Clark Capital Management Group Inc. Trims Stake in Celestica, Inc. $CLS

Key Points

• Clark Capital Management cut its stake in Celestica by 26.3%, selling 161,673 shares and retaining 452,552 shares (about 0.39% ownership) valued at roughly $111.5 million at quarter-end.
• Company insiders have been heavy sellers — notably Yann L. Etienvre (86,229 shares) and President Jason Phillips (100,000 shares) — with insiders offloading 297,923 shares worth about $88.0 million over the past 90 days.
• Analysts are mostly bullish: the consensus target price is $354.24 (average rating "Moderate Buy"), while the stock was trading near $263.83, indicating potential upside to the consensus target.

Clark Capital Management Group Inc. cut its position in Celestica, Inc. (NYSE:CLS - Free Report) TSE: CLS by 26.3% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 452,552 shares of the technology company's stock after selling 161,673 shares during the quarter. Clark Capital Management Group Inc. owned approximately 0.39% of Celestica worth $111,500,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. MassMutual Private Wealth & Trust FSB lifted its stake in Celestica by 42.5% in the third quarter. MassMutual Private Wealth & Trust FSB now owns 124 shares of the technology company's stock valued at $31,000 after buying an additional 37 shares during the last quarter. First Horizon Corp purchased a new position in shares of Celestica during the third quarter worth approximately $31,000. Avion Wealth acquired a new position in shares of Celestica in the 3rd quarter valued at $40,000. Fifth Third Bancorp increased its holdings in shares of Celestica by 48.7% in 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 period. Finally, LRI Investments LLC purchased a new stake in Celestica in the 3rd quarter valued at $44,000. Hedge funds and other institutional investors own 67.38% of the company's stock.

Insider Buying and Selling

In other Celestica news, insider Yann L. Etienvre sold 86,229 shares of the business's stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $287.45, for a total transaction of $24,786,526.05. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, President Jason Phillips sold 100,000 shares of the business's stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $308.92, for a total value of $30,892,000.00. Following the transaction, the president owned 12,584 shares in the company, valued at $3,887,449.28. The trade was a 88.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 297,923 shares of company stock valued at $88,027,459 over the last ninety days. Corporate insiders own 0.52% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Canadian Imperial Bank of Commerce decreased their price target on shares of Celestica from $400.00 to $360.00 and set an "outperform" rating for the company in a research note on Wednesday. Wall Street Zen raised shares of Celestica from a "hold" rating to a "buy" rating in a report on Friday, January 23rd. Weiss Ratings reiterated a "buy (b)" rating on shares of Celestica in a research note on Wednesday, January 21st. Barclays boosted their price target on Celestica from $359.00 to $391.00 and gave the company an "overweight" rating in a research report on Friday, January 30th. Finally, Aletheia Capital increased their price objective on Celestica from $330.00 to $410.00 and gave the stock a "buy" rating in a research report on Tuesday, January 20th. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $354.24.

Celestica Stock Down 0.4%

Shares of Celestica stock opened at $263.83 on Friday. Celestica, Inc. has a one year low of $58.05 and a one year high of $363.40. The company 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 quick ratio of 0.88 and a current ratio of 1.44. The firm has a fifty day moving average of $292.58 and a two-hundred day moving average of $287.15.

About Celestica

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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