Celestica (NYSE:CLS) Cut to Hold at Zacks Investment Research

Celestica (NYSE:CLSGet Rating) (TSE:CLS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Tuesday, Zacks.com reports.

According to Zacks, “Celestica, Inc. is one of the largest electronics manufacturing services company in the world, serving the computer, and communications sectors. The company provides competitive manufacturing technology and service solutions for printed circuit assembly and system assembly, as well as post-manufacturing support to many of the world’s leading original equipment manufacturers. Celestica’s extensive depth and breadth of offerings supports a wide variety of customer requirements from low volume, high complexity custom products to high volume commodity products. “

CLS has been the subject of several other research reports. Canaccord Genuity Group boosted their price target on Celestica from $12.00 to $13.50 in a research note on Friday, January 28th. StockNews.com raised Celestica from a “buy” rating to a “strong-buy” rating in a research report on Thursday, April 28th. TD Securities upped their target price on Celestica from $12.50 to $13.00 and gave the stock a “hold” rating in a research report on Monday, May 2nd. Royal Bank of Canada upped their target price on Celestica from $11.00 to $13.00 and gave the stock a “sector perform” rating in a research report on Friday, January 28th. Finally, Canaccord Genuity Group upped their target price on Celestica from $12.00 to $13.50 in a research report on Friday, January 28th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Celestica presently has an average rating of “Hold” and an average price target of $12.42.

Shares of NYSE CLS traded down $0.12 during trading hours on Tuesday, hitting $10.37. The stock had a trading volume of 486,340 shares, compared to its average volume of 638,409. The company has a market capitalization of $1.29 billion, a P/E ratio of 11.27, a P/E/G ratio of 0.44 and a beta of 2.14. The firm’s 50-day moving average price is $11.28 and its two-hundred day moving average price is $11.33. Celestica has a 52 week low of $7.01 and a 52 week high of $13.40. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.70 and a current ratio of 1.51.

Celestica (NYSE:CLSGet Rating) (TSE:CLS) last announced its quarterly earnings results on Wednesday, April 27th. The technology company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.35 by $0.04. The business had revenue of $1.57 billion during the quarter, compared to analysts’ expectations of $1.48 billion. Celestica had a return on equity of 12.61% and a net margin of 1.93%. The firm’s quarterly revenue was up 26.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.22 EPS. As a group, analysts expect that Celestica will post 1.57 EPS for the current fiscal year.

A number of large investors have recently made changes to their positions in CLS. Donald Smith & CO. Inc. grew its holdings in shares of Celestica by 8.6% during the third quarter. Donald Smith & CO. Inc. now owns 4,979,498 shares of the technology company’s stock worth $44,218,000 after purchasing an additional 395,239 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Celestica by 2.0% during the first quarter. Vanguard Group Inc. now owns 3,422,302 shares of the technology company’s stock worth $40,760,000 after purchasing an additional 66,102 shares during the last quarter. Acadian Asset Management LLC grew its holdings in shares of Celestica by 58.9% during the first quarter. Acadian Asset Management LLC now owns 3,077,244 shares of the technology company’s stock worth $36,606,000 after purchasing an additional 1,141,187 shares during the last quarter. FIL Ltd grew its holdings in shares of Celestica by 18.3% during the third quarter. FIL Ltd now owns 3,063,742 shares of the technology company’s stock worth $27,212,000 after purchasing an additional 474,911 shares during the last quarter. Finally, Hillsdale Investment Management Inc. grew its holdings in shares of Celestica by 45.3% during the first quarter. Hillsdale Investment Management Inc. now owns 3,014,956 shares of the technology company’s stock worth $35,840,000 after purchasing an additional 939,852 shares during the last quarter. Hedge funds and other institutional investors own 61.00% of the company’s stock.

Celestica Company Profile (Get Rating)

Celestica Inc provides hardware platform and 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, engineering, supply chain management, new product introduction, 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.

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