Celestica (NYSE:CLS) Upgraded to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Celestica (NYSE:CLS) (TSE:CLS) from a hold rating to a strong-buy rating in a report released on Tuesday,Zacks reports.

Other equities research analysts also recently issued reports about the stock. TD Cowen restated a “buy” rating on shares of Celestica in a research note on Tuesday, October 27th. Wall Street Zen lowered Celestica from a “buy” rating to a “hold” rating in a report on Sunday, September 6th. The Goldman Sachs Group reissued a “conviction-buy” rating and issued a $435.00 price objective on shares of Celestica in a research report on Wednesday, October 28th. BMO Capital Markets restated an “outperform” rating and set a $400.00 target price on shares of Celestica in a research note on Friday, October 23rd. Finally, Citigroup upped their target price on Celestica from $415.00 to $436.00 and gave the company a “buy” rating in a research report on Wednesday, October 28th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $453.32.

Celestica Price Performance

CLS opened at $236.31 on Tuesday. The business’s 50-day moving average is $321.56 and its two-hundred day moving average is $330.25. Celestica has a 1 year low of $231.48 and a 1 year high of $474.02. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.61 and a quick ratio of 1.03. The firm has a market capitalization of $29.80 billion, a PE ratio of 22.36, a price-to-earnings-growth ratio of 0.70 and a beta of 2.10.

Celestica (NYSE:CLS) (TSE:CLS) last announced its earnings results on Monday, October 26th. The technology company reported $3.30 EPS for the quarter, topping analysts’ consensus estimates of $3.02 by $0.28. Celestica had a net margin of 6.83% and a return on equity of 33.80%. The business had revenue of $5.74 billion during the quarter, compared to the consensus estimate of $5.39 billion. Research analysts anticipate that Celestica will post 10.93 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, President Todd C. Cooper sold 20,118 shares of the company’s stock in a transaction on Wednesday, September 23rd. The stock was sold at an average price of $360.00, for a total value of $7,242,480.00. Following the transaction, the president directly owned 73,252 shares of the company’s stock, valued at $26,370,720. This represents a 21.55% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert Mionis sold 23,496 shares of Celestica stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $362.39, for a total value of $8,514,715.44. Following the sale, the chief executive officer directly owned 23,396 shares of the company’s stock, valued at approximately $8,478,476.44. This represents a 50.11% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 67,010 shares of company stock valued at $24,278,487. Corporate insiders own 1.10% of the company’s stock.

Institutional Trading of Celestica

Several large investors have recently added to or reduced their stakes in CLS. Cibc World Market Inc. purchased a new position in shares of Celestica during the 2nd quarter valued at approximately $757,811,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Celestica in the 2nd quarter valued at $674,199,000. Royal Bank of Canada boosted its holdings in Celestica by 13.8% during the first quarter. Royal Bank of Canada now owns 1,283,561 shares of the technology company’s stock worth $361,553,000 after buying an additional 156,040 shares in the last quarter. Bank of America Corp DE purchased a new stake in Celestica during the second quarter worth $444,899,000. Finally, Pictet Asset Management Holding SA boosted its holdings in Celestica by 94.4% during the third quarter. Pictet Asset Management Holding SA now owns 1,068,473 shares of the technology company’s stock worth $386,578,000 after buying an additional 518,798 shares in the last quarter. Hedge funds and other institutional investors own 67.38% of the company’s stock.

About Celestica

Celestica Inc is a global provider of design, manufacturing, and supply chain solutions for original equipment manufacturers and other technology companies. The company helps customers develop, produce, and support complex hardware and integrated systems across their product life cycles.

Its services include product design and engineering, electronics and mechanical manufacturing, systems integration, testing, supply chain management, logistics, and after-market support. Celestica serves markets such as communications, enterprise and cloud computing, aerospace and defense, industrial technology, health technology, and capital equipment.

Headquartered in Toronto, Canada, Celestica operates a global network of manufacturing, engineering, and supply chain facilities serving customers in North America, Europe, and Asia.