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

Celestica Inc. (NYSE:CLS - Get Free Report) TSE: CLS's stock price traded down 9.5% during mid-day trading on Thursday following insider selling activity. The stock traded as low as $128.25 and last traded at $129.97. 3,873,933 shares were traded during mid-day trading, a decline of 23% from the average session volume of 5,025,290 shares. The stock had previously closed at $143.67.

Specifically, CEO Robert Mionis sold 75,000 shares of the firm's stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $141.29, for a total transaction of $10,596,750.00. Following the completion of the transaction, the chief executive officer now 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 transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, 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 transaction of $53,965,221.00. Following the transaction, 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 position. The disclosure for this sale can be found here. In other Celestica news, insider Alok K. Agrawal sold 6,826 shares of the firm'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 completion of the transaction, the insider now directly owns 9,224 shares in the company, 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 filing with the SEC, which is available through this link.

Wall Street Analysts Forecast Growth

Several research analysts have commented on CLS shares. Barclays raised their target price on shares of Celestica from $91.00 to $139.00 and gave the stock an "overweight" rating in a report on Thursday, January 30th. BMO Capital Markets raised their target price on shares of Celestica from $64.00 to $72.00 and gave the stock an "outperform" rating in a report on Thursday, October 24th. TD Cowen raised their target price on shares of Celestica from $68.00 to $70.00 and gave the stock a "buy" rating in a report on Thursday, October 24th. CIBC upgraded shares of 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. Finally, UBS Group initiated coverage on shares of Celestica in a report on Friday, November 22nd. They set a "neutral" rating and a $95.00 price target for the company. Two research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $103.27.

Celestica Stock Performance

The stock has a market cap of $15.51 billion, a P/E ratio of 35.63 and a beta of 2.27. The firm's 50-day moving average is $101.31 and its two-hundred day moving average 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.

Hedge Funds Weigh In On Celestica

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Optimum Investment Advisors raised its position in Celestica by 66.7% during the third quarter. Optimum Investment Advisors now owns 500 shares of the technology company's stock valued at $26,000 after acquiring an additional 200 shares in the last quarter. Financial Management Professionals Inc. bought a new position in Celestica during the third quarter valued at approximately $30,000. Peregrine Capital Management LLC bought a new position in Celestica during the fourth quarter valued at approximately $30,000. UMB Bank n.a. bought a new position in Celestica during the third quarter valued at approximately $34,000. Finally, Private Trust Co. NA raised its position in 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 acquiring an additional 720 shares in the last quarter. 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.

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