Celestica (NYSE:CLS) Trading Down 0.4% After Insider Selling

Celestica Inc. (NYSE:CLS) (TSE:CLS) traded down 0.4% during trading on Friday following insider selling activity. The stock traded as low as $132.08 and last traded at $132.63. 2,349,099 shares were traded during trading, a decline of 54% from the average session volume of 5,153,824 shares. The stock had previously closed at $133.22.

Specifically, CEO Robert Mionis sold 75,000 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now directly owns 456,417 shares in the company, valued at $64,487,157.93. This trade represents a 14.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert Mionis sold 441,325 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $122.28, for a total transaction of $53,965,221.00. Following the completion of the sale, the chief executive officer now 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 disclosure for this sale can be found here. In related news, insider Alok K. Agrawal sold 6,826 shares of the firm’s stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $133.92, for a total transaction of $914,137.92. Following the completion of the transaction, the insider now owns 9,224 shares of the company’s stock, valued at $1,235,278.08. This trade represents a 42.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on CLS. CIBC raised Celestica from a “neutral” rating to a “sector outperform” rating and set a $150.00 price objective for the company in a research note on Friday, January 31st. Canaccord Genuity Group lifted their price objective on Celestica from $77.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, December 20th. TD Securities boosted their target price on Celestica from $70.00 to $107.00 and gave the stock a “buy” rating in a research note on Tuesday, January 28th. Cibc World Mkts raised Celestica from a “hold” rating to a “strong-buy” rating in a research note on Friday, January 31st. Finally, Barclays boosted their target price on Celestica from $91.00 to $139.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. 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’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $103.27.

Celestica Stock Performance

The stock has a market capitalization of $15.50 billion, a P/E ratio of 35.46 and a beta of 2.27. The company has a fifty day moving average of $101.31 and a two-hundred day moving average of $73.83. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.47 and a quick ratio of 0.87.

Hedge Funds Weigh In On Celestica

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Whale Rock Capital Management LLC increased its stake in shares of Celestica by 13.0% in the third quarter. Whale Rock Capital Management LLC now owns 8,467,244 shares of the technology company’s stock worth $432,846,000 after acquiring an additional 975,163 shares during the last quarter. Vaughan Nelson Investment Management L.P. acquired a new stake in shares of Celestica during the third quarter worth approximately $61,210,000. Point72 Asset Management L.P. increased its holdings in shares of Celestica by 38.5% during the third quarter. Point72 Asset Management L.P. now owns 1,084,722 shares of the technology company’s stock worth $55,451,000 after buying an additional 301,563 shares in the last quarter. Westfield Capital Management Co. LP increased its holdings in shares of Celestica by 25.8% during the third quarter. Westfield Capital Management Co. LP now owns 536,249 shares of the technology company’s stock worth $27,413,000 after buying an additional 109,972 shares in the last quarter. Finally, Broad Peak Investment Advisers Pte Ltd increased its holdings in shares of Celestica by 53.8% during the third quarter. Broad Peak Investment Advisers Pte Ltd now owns 524,245 shares of the technology company’s stock worth $26,799,000 after buying an additional 183,300 shares in the last quarter. 67.38% of the stock is currently owned by institutional investors and hedge funds.

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.