Park Avenue Securities LLC Sells 5,225 Shares of Celestica, Inc. $CLS

Key Points

• Park Avenue Securities cut its Celestica stake by 37.9%, selling 5,225 shares and leaving 8,552 shares valued at $2.533 million in its latest 13F filing.
• Heavy insider selling has occurred recently — insiders sold a total of 297,923 shares (~$88.0 million) over the last 90 days, reducing insider ownership to about 0.52%.
• Analyst sentiment is positive: multiple firms raised targets and issued buy/outperform ratings, leaving a consensus "Moderate Buy" with an average price target of $354.24 versus the recent share price near $286.90.

Park Avenue Securities LLC cut its holdings in Celestica, Inc. (NYSE:CLS - Free Report) TSE: CLS by 37.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,552 shares of the technology company's stock after selling 5,225 shares during the quarter. Park Avenue Securities LLC's holdings in Celestica were worth $2,533,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of CLS. Vanguard Group Inc. boosted its stake in Celestica by 2.1% during the third quarter. Vanguard Group Inc. now owns 4,738,673 shares of the technology company's stock worth $1,166,093,000 after acquiring an additional 97,755 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in shares of Celestica by 471.5% during the third quarter. Arrowstreet Capital Limited Partnership now owns 3,146,928 shares of the technology company's stock valued at $775,133,000 after purchasing an additional 2,596,318 shares in the last quarter. Franklin Resources Inc. lifted its holdings in shares of Celestica by 4.8% during the third quarter. Franklin Resources Inc. now owns 1,921,417 shares of the technology company's stock valued at $473,386,000 after purchasing an additional 88,212 shares during the last quarter. Viking Global Investors LP purchased a new position in shares of Celestica during the third quarter valued at approximately $424,459,000. Finally, Norges Bank bought a new stake in shares of Celestica in the 2nd quarter worth approximately $236,069,000. 67.38% of the stock is currently owned by institutional investors.

Celestica Stock Performance

CLS stock opened at $286.90 on Tuesday. The stock has a market capitalization of $33.00 billion, a PE ratio of 39.96 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 current ratio of 1.44, a quick ratio of 0.88 and a debt-to-equity ratio of 0.34. The stock's 50 day simple moving average is $289.72 and its 200 day simple moving average is $290.78.

Insider Activity

In related news, President Todd C. Cooper sold 89,484 shares of the stock in a transaction on 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 sale, the president directly owned 108,970 shares of the company's stock, valued at $31,323,426.50. This trade represents a 45.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, President Jason Phillips sold 100,000 shares of Celestica stock in a transaction dated 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 completion of the sale, the president owned 12,584 shares of the company's stock, valued at $3,887,449.28. The trade was a 88.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 297,923 shares of company stock valued at $88,027,459 over the last ninety days. 0.52% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

CLS has been the topic of several recent research reports. Aletheia Capital upped their price target on Celestica from $330.00 to $410.00 and gave the stock a "buy" rating in a research note on Tuesday, January 20th. Barclays boosted their target price on Celestica from $359.00 to $391.00 and gave the stock an "overweight" rating in a report on Friday, January 30th. Bank of America assumed coverage on Celestica in a research note on Wednesday, January 28th. They issued a "buy" rating and a $400.00 target price on the stock. Royal Bank Of Canada restated an "outperform" rating and set a $400.00 price target on shares of Celestica in a report on Thursday, January 22nd. Finally, Canadian Imperial Bank of Commerce lowered their price target on Celestica from $400.00 to $360.00 and set an "outperform" rating for the company in a research report on Wednesday, March 11th. Two analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price 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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