Celestica (NYSE:CLS) Cut to “Hold” at StockNews.com

StockNews.com lowered shares of Celestica (NYSE:CLS) (TSE:CLS) from a buy rating to a hold rating in a research note released on Friday.

CLS has been the topic of several other research reports. Fox Advisors began coverage on Celestica in a report on Wednesday, May 15th. They issued an overweight rating and a $60.00 price target on the stock. Canaccord Genuity Group upped their target price on Celestica from $48.00 to $53.00 and gave the company a buy rating in a report on Friday, April 26th. Stifel Nicolaus lifted their price target on Celestica from $51.00 to $58.00 and gave the stock a hold rating in a research note on Friday, July 26th. CIBC boosted their price objective on Celestica from $58.00 to $60.00 and gave the stock a neutral rating in a report on Friday, July 26th. Finally, BMO Capital Markets raised their target price on shares of Celestica from $53.00 to $63.00 and gave the stock an outperform rating in a report on Monday, June 17th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus target price of $58.38.

Celestica Trading Down 8.1 %

Shares of Celestica stock opened at $46.29 on Friday. The business has a fifty day simple moving average of $56.10 and a 200-day simple moving average of $47.65. Celestica has a fifty-two week low of $20.22 and a fifty-two week high of $63.49. The firm has a market cap of $5.50 billion, a price-to-earnings ratio of 17.27 and a beta of 2.31. The company has a quick ratio of 0.86, a current ratio of 1.47 and a debt-to-equity ratio of 0.49.

Celestica (NYSE:CLS) (TSE:CLS) last issued its quarterly earnings results on Wednesday, July 24th. The technology company reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.10. The company had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.25 billion. Celestica had a net margin of 4.16% and a return on equity of 19.96%. Celestica’s revenue was up 23.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.55 EPS. On average, equities analysts forecast that Celestica will post 3.22 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wolff Wiese Magana LLC boosted its stake in shares of Celestica by 32.1% during the 2nd quarter. Wolff Wiese Magana LLC now owns 700 shares of the technology company’s stock valued at $40,000 after buying an additional 170 shares during the period. Naples Money Management LLC boosted its position in Celestica by 90.0% during the second quarter. Naples Money Management LLC now owns 950 shares of the technology company’s stock valued at $55,000 after purchasing an additional 450 shares during the last quarter. Whittier Trust Co. of Nevada Inc. purchased a new position in Celestica in the second quarter valued at about $59,000. Byrne Asset Management LLC increased its position in Celestica by 78.6% in the 1st quarter. Byrne Asset Management LLC now owns 1,250 shares of the technology company’s stock worth $56,000 after purchasing an additional 550 shares during the last quarter. Finally, UMB Bank n.a. acquired a new stake in shares of Celestica during the 1st quarter valued at about $64,000. 67.38% of the stock is owned by hedge funds and other institutional investors.

About Celestica

Celestica Inc provides supply chain solutions in North America, Europe, and Asia. It operates through two segments: Advanced Technology Solutions, and Connectivity & Cloud Solutions. The company offers a range of product manufacturing and related supply chain services, including design and development, new product introduction, engineering services, component sourcing, electronics manufacturing and assembly, testing, complex mechanical assembly, systems integration, precision machining, order fulfillment, logistics, asset management, product licensing, and after-market repair and return services.