Celestica (NYSE:CLS) Shares Gap Down on Insider Selling

Celestica Inc. (NYSE:CLS) (TSE:CLS)’s share price gapped down prior to trading on Monday after an insider sold shares in the company. The stock had previously closed at $129.70, but opened at $125.00. Celestica shares last traded at $130.47, with a volume of 917,065 shares.

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 owns 110,426 shares in the company, valued at $14,331,086.28. The trade was a 37.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Robert Mionis sold 75,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $141.29, for a total value of $10,596,750.00. Following the sale, the chief executive officer now owns 456,417 shares of the company’s stock, valued at approximately $64,487,157.93. This represents a 14.11 % decrease in their position. The disclosure for this sale can be found here. In related news, CEO Robert Mionis sold 441,325 shares of the business’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 $53,965,221.00. Following the completion of the sale, the chief executive officer now directly 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 sale was disclosed in a filing with the SEC, which is accessible through this link.

Analysts Set New Price Targets

CLS has been the subject of several recent research reports. CIBC upgraded Celestica from a “neutral” rating to a “sector outperform” rating and set a $150.00 price target for the company in a research note on Friday, January 31st. BMO Capital Markets boosted their price target on Celestica from $64.00 to $72.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Royal Bank of Canada boosted their price target on Celestica from $115.00 to $140.00 and gave the company an “outperform” rating in a research note on Friday, January 31st. UBS Group began coverage on shares of Celestica in a research report on Friday, November 22nd. They set a “neutral” rating and a $95.00 price objective for the company. Finally, Cibc World Mkts upgraded shares of Celestica from a “hold” rating to a “strong-buy” rating in a research report on Friday, January 31st. 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. Based on data from MarketBeat, Celestica has a consensus rating of “Moderate Buy” and a consensus target price of $103.27.

Celestica Stock Down 2.8 %

The firm’s fifty day moving average price is $104.85 and its 200-day moving average price is $76.10. The company has a market capitalization of $14.73 billion, a price-to-earnings ratio of 33.86 and a beta of 2.27. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.47 and a quick ratio of 0.87.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Cornerstone Wealth Management LLC acquired a new stake in Celestica in the fourth quarter valued at $385,000. Quantbot Technologies LP increased its holdings in Celestica by 120.9% in the third quarter. Quantbot Technologies LP now owns 103,660 shares of the technology company’s stock valued at $5,299,000 after purchasing an additional 56,732 shares during the period. Vaughan Nelson Investment Management L.P. acquired a new stake in Celestica in the third quarter valued at $61,210,000. Sigma Planning Corp acquired a new stake in Celestica in the third quarter valued at $420,000. Finally, Advisors Asset Management Inc. increased its holdings in Celestica by 61.9% in the third quarter. Advisors Asset Management Inc. now owns 32,901 shares of the technology company’s stock valued at $1,682,000 after purchasing an additional 12,584 shares during the period. 67.38% of the stock is currently owned by institutional investors and hedge funds.

About Celestica

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.