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

Shares of Celestica Inc. (NYSE:CLS) (TSE:CLS) gapped down prior to trading on Monday following insider selling activity. 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 traded.

Specifically, President Todd C. Cooper sold 65,000 shares of the stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $129.78, for a total value of $8,435,700.00. Following the completion of the transaction, the president now directly owns 110,426 shares of the company’s stock, valued at approximately $14,331,086.28. This represents a 37.05 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Robert Mionis sold 75,000 shares of the 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 completion of the transaction, the chief executive officer now directly owns 456,417 shares of the company’s stock, valued at approximately $64,487,157.93. The trade was a 14.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, CEO Robert Mionis sold 441,325 shares of the 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 transaction, the chief executive officer now directly owns 531,417 shares of the company’s stock, valued at approximately $64,981,670.76. This represents a 45.37 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on CLS. UBS Group began coverage on Celestica in a report on Friday, November 22nd. They set a “neutral” rating and a $95.00 price target for the company. TD Cowen raised their price target on Celestica from $68.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, October 24th. Cibc World Mkts upgraded Celestica from a “hold” rating to a “strong-buy” rating in a research report on Friday, January 31st. Stifel Nicolaus assumed coverage on Celestica in a research report on Tuesday, February 4th. They issued a “buy” rating and a $140.00 price objective on the stock. 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 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 company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $103.27.

Celestica Price Performance

The company has a 50 day simple moving average of $104.85 and a 200-day simple moving average of $76.10. The stock has a market cap of $14.73 billion, a price-to-earnings ratio of 33.86 and a beta of 2.27. The company has a current ratio of 1.47, a quick ratio of 0.87 and a debt-to-equity ratio of 0.49.

Institutional Trading of Celestica

Hedge funds and other institutional investors have recently modified their holdings of the stock. Optimum Investment Advisors increased its position in shares of Celestica by 66.7% in 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 during the last quarter. Financial Management Professionals Inc. acquired a new position in Celestica during the third quarter worth approximately $30,000. Peregrine Capital Management LLC acquired a new position in Celestica during the fourth quarter worth approximately $30,000. UMB Bank n.a. acquired a new position in Celestica during the third quarter worth approximately $34,000. Finally, Private Trust Co. NA increased 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 worth $44,000 after buying an additional 720 shares during the last quarter. Institutional investors and hedge funds 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.