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

Celestica Inc. (NYSE:CLS) (TSE:CLS) shares dropped 9.5% during mid-day trading on Thursday after an insider sold shares in the company. The stock 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 441,325 shares of the company’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $122.28, for a total value of $53,965,221.00. Following the completion of the transaction, the chief executive officer now owns 531,417 shares of the company’s stock, valued at $64,981,670.76. This represents a 45.37 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Alok K. Agrawal sold 6,826 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $133.92, for a total value of $914,137.92. Following the completion of the transaction, the insider now directly owns 9,224 shares in the company, valued at approximately $1,235,278.08. This represents a 42.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other Celestica news, CFO Mandeep Chawla sold 90,771 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $122.28, for a total value of $11,099,477.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Analyst Upgrades and Downgrades

CLS has been the topic of several research analyst reports. Canaccord Genuity Group boosted their price target on shares of Celestica from $77.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Royal Bank of Canada increased their target price on Celestica from $115.00 to $140.00 and gave the company an “outperform” rating in a research report on Friday, January 31st. UBS Group began coverage on shares of Celestica in a research report on Friday, November 22nd. They issued a “neutral” rating and a $95.00 price target on the stock. TD Cowen lifted their price objective on shares of Celestica from $68.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. Finally, 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. Two analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $103.27.

Celestica Price Performance

The stock’s 50 day moving average price is $101.31 and its 200-day moving average price is $73.83. The company has a quick ratio of 0.87, a current ratio of 1.47 and a debt-to-equity ratio of 0.49. The stock has a market capitalization of $15.12 billion, a PE ratio of 34.71 and a beta of 2.27.

Institutional Investors Weigh In On Celestica

Several large investors have recently added to or reduced their stakes in the stock. Optimum Investment Advisors increased its position in shares of Celestica by 66.7% during the third quarter. Optimum Investment Advisors now owns 500 shares of the technology company’s stock worth $26,000 after acquiring an additional 200 shares during the period. Financial Management Professionals Inc. purchased a new position in Celestica during the 3rd quarter worth $30,000. Peregrine Capital Management LLC bought a new stake in Celestica during the 4th quarter valued at $30,000. UMB Bank n.a. purchased a new stake in shares of Celestica in the 3rd quarter worth $34,000. Finally, Private Trust Co. NA increased its stake in shares of Celestica by 480.0% during the third quarter. Private Trust Co. NA now owns 870 shares of the technology company’s stock valued at $44,000 after buying an additional 720 shares during the period. 67.38% of the stock is owned by hedge funds and other institutional investors.

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.