Celestica (NYSE:CLS) Trading Up 5.5% – Here’s What Happened

Celestica Inc. (NYSE:CLS) (TSE:CLS)’s share price was up 5.5% during mid-day trading on Thursday . The company traded as high as $92.24 and last traded at $91.80. Approximately 682,994 shares changed hands during trading, a decline of 70% from the average daily volume of 2,280,137 shares. The stock had previously closed at $86.98.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. StockNews.com downgraded shares of Celestica from a “buy” rating to a “hold” rating in a report on Friday, August 2nd. UBS Group began coverage on shares of Celestica in a report on Friday. They issued a “neutral” rating and a $95.00 target price on the stock. Royal Bank of Canada lifted their price target on Celestica from $65.00 to $75.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Stifel Nicolaus upped their price objective on Celestica from $58.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. Finally, Canaccord Genuity Group raised their price objective on Celestica from $53.00 to $70.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Three equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $71.45.

Celestica Price 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 company has a 50 day moving average of $64.09 and a 200-day moving average of $56.94. The firm has a market capitalization of $10.37 billion, a P/E ratio of 28.30 and a beta of 2.24.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Optimum Investment Advisors boosted its stake in shares of Celestica by 66.7% in the third quarter. Optimum Investment Advisors now owns 500 shares of the technology company’s stock valued at $26,000 after buying an additional 200 shares during the period. Financial Management Professionals Inc. bought a new position in Celestica during the 3rd quarter worth $30,000. UMB Bank n.a. acquired a new position in Celestica in the 3rd quarter valued at $34,000. Wolff Wiese Magana LLC lifted its position in shares of Celestica by 32.1% during the 2nd quarter. Wolff Wiese Magana LLC now owns 700 shares of the technology company’s stock valued at $40,000 after acquiring an additional 170 shares during the period. Finally, Private Trust Co. NA grew its holdings in shares of Celestica by 480.0% during the 3rd quarter. Private Trust Co. NA now owns 870 shares of the technology company’s stock worth $44,000 after purchasing an additional 720 shares in the last quarter. Institutional investors and hedge funds 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.