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

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 business’s stock in a transaction on Friday, February 7th. The shares were sold at an average price of $129.78, for a total value of $8,435,700.00. Following the sale, the president now owns 110,426 shares in the company, valued at approximately $14,331,086.28. The trade was a 37.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Robert Mionis sold 75,000 shares of Celestica stock in a transaction on Wednesday, February 5th. The stock was 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 directly owns 456,417 shares of the company’s stock, valued at $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 related news, CEO Robert Mionis sold 441,325 shares of the stock in a transaction dated Monday, February 3rd. The shares were 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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Analyst Ratings Changes

Several equities research analysts have weighed in on CLS shares. Stifel Nicolaus began coverage on Celestica in a research note on Tuesday, February 4th. They set a “buy” rating and a $140.00 price objective on the stock. CIBC raised 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. UBS Group started coverage on Celestica in a research report on Friday, November 22nd. They issued a “neutral” rating and a $95.00 price target for the company. Cibc World Mkts upgraded shares of Celestica from a “hold” rating to a “strong-buy” rating in a research report on Friday, January 31st. Finally, TD Securities raised their target price on shares of Celestica from $70.00 to $107.00 and gave the stock a “buy” rating in a report on Tuesday, January 28th. Two investment 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. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $103.27.

Celestica Price Performance

The stock’s 50 day simple moving average is $104.85 and its 200 day simple moving average is $76.10. 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 firm has a market capitalization of $14.73 billion, a P/E ratio of 33.86 and a beta of 2.27.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Optimum Investment Advisors grew 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 buying an additional 200 shares in the last quarter. Financial Management Professionals Inc. bought a new position in Celestica during the 3rd quarter worth about $30,000. Peregrine Capital Management LLC bought a new position in Celestica during the 4th quarter worth about $30,000. UMB Bank n.a. purchased a new position in Celestica during the 3rd quarter valued at about $34,000. Finally, Private Trust Co. NA raised its holdings in shares of Celestica by 480.0% in the 3rd quarter. Private Trust Co. NA now owns 870 shares of the technology company’s stock valued at $44,000 after purchasing an additional 720 shares in the last quarter. 67.38% of the stock is currently owned by hedge funds and other 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.