Celestica (NYSE:CLS) Shares Gap Up After Strong Earnings

Celestica Inc. (NYSE:CLS) (TSE:CLS) gapped up prior to trading on Thursday following a stronger than expected earnings report. The stock had previously closed at $57.47, but opened at $62.70. Celestica shares last traded at $66.46, with a volume of 2,195,729 shares traded.

The technology company reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.11. The business had revenue of $2.50 billion during the quarter, compared to the consensus estimate of $2.41 billion. Celestica had a return on equity of 19.96% and a net margin of 4.16%. The business’s revenue was up 24.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.65 earnings per share.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on CLS shares. StockNews.com downgraded shares of Celestica from a “buy” rating to a “hold” rating in a research note on Friday, August 2nd. TD Securities raised their target price on Celestica from $68.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday. BMO Capital Markets raised their target price on Celestica from $64.00 to $72.00 and gave the stock an “outperform” rating in a research report on Thursday. Royal Bank of Canada raised their price objective on Celestica from $65.00 to $75.00 and gave the stock an “outperform” rating in a research report on Thursday. Finally, Stifel Nicolaus upped their target price on Celestica from $58.00 to $70.00 and gave the company a “buy” rating in a report on Thursday. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $66.67.

Institutional Investors Weigh In On Celestica

Several large investors have recently made changes to their positions in the company. Wolff Wiese Magana LLC grew its stake in shares of Celestica by 32.1% in 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 in the last quarter. Optimum Investment Advisors grew its stake in shares of Celestica by 66.7% in the 3rd quarter. Optimum Investment Advisors now owns 500 shares of the technology company’s stock valued at $26,000 after buying an additional 200 shares in the last quarter. Truist Financial Corp grew its stake in shares of Celestica by 2.0% in the 2nd quarter. Truist Financial Corp now owns 11,008 shares of the technology company’s stock valued at $631,000 after buying an additional 214 shares in the last quarter. Whittier Trust Co. of Nevada Inc. grew its stake in shares of Celestica by 26.6% in the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 1,307 shares of the technology company’s stock valued at $67,000 after buying an additional 275 shares in the last quarter. Finally, Creative Planning grew its stake in shares of Celestica by 4.7% in the 2nd quarter. Creative Planning now owns 7,526 shares of the technology company’s stock valued at $431,000 after buying an additional 336 shares in the last quarter. Institutional investors own 67.38% of the company’s stock.

Celestica Trading Up 18.2 %

The firm has a market cap of $8.07 billion, a P/E ratio of 25.34 and a beta of 2.28. The company has a 50 day moving average of $52.13 and a 200 day moving average of $52.13. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.86 and a current ratio of 1.47.

Celestica Company Profile

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.