General American Investors Co. Inc. Acquires New Holdings in Celestica, Inc. $CLS

Key Points

• General American Investors acquired 23,200 Celestica shares in the third quarter, worth about $8.4 million; institutional investors collectively own 67.38% of the stock.
• Celestica beat quarterly estimates, reporting EPS of $3.30 versus $3.02 expected and revenue of $5.74 billion versus $5.39 billion. Analysts’ consensus rating is “Buy,” with a $453.32 average price target.
• Shares traded at $206.77, well below their 12-month high of $474.02. Company insiders sold 67,010 shares worth about $24.3 million over the past 90 days.

General American Investors Co. Inc. bought a new stake in shares of Celestica, Inc. (NYSE:CLS - Free Report) TSE: CLS in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 23,200 shares of the technology company's stock, valued at approximately $8,385,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Calamos Advisors LLC raised its stake in Celestica by 3,035.1% during the third quarter. Calamos Advisors LLC now owns 105,026 shares of the technology company's stock valued at $37,960,000 after purchasing an additional 101,676 shares in the last quarter. Pekin Hardy Strauss Inc. bought a new stake in shares of Celestica in the 3rd quarter worth about $219,000. Guardian Wealth Management Inc. bought a new stake in shares of Celestica in the 3rd quarter worth about $601,000. Caldwell Trust Co bought a new stake in shares of Celestica in the 3rd quarter worth about $64,000. Finally, Third View Private Wealth LLC raised its position in shares of Celestica by 4.4% during the 3rd quarter. Third View Private Wealth LLC now owns 1,270 shares of the technology company's stock valued at $459,000 after buying an additional 54 shares in the last quarter. 67.38% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CLS has been the subject of a number of analyst reports. Zacks Research raised shares of Celestica from a "hold" rating to a "strong-buy" rating in a report on Tuesday. Weiss Ratings cut Celestica from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, October 28th. Sanford C. Bernstein reissued an "outperform" rating on shares of Celestica in a research note on Thursday, October 15th. BMO Capital Markets restated an "outperform" rating and set a $400.00 price objective on shares of Celestica in a research report on Friday, October 23rd. Finally, Canadian Imperial Bank of Commerce raised their price objective on Celestica from $480.00 to $500.00 and gave the company an "outperform" rating in a research note on Wednesday, July 29th. Two analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Celestica has a consensus rating of "Buy" and a consensus price target of $453.32.

Celestica Trading Up 0.5%

Shares of Celestica stock traded up $1.13 during trading on Friday, hitting $206.77. The stock had a trading volume of 3,704,638 shares, compared to its average volume of 2,955,335. Celestica, Inc. has a 12 month low of $197.50 and a 12 month high of $474.02. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.61 and a quick ratio of 1.03. The firm's fifty day simple moving average is $317.31 and its 200-day simple moving average is $329.19. The stock has a market cap of $26.08 billion, a PE ratio of 19.56, a PEG ratio of 0.63 and a beta of 2.10.

Celestica (NYSE:CLS - Get Free Report) TSE: CLS last issued its quarterly earnings results on Monday, October 26th. The technology company reported $3.30 EPS for the quarter, beating the consensus estimate of $3.02 by $0.28. Celestica had a net margin of 6.83% and a return on equity of 33.80%. The company had revenue of $5.74 billion for the quarter, compared to the consensus estimate of $5.39 billion. As a group, sell-side analysts expect that Celestica, Inc. will post 10.97 EPS for the current fiscal year.

Insider Activity at Celestica

In other news, President Todd C. Cooper sold 20,118 shares of the stock in a transaction that occurred on Wednesday, September 23rd. The stock was sold at an average price of $360.00, for a total value of $7,242,480.00. Following the sale, the president directly owned 73,252 shares in the company, valued at approximately $26,370,720. This represents a 21.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Robert Mionis sold 23,496 shares of the firm's stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $362.39, for a total value of $8,514,715.44. Following the sale, the chief executive officer directly owned 23,396 shares of the company's stock, valued at $8,478,476.44. This represents a 50.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 67,010 shares of company stock valued at $24,278,487 in the last 90 days. Company insiders own 1.10% of the company's stock.

Celestica Profile

Celestica Inc is a global provider of design, manufacturing, and supply chain services for companies across technology and industrial markets. Its work spans product development, engineering, manufacturing, testing, and ongoing product support.

The company's offerings include hardware and infrastructure used in cloud computing and data centers, communications networks, aerospace and defense, industrial equipment, and health technology. It also provides supply chain management and other services to support products throughout their lifecycle.

Celestica traces its roots to IBM's manufacturing operations and became an independent company in 1996.

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