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

Celestica Inc. (NYSE:CLS - Get Free Report) TSE: CLS shares fell 9.5% during mid-day trading on Thursday following insider selling activity. The company 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 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 sale, the chief executive officer now directly 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 hyperlink. Also, CEO Robert Mionis sold 441,325 shares of the 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 transaction, the chief executive officer now directly owns 531,417 shares of the company's stock, valued at approximately $64,981,670.76. The trade was a 45.37 % decrease in their position. The disclosure for this sale can be found here. In other news, insider Alok K. Agrawal sold 6,826 shares of the company'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 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CLS. Cibc World Mkts upgraded Celestica from a "hold" rating to a "strong-buy" rating in a research report on Friday, January 31st. Barclays upped their price objective on Celestica from $91.00 to $139.00 and gave the company an "overweight" rating in a research note on Thursday, January 30th. CIBC upgraded shares of Celestica from a "neutral" rating to a "sector outperform" rating and set a $150.00 target price on the stock in a research report on Friday, January 31st. TD Cowen upped their price target on shares of Celestica from $68.00 to $70.00 and gave the company a "buy" rating in a research report on Thursday, October 24th. Finally, TD Securities raised their price target on shares of Celestica from $70.00 to $107.00 and gave the company a "buy" rating in a research note on Tuesday, January 28th. Two research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $103.27.

Celestica Stock Performance

The stock has a market capitalization of $15.51 billion, a price-to-earnings ratio of 35.63 and a beta of 2.27. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.87 and a current ratio of 1.47. The stock has a fifty day simple moving average of $101.31 and a two-hundred day simple moving average of $73.83.

Institutional Investors Weigh In On Celestica

A number of hedge funds have recently added to or reduced their stakes in CLS. Optimum Investment Advisors boosted its position in shares of Celestica by 66.7% during the 3rd quarter. Optimum Investment Advisors now owns 500 shares of the technology company's stock worth $26,000 after purchasing an additional 200 shares in the last quarter. Financial Management Professionals Inc. acquired a new position in Celestica during the 3rd quarter worth approximately $30,000. Peregrine Capital Management LLC bought a new position in Celestica in the fourth quarter worth approximately $30,000. UMB Bank n.a. acquired a new stake in Celestica in the third quarter valued at approximately $34,000. Finally, Private Trust Co. NA increased its holdings 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 acquiring an additional 720 shares in the last quarter. 67.38% of the stock is currently owned by institutional investors.

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.