Celestica, Inc. $CLS Shares Sold by Quadrature Capital Ltd

Key Points

• Quadrature Capital cut its stake in Celestica by 52.1% in Q3, selling 176,501 shares and leaving it with 162,399 shares (about $40 million) at quarter-end.
• Significant insider selling: Celestica presidents Todd C. Cooper and Jason Phillips sold 89,484 and 100,000 shares respectively (total insider sales of 297,923 shares worth ~$88.0 million last quarter), leaving insiders with just 0.52% ownership.
• Wall Street is broadly positive with a consensus rating of “Moderate Buy” and an average price target of $354.24, while several firms have issued Buy/Outperform/Strong-Buy ratings and targets up to $400.00.

Quadrature Capital Ltd reduced its holdings in Celestica, Inc. (NYSE:CLS - Free Report) TSE: CLS by 52.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 162,399 shares of the technology company's stock after selling 176,501 shares during the quarter. Quadrature Capital Ltd owned 0.14% of Celestica worth $40,000,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in CLS. MassMutual Private Wealth & Trust FSB boosted its holdings in Celestica by 42.5% during the third quarter. MassMutual Private Wealth & Trust FSB now owns 124 shares of the technology company's stock worth $31,000 after buying an additional 37 shares in the last quarter. First Horizon Corp bought a new position in shares of Celestica in the third quarter valued at $31,000. Avion Wealth bought a new position in shares of Celestica in the third quarter valued at $40,000. Fifth Third Bancorp lifted its position in shares of Celestica by 48.7% during the 3rd quarter. Fifth Third Bancorp now owns 171 shares of the technology company's stock valued at $42,000 after acquiring an additional 56 shares during the last quarter. Finally, LRI Investments LLC acquired a new stake in shares of Celestica during the 3rd quarter valued at $44,000. 67.38% of the stock is currently owned by institutional investors.

Celestica Price Performance

Shares of NYSE:CLS opened at $265.03 on Friday. The company's fifty day moving average is $293.34 and its two-hundred day moving average is $286.04. The company has a market cap of $30.49 billion, a P/E ratio of 36.91 and a beta of 1.88. Celestica, Inc. has a 12-month low of $58.05 and a 12-month high of $363.40. The company has a quick ratio of 0.88, a current ratio of 1.44 and a debt-to-equity ratio of 0.34.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on CLS shares. TD Securities lifted their target price on Celestica from $305.00 to $330.00 and gave the stock a "hold" rating in a report on Friday, January 30th. Bank of America began coverage on Celestica in a report on Wednesday, January 28th. They set a "buy" rating and a $400.00 target price for the company. BMO Capital Markets reiterated an "outperform" rating on shares of Celestica in a research report on Monday, January 26th. Wolfe Research raised Celestica to a "strong-buy" rating in a research note on Tuesday, February 17th. Finally, Royal Bank Of Canada restated an "outperform" rating and set a $400.00 price objective on shares of Celestica in a report on Thursday, January 22nd. Two investment 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 company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $354.24.

Insider Activity

In other Celestica news, President Todd C. Cooper sold 89,484 shares of the firm's stock in a transaction dated 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 completion of the sale, the president directly owned 108,970 shares in the company, valued at approximately $31,323,426.50. This trade represents a 45.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, President Jason Phillips sold 100,000 shares of Celestica stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $308.92, for a total value of $30,892,000.00. Following the transaction, the president directly owned 12,584 shares in the company, valued at approximately $3,887,449.28. This trade represents a 88.82% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 297,923 shares of company stock worth $88,027,459. 0.52% of the stock is owned by corporate 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.

Want to see what other hedge funds are holding CLS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Celestica, Inc. (NYSE:CLS - Free Report) TSE: CLS.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.