Celestica (NYSE:CLS) Upgraded at Citigroup

Citigroup upgraded shares of Celestica (NYSE:CLS) (TSE:CLS) from a neutral rating to a buy rating in a research report released on Monday morning, Marketbeat reports. The brokerage currently has $375.00 target price on the technology company’s stock, up from their prior target price of $212.00.

Other equities research analysts have also issued reports about the company. Royal Bank Of Canada raised their price objective on Celestica from $315.00 to $400.00 and gave the company an “outperform” rating in a research note on Wednesday, October 29th. The Goldman Sachs Group increased their price target on Celestica from $340.00 to $440.00 and gave the company a “buy” rating in a report on Wednesday, October 29th. New Street Research set a $400.00 price objective on shares of Celestica in a research note on Wednesday, October 29th. BNP Paribas reiterated an “outperform” rating and set a $300.00 price objective on shares of Celestica in a research report on Thursday, September 25th. Finally, Stifel Nicolaus restated a “buy” rating and issued a $385.00 target price (up previously from $230.00) on shares of Celestica in a report on Wednesday, October 29th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Celestica has a consensus rating of “Moderate Buy” and an average target price of $336.00.

Celestica Stock Performance

NYSE CLS opened at $333.80 on Monday. The company has a quick ratio of 0.86, a current ratio of 1.47 and a debt-to-equity ratio of 0.37. Celestica has a twelve month low of $58.05 and a twelve month high of $363.40. The business has a 50-day moving average price of $274.88 and a 200-day moving average price of $193.95. The firm has a market cap of $38.39 billion, a price-to-earnings ratio of 54.19 and a beta of 1.85.

Celestica (NYSE:CLS) (TSE:CLS) last posted its earnings results on Monday, October 27th. The technology company reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.13. The company had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.01 billion. Celestica had a net margin of 6.35% and a return on equity of 30.53%. Celestica’s quarterly revenue was up 27.8% on a year-over-year basis. During the same period last year, the company posted $1.04 earnings per share. As a group, equities research analysts predict that Celestica will post 4.35 EPS for the current fiscal year.

Insiders Place Their Bets

In other Celestica news, Director Laurette T. Koellner acquired 6,000 shares of the stock in a transaction dated Thursday, October 30th. The stock was purchased at an average price of $341.67 per share, with a total value of $2,050,020.00. Following the transaction, the director directly owned 6,000 shares of the company’s stock, valued at $2,050,020. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.52% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Celestica

A number of large investors have recently made changes to their positions in CLS. Norges Bank acquired a new stake in shares of Celestica in the second quarter worth $236,069,000. Voya Investment Management LLC boosted its holdings in Celestica by 362.8% in the first quarter. Voya Investment Management LLC now owns 1,854,085 shares of the technology company’s stock valued at $146,122,000 after purchasing an additional 1,453,473 shares during the last quarter. Alkeon Capital Management LLC acquired a new stake in Celestica during the 1st quarter worth about $96,936,000. SRS Investment Management LLC purchased a new position in shares of Celestica during the 2nd quarter valued at about $135,289,000. Finally, Alliancebernstein L.P. raised its stake in shares of Celestica by 405.5% during the 1st quarter. Alliancebernstein L.P. now owns 731,937 shares of the technology company’s stock valued at $57,684,000 after buying an additional 587,145 shares during the last quarter. 67.38% of the stock is owned by hedge funds and other institutional investors.

About Celestica

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.