officer now directly owns 456,417 shares in the company, valued at approximately $64,487,157.93. This trade represents a 14.11 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Robert Mionis sold 441,325 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $122.28, for a total transaction of $53,965,221.00. Following the completion of the transaction, the chief executive officer now owns 531,417 shares in the company, valued at approximately $64,981,670.76. The trade was a 45.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, insider Alok K. Agrawal sold 6,826 shares of the firm’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $133.92, for a total value of $914,137.92. Following the transaction, the insider now directly owns 9,224 shares in the company, valued at approximately $1,235,278.08. This trade represents a 42.53 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Analysts Set New Price Targets

CLS has been the topic of a number of recent research reports. Cibc World Mkts upgraded shares of Celestica from a “hold” rating to a “strong-buy” rating in a research report on Friday, January 31st. Canaccord Genuity Group raised their price target on shares of Celestica from $77.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. UBS Group began coverage on shares of Celestica in a report on Friday, November 22nd. They issued a “neutral” rating and a $95.00 price objective on the stock. Royal Bank of Canada increased their price objective on shares of Celestica from $115.00 to $140.00 and gave the stock an “outperform” rating in a report on Friday, January 31st. Finally, BMO Capital Markets increased their price objective on shares of Celestica from $64.00 to $72.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Two analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $103.27.

Celestica Stock Performance

The stock has a market cap of $15.51 billion, a price-to-earnings ratio of 35.63 and a beta of 2.27. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.87 and a current ratio of 1.47. The company’s 50 day simple moving average is $101.31 and its 200 day simple moving average is $73.83.

Hedge Funds Weigh In On Celestica

Several large investors have recently bought and sold shares of CLS. Optimum Investment Advisors increased its stake in Celestica by 66.7% during the 3rd quarter. Optimum Investment Advisors now owns 500 shares of the technology company’s stock valued at $26,000 after buying an additional 200 shares during the period. Financial Management Professionals Inc. bought a new position in shares of Celestica during the 3rd quarter valued at about $30,000. Peregrine Capital Management LLC bought a new position in shares of Celestica during the 4th quarter valued at about $30,000. UMB Bank n.a. bought a new position in shares of Celestica during the 3rd quarter valued at about $34,000. Finally, Private Trust Co. NA boosted its position in shares of Celestica by 480.0% during the 3rd quarter. Private Trust Co. NA now owns 870 shares of the technology company’s stock valued at $44,000 after purchasing an additional 720 shares in the last quarter. Institutional investors and hedge funds own 67.38% of the company’s stock.

Celestica Company Profile

Celestica Inc provides supply chain solutions in North America, Europe, and Asia. It operates through two segments: Advanced Technology Solutions, and Connectivity & Cloud Solutions. The company offers a range of product manufacturing and related supply chain services, including design and development, new product introduction, engineering services, component sourcing, electronics manufacturing and assembly, testing, complex mechanical assembly, systems integration, precision machining, order fulfillment, logistics, asset management, product licensing, and after-market repair and return services.