Celestica (NYSE:CLS) Cut to Hold at StockNews.com

Celestica (NYSE:CLS) (TSE:CLS) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Friday.

Several other brokerages also recently commented on CLS. Royal Bank of Canada raised their target price on Celestica from $47.00 to $53.00 and gave the stock an “outperform” rating in a research note on Sunday, April 28th. TD Securities boosted their target price on Celestica from $33.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, January 31st. Fox Advisors assumed coverage on Celestica in a report on Wednesday, May 15th. They issued an “overweight” rating and a $60.00 price target on the stock. Canaccord Genuity Group boosted their price objective on Celestica from $48.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, April 26th. Finally, CIBC reaffirmed a “neutral” rating and issued a $49.00 target price (up from $41.00) on shares of Celestica in a research note on Friday, April 26th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $44.56.

Celestica Stock Performance

Shares of CLS traded up $3.43 during trading hours on Friday, hitting $58.80. The company’s stock had a trading volume of 2,627,973 shares, compared to its average volume of 2,297,193. The business has a 50 day simple moving average of $46.97 and a two-hundred day simple moving average of $37.70. Celestica has a 52-week low of $11.23 and a 52-week high of $58.99. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.42 and a quick ratio of 0.78. The company has a market cap of $6.99 billion, a price-to-earnings ratio of 21.94 and a beta of 2.25.

Celestica (NYSE:CLS) (TSE:CLS) last released its quarterly earnings data on Wednesday, April 24th. The technology company reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.02. The business had revenue of $2.21 billion during the quarter, compared to analyst estimates of $2.10 billion. Celestica had a net margin of 3.86% and a return on equity of 18.25%. On average, equities analysts expect that Celestica will post 2.87 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Celestica

Large investors have recently added to or reduced their stakes in the business. Byrne Asset Management LLC grew its position in shares of Celestica by 78.6% in the 1st quarter. Byrne Asset Management LLC now owns 1,250 shares of the technology company’s stock worth $56,000 after buying an additional 550 shares during the last quarter. Clearstead Advisors LLC purchased a new position in shares of Celestica in the 3rd quarter worth about $32,000. UMB Bank n.a. bought a new position in Celestica in the 1st quarter worth about $64,000. Principal Securities Inc. purchased a new stake in Celestica during the 4th quarter valued at about $42,000. Finally, Blue Trust Inc. increased its stake in Celestica by 128.6% during the 4th quarter. Blue Trust Inc. now owns 2,460 shares of the technology company’s stock valued at $72,000 after purchasing an additional 1,384 shares in the last quarter. 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.