Celestica, Inc. $CLS Shares Sold by Portolan Capital Management LLC

Key Points

• Portolan Capital cut its Celestica stake by 54.2% in Q3, selling 298,037 shares and now holds 251,556 shares, with Celestica making up about 3.4% of its portfolio.
• Insider selling has been significant: Presidents Jason Phillips and Todd C. Cooper sold 100,000 and 89,484 shares respectively, and insiders sold 297,923 shares worth roughly $88.0M in the last 90 days, leaving insider ownership near 0.52%.
• Analyst sentiment is mostly positive—several upgrades (including a Wolfe Research "strong-buy") and an average price target of $354.24 versus a recent share price near $263.83, indicating consensus upside.

Portolan Capital Management LLC lessened its position in shares of Celestica, Inc. (NYSE:CLS - Free Report) TSE: CLS by 54.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 251,556 shares of the technology company's stock after selling 298,037 shares during the period. Celestica makes up about 3.4% of Portolan Capital Management LLC's portfolio, making the stock its 5th largest holding. Portolan Capital Management LLC owned approximately 0.22% of Celestica worth $61,978,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in CLS. Compass Wealth Management LLC GA acquired a new position in Celestica during the third quarter valued at approximately $493,000. Glenmede Investment Management LP acquired a new stake in shares of Celestica in the 3rd quarter valued at $1,050,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in shares of Celestica by 66.3% in the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 449,128 shares of the technology company's stock valued at $110,497,000 after purchasing an additional 178,983 shares during the last quarter. Marshall Wace LLP increased its stake in shares of Celestica by 1,249.0% in the 3rd quarter. Marshall Wace LLP now owns 278,928 shares of the technology company's stock valued at $68,722,000 after purchasing an additional 258,251 shares during the last quarter. Finally, GeoWealth Management LLC acquired a new position in shares of Celestica during the 3rd quarter worth $507,000. 67.38% of the stock is owned by institutional investors.

Celestica Price Performance

Celestica stock opened at $263.83 on Friday. The stock's 50 day moving average is $292.58 and its 200 day moving average is $286.54. Celestica, Inc. has a one year low of $58.05 and a one year high of $363.40. The firm has a market cap of $30.35 billion, a P/E ratio of 36.75 and a beta of 1.88. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.44 and a quick ratio of 0.88.

Analysts Set New Price Targets

CLS has been the subject of several recent analyst reports. Wolfe Research upgraded Celestica to a "strong-buy" rating in a research report on Tuesday, February 17th. TD Securities boosted their target price on Celestica from $305.00 to $330.00 and gave the stock a "hold" rating in a research note on Friday, January 30th. Weiss Ratings reissued a "buy (b)" rating on shares of Celestica in a report on Wednesday, January 21st. Wall Street Zen upgraded shares of Celestica from a "hold" rating to a "buy" rating in a research note on Friday, January 23rd. Finally, Canadian Imperial Bank of Commerce decreased their price target on shares of Celestica from $400.00 to $360.00 and set an "outperform" rating on the stock in a report on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $354.24.

Insiders Place Their Bets

In other news, President Jason Phillips sold 100,000 shares of the stock in a transaction on Friday, February 6th. The shares were sold at an average price of $308.92, for a total transaction of $30,892,000.00. Following the completion of the sale, the president directly owned 12,584 shares in the company, valued at $3,887,449.28. This represents a 88.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, President Todd C. Cooper sold 89,484 shares of Celestica stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $287.45, for a total transaction of $25,722,175.80. Following the transaction, the president directly owned 108,970 shares of the company's stock, valued at $31,323,426.50. This represents a 45.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 297,923 shares of company stock worth $88,027,459. 0.52% of the stock is currently owned by insiders.

Celestica Company Profile

Celestica Inc is a multinational electronics manufacturing services (EMS) company that provides design, engineering, manufacturing and supply chain solutions to original equipment manufacturers across a range of industries. Headquartered in Toronto, Ontario, Canada, Celestica works with customers to develop and produce complex electronic and electro-mechanical products, integrating activities from product design and prototyping through high-volume assembly, testing and final system integration.

The company's service offering typically includes product engineering and design support, printed circuit board assembly, box-build and systems assembly, automated test and inspection, aftermarket repair and refurbishment, and end-to-end supply chain and logistics management.

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