Canaccord Genuity Group Boosts Celestica (NYSE:CLS) Price Target to $70.00

Celestica (NYSE:CLS) (TSE:CLS) had its price objective upped by Canaccord Genuity Group from $53.00 to $70.00 in a report issued on Friday morning, Benzinga reports. They currently have a buy rating on the technology company’s stock.

Other equities analysts also recently issued research reports about the company. Canaccord Genuity Group lifted their price target on Celestica from $48.00 to $53.00 and gave the company a buy rating in a research note on Friday, April 26th. Fox Advisors began coverage on Celestica in a research note on Wednesday, May 15th. They issued an overweight rating and a $60.00 target price on the stock. StockNews.com upgraded Celestica from a hold rating to a buy rating in a research note on Thursday, July 25th. Royal Bank of Canada boosted their target price on Celestica from $53.00 to $63.00 and gave the stock an outperform rating in a research note on Monday, July 22nd. Finally, BMO Capital Markets boosted their target price on Celestica from $53.00 to $63.00 and gave the stock an outperform rating in a research note on Monday, June 17th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $58.38.

Celestica Price Performance

CLS stock opened at $49.98 on Friday. The company has a market capitalization of $5.94 billion, a P/E ratio of 18.66 and a beta of 2.31. 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 has a 52-week low of $20.22 and a 52-week high of $63.49. The business has a 50-day simple moving average of $56.61 and a two-hundred day simple moving average of $47.05.

Celestica (NYSE:CLS) (TSE:CLS) last released its quarterly earnings results on Wednesday, July 24th. The technology company reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.10. The business had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.25 billion. Celestica had a return on equity of 19.96% and a net margin of 4.16%. The company’s quarterly revenue was up 23.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.55 EPS. Research analysts expect that Celestica will post 2.88 EPS for the current fiscal year.

Hedge Funds Weigh In On Celestica

Institutional investors have recently bought and sold shares of the company. Wolff Wiese Magana LLC lifted its stake in Celestica by 32.1% in the second quarter. Wolff Wiese Magana LLC now owns 700 shares of the technology company’s stock valued at $40,000 after purchasing an additional 170 shares during the last quarter. Naples Money Management LLC lifted its stake in Celestica by 90.0% in the second quarter. Naples Money Management LLC now owns 950 shares of the technology company’s stock valued at $55,000 after purchasing an additional 450 shares during the last quarter. Whittier Trust Co. of Nevada Inc. bought a new stake in Celestica during the 2nd quarter valued at $59,000. Byrne Asset Management LLC raised its holdings in Celestica by 78.6% during the 1st quarter. Byrne Asset Management LLC now owns 1,250 shares of the technology company’s stock valued at $56,000 after acquiring an additional 550 shares during the period. Finally, UMB Bank n.a. bought a new stake in Celestica during the 1st quarter valued at $64,000. Hedge funds and other institutional investors own 67.38% of the company’s stock.

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.