Celestica (NYSE:CLS) Trading Down 2.3% on Insider Selling

Shares of Celestica Inc. (NYSE:CLS) (TSE:CLS) dropped 2.3% during mid-day trading on Tuesday following insider selling activity. The company traded as low as $125.35 and last traded at $127.21. Approximately 1,054,541 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 5,047,388 shares. The stock had previously closed at $130.23.

Specifically, President Todd C. Cooper sold 65,000 shares of the business’s stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $129.78, for a total transaction of $8,435,700.00. Following the completion of the sale, the president now directly owns 110,426 shares in the company, valued at approximately $14,331,086.28. The trade was a 37.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert Mionis sold 75,000 shares of Celestica stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $141.29, for a total transaction of $10,596,750.00. Following the sale, 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 disclosure for this sale can be found here. In other news, CEO Robert Mionis sold 441,325 shares of the firm’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $122.28, for a total value of $53,965,221.00. Following the transaction, the chief executive officer now directly owns 531,417 shares of the company’s stock, valued at approximately $64,981,670.76. This trade represents a 45.37 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link.

Wall Street Analysts Forecast Growth

A number of analysts have commented on CLS shares. TD Securities increased their price objective on shares of Celestica from $70.00 to $107.00 and gave the company a “buy” rating in a report on Tuesday, January 28th. UBS Group started coverage on Celestica in a research report on Friday, November 22nd. They set a “neutral” rating and a $95.00 price objective on the stock. CIBC upgraded Celestica from a “neutral” rating to a “sector outperform” rating and set a $150.00 target price for the company in a report on Friday, January 31st. TD Cowen lifted their price target on Celestica from $68.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, October 24th. Finally, BMO Capital Markets upped their price objective on shares of Celestica from $64.00 to $72.00 and gave the company 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 issued a strong buy rating to the company. According to data from MarketBeat.com, Celestica has a consensus rating of “Moderate Buy” and a consensus price target of $103.27.

Celestica Price Performance

The stock has a market cap of $14.79 billion, a PE ratio of 33.87 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 stock’s 50-day moving average is $104.10 and its two-hundred day moving average is $75.58.

Institutional Investors Weigh In On Celestica

Institutional investors and hedge funds have recently modified their holdings of the company. Creative Planning grew its position in Celestica by 4.7% in the 2nd quarter. Creative Planning now owns 7,526 shares of the technology company’s stock valued at $431,000 after acquiring an additional 336 shares in the last quarter. Truist Financial Corp grew its holdings in shares of Celestica by 2.0% in the second quarter. Truist Financial Corp now owns 11,008 shares of the technology company’s stock valued at $631,000 after purchasing an additional 214 shares in the last quarter. Cetera Investment Advisers increased its stake in Celestica by 119.5% during the 2nd quarter. Cetera Investment Advisers now owns 26,271 shares of the technology company’s stock worth $1,504,000 after buying an additional 14,305 shares during the period. UMB Bank n.a. acquired a new stake in Celestica during the 3rd quarter worth approximately $34,000. Finally, Oliver Luxxe Assets LLC purchased a new position in Celestica in the 3rd quarter valued at approximately $4,566,000. Hedge funds and other institutional investors 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.