Celestica (NYSE:CLS) Stock Rating Upgraded by Zacks Research

Celestica (NYSE:CLS) (TSE:CLS) was upgraded by investment analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Tuesday, Zacks reports.

CLS has been the subject of several other reports. UBS Group upped their price objective on Celestica from $430.00 to $453.00 and gave the stock a “buy” rating in a research report on Wednesday, October 28th. Canaccord Genuity Group boosted their target price on Celestica from $455.00 to $480.00 and gave the stock a “buy” rating in a research note on Thursday, October 29th. Stifel Nicolaus set a $500.00 target price on shares of Celestica in a report on Tuesday, July 28th. The Goldman Sachs Group restated a “conviction-buy” rating and issued a $435.00 price target on shares of Celestica in a research note on Wednesday, October 28th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Celestica from $445.00 to $485.00 and gave the company an “overweight” rating in a report on Wednesday, July 29th. Two analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $453.32.

Celestica Stock Performance

CLS opened at $236.31 on Tuesday. The firm has a market cap of $29.80 billion, a P/E ratio of 22.36, a price-to-earnings-growth ratio of 0.70 and a beta of 2.10. Celestica has a 52-week low of $231.48 and a 52-week high of $474.02. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.03 and a current ratio of 1.61. The business’s fifty day moving average is $321.56 and its 200-day moving average is $330.25.

Celestica (NYSE:CLS) (TSE:CLS) last posted its quarterly earnings results on Monday, October 26th. The technology company reported $3.30 EPS for the quarter, beating analysts’ consensus estimates of $3.02 by $0.28. Celestica had a return on equity of 33.80% and a net margin of 6.83%. The business had revenue of $5.74 billion during the quarter, compared to the consensus estimate of $5.39 billion. Sell-side analysts expect that Celestica will post 10.93 EPS for the current fiscal year.

Insider Buying and Selling

In related news, President Todd C. Cooper sold 20,118 shares of the firm’s stock in a transaction on Wednesday, September 23rd. The stock was sold at an average price of $360.00, for a total transaction of $7,242,480.00. Following the completion of the transaction, the president directly owned 73,252 shares of the company’s stock, valued at $26,370,720. This trade represents a 21.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert Mionis sold 23,396 shares of the firm’s stock in a transaction on Wednesday, September 23rd. The stock was sold at an average price of $364.22, for a total value of $8,521,291.12. The SEC filing for this sale provides additional information. Insiders have sold a total of 67,010 shares of company stock worth $24,278,487 over the last three months. Insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On Celestica

Institutional investors and hedge funds have recently made changes to their positions in the stock. Cibc World Market Inc. bought a new stake in shares of Celestica in the 2nd quarter worth $757,811,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Celestica during the second quarter worth about $674,199,000. Bank of America Corp DE purchased a new position in Celestica during the second quarter worth about $444,899,000. Pictet Asset Management Holding SA grew its position in Celestica by 94.4% in the 3rd quarter. Pictet Asset Management Holding SA now owns 1,068,473 shares of the technology company’s stock worth $386,578,000 after purchasing an additional 518,798 shares in the last quarter. Finally, Royal Bank of Canada grew its position in Celestica by 13.8% in the 1st quarter. Royal Bank of Canada now owns 1,283,561 shares of the technology company’s stock worth $361,553,000 after purchasing an additional 156,040 shares in the last quarter. Institutional investors and hedge funds own 67.38% of the company’s stock.

About Celestica

Celestica Inc is a global provider of design, manufacturing, and supply chain solutions for original equipment manufacturers and other technology companies. The company helps customers develop, produce, and support complex hardware and integrated systems across their product life cycles.

Its services include product design and engineering, electronics and mechanical manufacturing, systems integration, testing, supply chain management, logistics, and after-market support. Celestica serves markets such as communications, enterprise and cloud computing, aerospace and defense, industrial technology, health technology, and capital equipment.

Headquartered in Toronto, Canada, Celestica operates a global network of manufacturing, engineering, and supply chain facilities serving customers in North America, Europe, and Asia.