Celestica (NYSE:CLS) Trading Up 4.8% Following Analyst Upgrade

Shares of Celestica Inc. (NYSE:CLS) (TSE:CLS) rose 4.8% during trading on Wednesday after Royal Bank of Canada raised their price target on the stock from $75.00 to $115.00. Royal Bank of Canada currently has an outperform rating on the stock. Celestica traded as high as $102.97 and last traded at $102.94. Approximately 1,263,601 shares changed hands during mid-day trading, a decline of 19% from the average daily volume of 1,554,904 shares. The stock had previously closed at $98.27.

A number of other analysts also recently weighed in on the stock. Barclays initiated coverage on shares of Celestica in a report on Tuesday, November 5th. They issued an “overweight” rating and a $91.00 target price on the stock. Stifel Nicolaus upped their price objective on Celestica from $70.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Canaccord Genuity Group lifted their target price on Celestica from $77.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, December 20th. BMO Capital Markets increased their price target on Celestica from $64.00 to $72.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Finally, TD Cowen lifted their price objective on shares of Celestica from $68.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. Three equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $81.45.

Institutional Investors Weigh In On Celestica

Several hedge funds have recently made changes to their positions in CLS. Optimum Investment Advisors lifted its stake in Celestica by 66.7% in the third quarter. Optimum Investment Advisors now owns 500 shares of the technology company’s stock worth $26,000 after acquiring an additional 200 shares during the period. Financial Management Professionals Inc. purchased a new stake in shares of Celestica in the 3rd quarter worth approximately $30,000. UMB Bank n.a. purchased a new stake in shares of Celestica in the 3rd quarter worth approximately $34,000. Private Trust Co. NA boosted its stake in shares of Celestica by 480.0% during the third quarter. Private Trust Co. NA now owns 870 shares of the technology company’s stock valued at $44,000 after purchasing an additional 720 shares in the last quarter. Finally, Global Trust Asset Management LLC purchased a new position in Celestica during the third quarter valued at approximately $51,000. 67.38% of the stock is currently owned by hedge funds and other institutional investors.

Celestica Stock Up 4.7 %

The business’s 50 day moving average is $88.45 and its 200 day moving average is $65.93. The company has a quick ratio of 0.87, a current ratio of 1.47 and a debt-to-equity ratio of 0.49. The company has a market cap of $11.97 billion, a P/E ratio of 32.66 and a beta of 2.25.

Celestica (NYSE:CLS) (TSE:CLS) last posted its earnings results on Wednesday, October 23rd. The technology company reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.11. The company had revenue of $2.50 billion for the quarter, compared to analyst estimates of $2.41 billion. Celestica had a return on equity of 21.58% and a net margin of 4.08%. The firm’s quarterly revenue was up 24.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.65 earnings per share. As a group, equities analysts anticipate that Celestica Inc. will post 3.44 earnings per share for the current fiscal year.

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.