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

Celestica Inc. (NYSE:CLS) (TSE:CLS)’s stock price dropped 9.5% 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 441,325 shares of the stock in a transaction on 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 sale, the chief executive officer now owns 531,417 shares in the company, valued at approximately $64,981,670.76. This represents a 45.37 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Alok K. Agrawal sold 6,826 shares of the company’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 $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 business’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 $11,099,477.88. 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 recently commented on CLS shares. Royal Bank of Canada upped their target price on Celestica from $115.00 to $140.00 and gave the stock an “outperform” rating in a research note on Friday, January 31st. TD Cowen boosted their price target on shares of Celestica from $68.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, October 24th. Barclays lifted their price target on Celestica from $91.00 to $139.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. Cibc World Mkts upgraded shares of Celestica from a “hold” rating to a “strong-buy” rating in a research report on Friday, January 31st. Finally, CIBC upgraded Celestica from a “neutral” rating to a “sector outperform” rating and set a $150.00 price objective on the stock in a research report on Friday, January 31st. Two investment 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. According to MarketBeat.com, Celestica currently has a consensus rating of “Moderate Buy” and a consensus price target of $103.27.

Celestica Trading Down 9.6 %

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

Hedge Funds Weigh In On Celestica

A number of hedge funds have recently made changes to their positions in the stock. Cornerstone Wealth Management LLC acquired a new position in Celestica during the fourth quarter worth $385,000. Quantbot Technologies LP lifted its stake in Celestica by 120.9% during the 3rd quarter. Quantbot Technologies LP now owns 103,660 shares of the technology company’s stock worth $5,299,000 after acquiring an additional 56,732 shares in the last quarter. Vaughan Nelson Investment Management L.P. acquired a new position in Celestica in the 3rd quarter valued at about $61,210,000. Sigma Planning Corp purchased a new stake in Celestica during the third quarter worth about $420,000. Finally, Advisors Asset Management Inc. lifted its holdings in Celestica by 61.9% during the 3rd quarter. Advisors Asset Management Inc. now owns 32,901 shares of the technology company’s stock worth $1,682,000 after buying an additional 12,584 shares in the last quarter. 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.