Celestica (NYSE:CLS) Trading Up 4.6% – Here’s Why

Celestica, Inc. (NYSE:CLS) (TSE:CLS)’s share price shot up 4.6% during mid-day trading on Thursday . The company traded as high as $326.00 and last traded at $322.53. 1,907,478 shares were traded during mid-day trading, a decline of 52% from the average session volume of 3,953,075 shares. The stock had previously closed at $308.41.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CLS. JPMorgan Chase & Co. upped their price objective on shares of Celestica from $295.00 to $360.00 and gave the stock an “overweight” rating in a report on Wednesday, October 29th. Stifel Nicolaus restated a “buy” rating and set a $385.00 price target (up from $230.00) on shares of Celestica in a research note on Wednesday, October 29th. Wall Street Zen upgraded Celestica from a “hold” rating to a “buy” rating in a research report on Saturday, October 4th. The Goldman Sachs Group boosted their price objective on Celestica from $340.00 to $440.00 and gave the company a “buy” rating in a report on Wednesday, October 29th. Finally, BMO Capital Markets set a $370.00 target price on Celestica and gave the company an “outperform” rating in a research 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 assigned a Hold rating to the stock. According to MarketBeat.com, Celestica currently has an average rating of “Moderate Buy” and an average price target of $336.13.

Celestica Stock Up 4.6%

The firm’s fifty day simple moving average is $294.36 and its 200 day simple moving average is $216.41. The company has a current ratio of 1.47, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. The company has a market cap of $37.09 billion, a price-to-earnings ratio of 52.36 and a beta of 1.83.

Celestica (NYSE:CLS) (TSE:CLS) last announced its quarterly earnings data on Monday, October 27th. The technology company reported $1.58 earnings per share for the quarter, beating analysts’ consensus estimates of $1.45 by $0.13. The business had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.01 billion. Celestica had a net margin of 6.35% and a return on equity of 30.53%. The company’s revenue was up 27.8% on a year-over-year basis. During the same period last year, the business earned $1.04 EPS. Sell-side analysts predict that Celestica, Inc. will post 4.35 earnings per share for the current year.

Insider Activity

In other Celestica news, Director Laurette T. Koellner acquired 6,000 shares of the company’s stock in a transaction dated Thursday, October 30th. The shares were acquired at an average price of $341.67 per share, for a total transaction of $2,050,020.00. Following the acquisition, the director owned 6,000 shares in the company, valued at $2,050,020. The trade was a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.52% of the company’s stock.

Institutional Investors Weigh In On Celestica

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in shares of Celestica by 2.1% in the 3rd quarter. Vanguard Group Inc. now owns 4,738,673 shares of the technology company’s stock valued at $1,166,093,000 after buying an additional 97,755 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in Celestica by 471.5% in the third quarter. Arrowstreet Capital Limited Partnership now owns 3,146,928 shares of the technology company’s stock valued at $775,133,000 after acquiring an additional 2,596,318 shares in the last quarter. Franklin Resources Inc. boosted its stake in Celestica by 4.8% in the third quarter. Franklin Resources Inc. now owns 1,921,417 shares of the technology company’s stock valued at $473,386,000 after acquiring an additional 88,212 shares in the last quarter. Voya Investment Management LLC grew its holdings in shares of Celestica by 362.8% during the first quarter. Voya Investment Management LLC now owns 1,854,085 shares of the technology company’s stock worth $146,122,000 after purchasing an additional 1,453,473 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Celestica by 17.6% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,733,686 shares of the technology company’s stock worth $271,045,000 after purchasing an additional 259,504 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.