Celestica (NYSE:CLS) Raised to “Strong-Buy” at Cibc World Mkts

Celestica (NYSE:CLS) (TSE:CLS) was upgraded by stock analysts at Cibc World Mkts from a “hold” rating to a “strong-buy” rating in a research note issued on Friday,Zacks.com reports.

Several other brokerages have also recently weighed in on CLS. Barclays upped their price target on Celestica from $91.00 to $139.00 and gave the stock an “overweight” rating in a research note on Thursday. UBS Group initiated coverage on Celestica in a research note on Friday, November 22nd. They issued a “neutral” rating and a $95.00 target price on the stock. Canaccord Genuity Group raised their price objective on shares of Celestica from $77.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, December 20th. TD Cowen boosted their price objective on shares of Celestica from $68.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, October 24th. Finally, Royal Bank of Canada upped their target price on shares of Celestica from $115.00 to $140.00 and gave the company an “outperform” rating in a research note on Friday. Two equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $99.64.

Celestica Stock Performance

Shares of CLS stock opened at $123.57 on Friday. The company has a quick ratio of 0.87, a current ratio of 1.47 and a debt-to-equity ratio of 0.49. Celestica has a 52 week low of $32.80 and a 52 week high of $133.66. The firm has a market capitalization of $14.38 billion, a price-to-earnings ratio of 33.04 and a beta of 2.25. The stock has a fifty day moving average of $98.48 and a 200 day moving average of $72.18.

Insider Activity

In related news, Director Michael Wilson sold 25,000 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $98.73, for a total transaction of $2,468,250.00. Following the completion of the sale, the director now directly owns 1,784 shares of the company’s stock, valued at approximately $176,134.32. This trade represents a 93.34 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Celestica

Hedge funds have recently added to or reduced their stakes in the stock. Vaughan Nelson Investment Management L.P. bought a new position in shares of Celestica during the third quarter valued at approximately $61,210,000. Whale Rock Capital Management LLC increased its position in shares of Celestica by 13.0% during the third quarter. Whale Rock Capital Management LLC now owns 8,467,244 shares of the technology company’s stock worth $432,846,000 after purchasing an additional 975,163 shares in the last quarter. Point72 Asset Management L.P. increased its position in Celestica by 38.5% during the 3rd quarter. Point72 Asset Management L.P. now owns 1,084,722 shares of the technology company’s stock valued at $55,451,000 after buying an additional 301,563 shares in the last quarter. Natixis Advisors LLC increased its holdings in shares of Celestica by 1,697.3% during the third quarter. Natixis Advisors LLC now owns 233,485 shares of the technology company’s stock valued at $11,936,000 after acquiring an additional 220,494 shares in the last quarter. Finally, Broad Peak Investment Advisers Pte Ltd boosted its stake in Celestica by 53.8% in the 3rd quarter. Broad Peak Investment Advisers Pte Ltd now owns 524,245 shares of the technology company’s stock worth $26,799,000 after purchasing an additional 183,300 shares in the last quarter. 67.38% of the stock is currently owned by 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.