Celestica (NYSE:CLS) Upgraded to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Celestica (NYSE:CLS) (TSE:CLS) from a hold rating to a buy rating in a research note released on Saturday morning,Wall Street Zen reports.

A number of other analysts also recently weighed in on the company. JPMorgan Chase & Co. boosted their target price on Celestica from $445.00 to $485.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 29th. Canaccord Genuity Group increased their price objective on Celestica from $455.00 to $480.00 and gave the stock a “buy” rating in a report on Thursday, October 29th. Scotiabank began coverage on shares of Celestica in a research report on Tuesday, August 11th. They set a “sector outperform” rating and a $500.00 price target on the stock. BWS Financial reiterated a “buy” rating on shares of Celestica in a report on Tuesday, July 28th. Finally, Citigroup raised their target price on shares of Celestica from $415.00 to $436.00 and gave the company a “buy” rating in a research note on Wednesday, October 28th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $453.32.

Celestica Price Performance

Shares of NYSE:CLS opened at $206.77 on Friday. The company has a 50 day moving average of $317.31 and a 200 day moving average of $329.19. The stock has a market cap of $26.08 billion, a P/E ratio of 19.56, a P/E/G ratio of 1.45 and a beta of 2.10. Celestica has a 12 month low of $197.50 and a 12 month high of $474.02. The company has a current ratio of 1.61, a quick ratio of 1.03 and a debt-to-equity ratio of 0.13.

Celestica (NYSE:CLS) (TSE:CLS) last posted its earnings results on Monday, October 26th. The technology company reported $3.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.02 by $0.28. The business had revenue of $5.74 billion for the quarter, compared to analysts’ expectations of $5.39 billion. Celestica had a net margin of 6.83% and a return on equity of 33.80%. As a group, sell-side analysts forecast that Celestica will post 10.97 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Robert Mionis sold 23,396 shares of the firm’s stock in a transaction that occurred on Wednesday, September 23rd. The shares were sold at an average price of $364.22, for a total transaction of $8,521,291.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Todd Cooper sold 20,118 shares of the firm’s stock in a transaction that occurred on Wednesday, September 23rd. The shares were sold at an average price of $360.00, for a total transaction of $7,242,480.00. Following the sale, the president directly owned 73,252 shares of the company’s stock, valued at $26,370,720. This trade represents a 21.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 67,010 shares of company stock worth $24,278,487. Corporate insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On Celestica

Institutional investors have recently modified their holdings of the business. Washington Trust Advisors Inc. bought a new stake in shares of Celestica in the second quarter worth approximately $28,000. Elevation Wealth Partners LLC purchased a new position in shares of Celestica during the third quarter valued at approximately $28,000. Ascentis Independent Advisors purchased a new position in shares of Celestica during the first quarter valued at approximately $29,000. Latitude Advisors LLC bought a new position in Celestica during the third quarter valued at approximately $40,000. Finally, Mather Group LLC. lifted its position in Celestica by 266.7% during the third quarter. Mather Group LLC. now owns 121 shares of the technology company’s stock valued at $44,000 after purchasing an additional 88 shares during the period. 67.38% of the stock is owned by hedge funds and other institutional investors.

Celestica Company Profile

Celestica Inc is a global provider of design, manufacturing, and supply chain services for companies across technology and industrial markets. Its work spans product development, engineering, manufacturing, testing, and ongoing product support.

The company’s offerings include hardware and infrastructure used in cloud computing and data centers, communications networks, aerospace and defense, industrial equipment, and health technology. It also provides supply chain management and other services to support products throughout their lifecycle.

Celestica traces its roots to IBM’s manufacturing operations and became an independent company in 1996.