Celestica (NYSE:CLS) Shares Up 4.8% on Analyst Upgrade

Shares of Celestica Inc. (NYSE:CLS) (TSE:CLS) shot 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. 1,263,601 shares traded hands during mid-day trading, a decline of 19% from the average session volume of 1,554,904 shares. The stock had previously closed at $98.27.

Other research analysts have also recently issued research reports about the stock. Stifel Nicolaus raised their target price on shares of Celestica from $70.00 to $100.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. Barclays initiated coverage on Celestica in a research note on Tuesday, November 5th. They set an “overweight” rating and a $91.00 price objective for the company. TD Cowen upped their target price on 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 lifted their price target on Celestica from $64.00 to $72.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Finally, Canaccord Genuity Group upped their price objective 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 issued a buy rating to the company. Based on data from MarketBeat.com, Celestica presently has a consensus rating of “Moderate Buy” and an average price target of $81.45.

Hedge Funds Weigh In On Celestica

A number of large investors have recently added to or reduced their stakes in the stock. Optimum Investment Advisors lifted its holdings in 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 purchasing an additional 200 shares in the last quarter. Truist Financial Corp lifted its stake in shares of Celestica by 2.0% in the second quarter. Truist Financial Corp now owns 11,008 shares of the technology company’s stock worth $631,000 after buying an additional 214 shares in the last quarter. Whittier Trust Co. of Nevada Inc. boosted its position in Celestica by 26.6% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 1,307 shares of the technology company’s stock worth $67,000 after acquiring an additional 275 shares during the last quarter. Pier Capital LLC boosted its position in Celestica by 0.4% during the third quarter. Pier Capital LLC now owns 93,055 shares of the technology company’s stock worth $4,757,000 after acquiring an additional 335 shares during the last quarter. Finally, Creative Planning grew its stake in Celestica by 4.7% during the 2nd quarter. Creative Planning now owns 7,526 shares of the technology company’s stock valued at $431,000 after acquiring an additional 336 shares in the last quarter. 67.38% of the stock is currently owned by institutional investors and hedge funds.

Celestica Stock Performance

The company has a current ratio of 1.47, a quick ratio of 0.87 and a debt-to-equity ratio of 0.49. The stock’s fifty day simple moving average is $88.45 and its 200 day simple moving average is $65.93. The company has a market cap of $11.97 billion, a price-to-earnings ratio of 32.66 and a beta of 2.25.

Celestica (NYSE:CLS) (TSE:CLS) last posted its quarterly earnings results on Wednesday, October 23rd. The technology company reported $1.04 EPS for the quarter, beating the consensus estimate of $0.93 by $0.11. The firm had revenue of $2.50 billion during the quarter, compared to analysts’ expectations of $2.41 billion. Celestica had a return on equity of 21.58% and a net margin of 4.08%. The business’s revenue for the quarter was up 24.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.65 earnings per share. As a group, analysts anticipate that Celestica Inc. will post 3.44 earnings per share for the current year.

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.