Celestica (NYSE:CLS) Stock Rating Upgraded by Zacks Investment Research

Celestica (NYSE:CLSGet Rating) (TSE:CLS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday, Zacks.com reports. The brokerage currently has a $12.00 price target on the technology company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 16.28% from the stock’s current price.

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. “

A number of other research firms have also recently issued reports on CLS. Canaccord Genuity Group lifted their target price on shares of Celestica from $12.00 to $13.50 in a research note on Friday, January 28th. Royal Bank of Canada lifted their target price on shares of Celestica from $11.00 to $13.00 and gave the company a “sector perform” rating in a research note on Friday, January 28th. TD Securities lifted their target price on shares of Celestica from $12.50 to $13.00 and gave the company a “hold” rating in a research note on Monday, May 2nd. Canaccord Genuity Group lifted their target price on shares of Celestica from $12.00 to $13.50 in a research note on Friday, January 28th. Finally, StockNews.com upgraded shares of Celestica from a “buy” rating to a “strong-buy” rating in a research note on Thursday, April 28th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $12.25.

CLS traded down $0.05 during midday trading on Wednesday, reaching $10.32. 325,052 shares of the company’s stock were exchanged, compared to its average volume of 635,275. The firm has a market capitalization of $1.28 billion, a price-to-earnings ratio of 11.22, a price-to-earnings-growth ratio of 0.44 and a beta of 2.14. The company has a quick ratio of 0.70, a current ratio of 1.51 and a debt-to-equity ratio of 0.48. Celestica has a one year low of $7.01 and a one year high of $13.40. The business has a 50-day simple moving average of $11.23 and a two-hundred day simple moving average of $11.32.

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, topping analysts’ consensus estimates of $0.35 by $0.04. The firm had revenue of $1.57 billion during the quarter, compared to analysts’ expectations of $1.48 billion. Celestica had a net margin of 1.93% and a return on equity of 12.61%. The company’s revenue for the quarter was up 26.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.22 earnings per share. As a group, research analysts anticipate that Celestica will post 1.57 EPS for the current fiscal year.

Several institutional investors have recently modified their holdings of the stock. Norges Bank acquired a new stake in Celestica during the 4th quarter worth $12,972,000. Acadian Asset Management LLC grew its holdings in Celestica by 58.9% during the 1st quarter. Acadian Asset Management LLC now owns 3,077,244 shares of the technology company’s stock worth $36,606,000 after acquiring an additional 1,141,187 shares during the period. Hillsdale Investment Management Inc. grew its holdings in Celestica by 45.3% during the 1st quarter. Hillsdale Investment Management Inc. now owns 3,014,956 shares of the technology company’s stock worth $35,840,000 after acquiring an additional 939,852 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in Celestica by 28.3% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 2,675,940 shares of the technology company’s stock worth $23,756,000 after acquiring an additional 589,614 shares during the period. Finally, Invesco Ltd. grew its holdings in Celestica by 83.9% during the 1st quarter. Invesco Ltd. now owns 1,250,131 shares of the technology company’s stock worth $14,890,000 after acquiring an additional 570,424 shares during the period. 61.00% of the stock is owned by institutional investors and hedge funds.

About Celestica (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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