Connor Clark & Lunn Investment Management Ltd. Sells 138,238 Shares of Celestica, Inc. $CLS

Key Points

• Connor Clark & Lunn reduced its stake in Celestica by 8%, selling 138,238 shares in Q3 and now holds 1,595,448 shares (making Celestica ~1.2% of the fund and valued at about $392.5 million).
• Company insiders have been net sellers recently — including President Todd C. Cooper and Yann L. Etienvre — with insiders offloading 297,923 shares worth ~$88.0 million over the last 90 days, leaving insiders with just 0.52% ownership.
• Analysts are broadly bullish: multiple firms raised targets (e.g., Barclays to $391, Canaccord to $430), giving Celestica a "Moderate Buy" consensus and an average price target of $354.24 versus a recent price near $265.90.

Connor Clark & Lunn Investment Management Ltd. reduced its stake in Celestica, Inc. (NYSE:CLS - Free Report) TSE: CLS by 8.0% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,595,448 shares of the technology company's stock after selling 138,238 shares during the quarter. Celestica makes up 1.2% of Connor Clark & Lunn Investment Management Ltd.'s investment portfolio, making the stock its 13th largest holding. Connor Clark & Lunn Investment Management Ltd. owned approximately 1.39% of Celestica worth $392,528,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. MassMutual Private Wealth & Trust FSB raised its position in shares of 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 purchasing an additional 37 shares during the period. First Horizon Corp acquired a new stake in shares of Celestica in the third quarter worth $31,000. Twin Peaks Wealth Advisors LLC acquired a new stake in shares of Celestica in the second quarter worth $40,000. Avion Wealth bought a new stake in shares of Celestica during the 3rd quarter worth $40,000. Finally, Fifth Third Bancorp grew its stake in 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 buying an additional 56 shares during the last quarter. Institutional investors and hedge funds own 67.38% of the company's stock.

Celestica Price Performance

NYSE:CLS opened at $265.90 on Thursday. 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 company has a 50-day moving average of $293.96 and a 200-day moving average of $286.19. Celestica, Inc. has a 52 week low of $58.05 and a 52 week high of $363.40. The company has a market capitalization of $30.59 billion, a price-to-earnings ratio of 37.03 and a beta of 1.88.

Insider Buying and Selling at Celestica

In related news, President Todd C. Cooper sold 1,065 shares of the firm's stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $283.51, for a total transaction of $301,938.15. Following the completion of the transaction, the president owned 108,970 shares in the company, valued at $30,894,084.70. This trade represents a 0.97% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Yann L. Etienvre sold 1,145 shares of the business's stock in a transaction on Wednesday, February 4th. The shares were sold at an average price of $283.51, for a total value of $324,618.95. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 297,923 shares of company stock valued at $88,027,459. 0.52% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have weighed in on CLS shares. Barclays boosted their target price on shares of Celestica from $359.00 to $391.00 and gave the stock an "overweight" rating in a research report on Friday, January 30th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Celestica in a research report on Wednesday, January 21st. Wolfe Research upgraded Celestica to a "strong-buy" rating in a research note on Tuesday, February 17th. Aletheia Capital increased their target price on Celestica from $330.00 to $410.00 and gave the company a "buy" rating in a research note on Tuesday, January 20th. Finally, Canaccord Genuity Group lifted their price target on Celestica from $400.00 to $430.00 and gave the stock a "buy" rating in a research report on Monday, February 2nd. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $354.24.

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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