Celestica (NYSE:CLS) Trading 4.8% Higher After Analyst Upgrade

Celestica Inc. (NYSE:CLS) (TSE:CLS) was up 4.8% during mid-day 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 were traded 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.

Several other research firms also recently issued reports on CLS. UBS Group initiated coverage on Celestica in a report on Friday, November 22nd. They set a “neutral” rating and a $95.00 price objective on the stock. Barclays started coverage on shares of Celestica in a research report on Tuesday, November 5th. They issued an “overweight” rating and a $91.00 price target for the company. TD Cowen raised 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. BMO Capital Markets boosted their target price on shares of Celestica from $64.00 to $72.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Finally, Canaccord Genuity Group raised their target price on Celestica from $77.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Three analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, Celestica has a consensus rating of “Moderate Buy” and an average target price of $81.45.

Insider Buying and Selling at Celestica

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of CLS. Commonwealth Equity Services LLC increased its position in Celestica by 85.6% during the second quarter. Commonwealth Equity Services LLC now owns 14,790 shares of the technology company’s stock worth $848,000 after buying an additional 6,820 shares during the last quarter. Natixis Advisors LLC bought a new position in shares of Celestica in the 2nd quarter valued at approximately $745,000. Oppenheimer & Co. Inc. acquired a new stake in Celestica in the 2nd quarter worth approximately $2,051,000. HBK Sorce Advisory LLC bought a new stake in Celestica during the second quarter worth approximately $284,000. Finally, Westover Capital Advisors LLC boosted its position in Celestica by 20.9% during the second quarter. Westover Capital Advisors LLC now owns 21,776 shares of the technology company’s stock worth $1,248,000 after purchasing an additional 3,764 shares during the period. Institutional investors own 67.38% of the company’s stock.

Celestica Stock Performance

The firm has a fifty day simple moving average of $88.45 and a 200 day simple moving average of $65.93. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.47 and a quick ratio of 0.87. The company has a market cap of $11.94 billion, a price-to-earnings ratio of 32.58 and a beta of 2.25.

Celestica (NYSE:CLS) (TSE:CLS) last released its earnings results on Wednesday, October 23rd. The technology company reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.11. The firm had revenue of $2.50 billion during the quarter, compared to analyst estimates of $2.41 billion. Celestica had a net margin of 4.08% and a return on equity of 21.58%. The business’s revenue was up 24.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.65 EPS. On average, sell-side analysts expect 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.