Magnetar Financial LLC Buys 21,124 Shares of Celestica, Inc. $CLS

Key Points

• Magnetar Financial LLC boosted its stake in Celestica by 888.3% in Q3, buying 21,124 shares to own 23,502 shares worth about $5.79 million.
• Large insider selling occurred recently — President Jason Phillips sold 100,000 shares for roughly $30.9 million and insiders have sold 297,923 shares (~$88.0 million) in the last three months, leaving insiders with only 0.52% ownership.
• Analysts are generally bullish: multiple firms upgraded/added coverage (Zacks to Strong Buy, Barclays raised its target to $391, RBC and BofA set $400 targets), and the consensus rating is a Moderate Buy with an average price target of $354.24.

Magnetar Financial LLC grew its stake in Celestica, Inc. (NYSE:CLS - Free Report) TSE: CLS by 888.3% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 23,502 shares of the technology company's stock after purchasing an additional 21,124 shares during the quarter. Magnetar Financial LLC's holdings in Celestica were worth $5,790,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of CLS. Pinney & Scofield Inc. raised its position in Celestica by 20.0% in the 3rd quarter. Pinney & Scofield Inc. now owns 180 shares of the technology company's stock valued at $44,000 after buying an additional 30 shares during the last quarter. MassMutual Private Wealth & Trust FSB grew its stake in shares of Celestica by 42.5% in the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 124 shares of the technology company's stock worth $31,000 after acquiring an additional 37 shares in the last quarter. World Equity Group Inc. raised its holdings in shares of Celestica by 1.7% in the third quarter. World Equity Group Inc. now owns 2,263 shares of the technology company's stock valued at $558,000 after purchasing an additional 38 shares during the last quarter. Pure Financial Advisors LLC lifted its position in shares of Celestica by 3.2% during the third quarter. Pure Financial Advisors LLC now owns 1,617 shares of the technology company's stock valued at $398,000 after purchasing an additional 50 shares in the last quarter. Finally, McIlrath & Eck LLC lifted its position in shares of Celestica by 43.3% during the third quarter. McIlrath & Eck LLC now owns 182 shares of the technology company's stock valued at $45,000 after purchasing an additional 55 shares in the last quarter. Hedge funds and other institutional investors own 67.38% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Zacks Research upgraded shares of Celestica from a "hold" rating to a "strong-buy" rating in a report on Thursday, February 5th. Weiss Ratings reiterated a "buy (b)" rating on shares of Celestica in a research note on Wednesday, January 21st. Barclays boosted their target price on Celestica from $359.00 to $391.00 and gave the stock an "overweight" rating in a research note on Friday, January 30th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $400.00 target price on shares of Celestica in a report on Thursday, January 22nd. Finally, Bank of America started coverage on Celestica in a research report on Wednesday, January 28th. They set a "buy" rating and a $400.00 price target for the company. Two analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, Celestica currently has a consensus rating of "Moderate Buy" and an average price target of $354.24.

Insider Activity at Celestica

In other Celestica news, President Jason Phillips sold 100,000 shares of the company's stock in a transaction dated 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 sale, the president directly owned 12,584 shares of the company's stock, valued at $3,887,449.28. This represents a 88.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, President Todd C. Cooper sold 1,065 shares of the company's stock in a transaction dated Wednesday, February 4th. The shares were sold at an average price of $283.51, for a total transaction of $301,938.15. Following the sale, the president directly owned 108,970 shares in the company, valued at approximately $30,894,084.70. This trade represents a 0.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 297,923 shares of company stock worth $88,027,459. Company insiders own 0.52% of the company's stock.

Celestica Stock Down 1.2%

Shares of NYSE CLS opened at $265.90 on Thursday. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.44 and a quick ratio of 0.88. The stock has a market capitalization of $30.59 billion, a PE ratio of 37.03 and a beta of 1.88. Celestica, Inc. has a one year low of $58.05 and a one year high of $363.40. The business's fifty day moving average price is $293.96 and its 200-day moving average price is $286.19.

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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