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

Celestica Inc. (NYSE:CLS) (TSE:CLS) shares gapped down before the market opened on Monday after an insider sold shares in the company. The stock had previously closed at $123.47, but opened at $110.80. Celestica shares last traded at $122.68, with a volume of 3,335,296 shares.

Specifically, CEO Robert Mionis sold 52,588 shares of the firm’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $127.54, for a total value of $6,707,073.52. Following the completion of the sale, the chief executive officer now directly owns 531,417 shares in the company, valued at approximately $67,776,924.18. This trade represents a 9.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Mandeep Chawla sold 9,483 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $127.54, for a total value of $1,209,461.82. Following the transaction, the chief financial officer now directly owns 90,771 shares in the company, valued at $11,576,933.34. The trade was a 9.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, President Todd C. Cooper sold 9,538 shares of the stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $127.54, for a total value of $1,216,476.52. Following the transaction, the president now directly owns 175,426 shares of the company’s stock, valued at $22,373,832.04. This represents a 5.16 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Wall Street Analysts Forecast Growth

CLS has been the subject of several research reports. BMO Capital Markets raised their price objective on shares of Celestica from $64.00 to $72.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Stifel Nicolaus began coverage on Celestica in a report on Tuesday. They issued a “buy” rating and a $140.00 price objective on the stock. TD Cowen lifted their target price on Celestica from $68.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, October 24th. UBS Group assumed coverage on shares of Celestica in a research report on Friday, November 22nd. They set a “neutral” rating and a $95.00 price target on the stock. Finally, CIBC raised shares of Celestica from a “neutral” rating to a “sector outperform” rating and set a $150.00 price objective for the company in a 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 stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $103.27.

Celestica Price Performance

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 company has a market cap of $15.38 billion, a price-to-earnings ratio of 35.34 and a beta of 2.27. The business has a fifty day moving average price of $100.10 and a 200 day moving average price of $73.34.

Hedge Funds Weigh In On Celestica

A number of institutional investors have recently added to or reduced their stakes in CLS. Oppenheimer & Co. Inc. raised its stake in shares of Celestica by 42.1% during the fourth quarter. Oppenheimer & Co. Inc. now owns 16,450 shares of the technology company’s stock valued at $1,518,000 after acquiring an additional 4,874 shares during the last quarter. Bank of New York Mellon Corp grew its stake in Celestica by 31.4% during the fourth quarter. Bank of New York Mellon Corp now owns 99,347 shares of the technology company’s stock worth $9,170,000 after purchasing an additional 23,725 shares during the period. IFP Advisors Inc increased its holdings in Celestica by 122.7% in the fourth quarter. IFP Advisors Inc now owns 668 shares of the technology company’s stock worth $62,000 after purchasing an additional 368 shares in the last quarter. World Equity Group Inc. acquired a new position in Celestica in the fourth quarter valued at approximately $224,000. Finally, Sigma Planning Corp boosted its holdings in shares of Celestica by 58.9% during the 4th quarter. Sigma Planning Corp now owns 13,062 shares of the technology company’s stock worth $1,206,000 after buying an additional 4,844 shares in the last quarter. 67.38% of the stock is currently owned by institutional investors and hedge funds.

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.