Celestica Inc. (CLS) Rating Lowered to Hold at Zacks Investment Research
Celestica Inc. (NYSE:CLS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.
According to Zacks, “Celestica, Inc. is one of the largest electronics manufacturing services company in the world, serving the computer, and communications sectors. The company provides competitive manufacturing technology and service solutions for printed circuit assembly and system assembly, as well as post-manufacturing support to many of the world’s leading original equipment manufacturers. Celestica’s extensive depth and breadth of offerings supports a wide variety of customer requirements from low volume, high complexity custom products to high volume commodity products. “
Several other research analysts have also commented on CLS. Canaccord Genuity upgraded shares of Celestica from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a research note on Friday, July 22nd. B. Riley reiterated a “neutral” rating and set a $11.00 price objective on shares of Celestica in a research note on Monday, July 25th. Macquarie lowered shares of Celestica from an “outperform” rating to a “neutral” rating in a research note on Friday, July 29th. Finally, BMO Capital Markets reiterated a “hold” rating on shares of Celestica in a research note on Friday, October 21st. Seven investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $13.04.
Celestica (NYSE:CLS) opened at 12.03 on Wednesday. The stock’s 50 day moving average is $11.13 and its 200 day moving average is $10.60. Celestica has a 52 week low of $8.07 and a 52 week high of $12.30. The stock has a market cap of $1.68 billion, a PE ratio of 13.73 and a beta of 1.08.
Celestica (NYSE:CLS) last posted its quarterly earnings results on Thursday, October 20th. The company reported $0.43 EPS for the quarter, beating the consensus estimate of $0.30 by $0.13. Celestica had a net margin of 2.16% and a return on equity of 12.63%. The business earned $1.55 billion during the quarter. During the same quarter in the prior year, the firm posted $0.22 EPS. The company’s revenue for the quarter was up 10.0% compared to the same quarter last year. Analysts predict that Celestica will post $1.29 EPS for the current year.
Hedge funds have recently added to or reduced their stakes in the stock. Stevens Capital Management LP acquired a new stake in Celestica during the second quarter valued at approximately $100,000. Nine Chapters Capital Management LLC acquired a new stake in Celestica during the second quarter valued at approximately $104,000. Prudential Financial Inc. increased its stake in Celestica by 2.6% in the second quarter. Prudential Financial Inc. now owns 12,272 shares of the company’s stock valued at $114,000 after buying an additional 316 shares during the period. Campbell & CO Investment Adviser LLC acquired a new stake in Celestica during the third quarter valued at approximately $123,000. Finally, Walleye Trading LLC increased its stake in Celestica by 2.3% in the second quarter. Walleye Trading LLC now owns 14,000 shares of the company’s stock valued at $130,000 after buying an additional 318 shares during the period. 73.21% of the stock is currently owned by institutional investors and hedge funds.
Celestica Company Profile
Celestica Inc is a provider of supply chain solutions in the communications, consumer, diversified, servers and storage end markets. The Company operates in electronics manufacturing services business segment. The Company offers a range of services to its customers, including design and development, engineering services, supply chain management, new product introduction, component sourcing, electronics manufacturing, assembly and test, complex mechanical assembly, systems integration, precision machining, order fulfillment, logistics and after-market repair and return services.
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