Celestica Inc. (CLS) Stock Rating Lowered by Zacks Investment Research
Celestica Inc. (NYSE:CLS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.
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. “
Several other equities analysts have also recently commented on CLS. Canaccord Genuity raised shares of Celestica from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a research report on Friday, July 22nd. B. Riley reaffirmed a “neutral” rating and set a $11.00 price target on shares of Celestica in a research report on Monday, July 25th. Finally, Macquarie cut shares of Celestica from an “outperform” rating to a “neutral” rating in a research report on Friday, July 29th. Eight analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Celestica presently has a consensus rating of “Hold” and an average target price of $12.71.
Shares of Celestica (NYSE:CLS) opened at 10.64 on Wednesday. Celestica has a 52 week low of $8.07 and a 52 week high of $13.36. The stock’s 50 day moving average price is $10.74 and its 200 day moving average price is $10.50. The stock has a market cap of $1.49 billion, a price-to-earnings ratio of 18.31 and a beta of 1.25.
Celestica (NYSE:CLS) last issued its quarterly earnings results on Thursday, July 21st. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.28 by $0.01. Celestica had a net margin of 1.47% and a return on equity of 10.26%. The business had revenue of $1.49 billion for the quarter, compared to analysts’ expectations of $1.46 billion. During the same quarter last year, the company posted $0.25 earnings per share. Equities research analysts anticipate that Celestica will post $1.17 EPS for the current fiscal year.
Large investors have recently made changes to their positions in the stock. Norges Bank purchased a new stake in shares of Celestica during the fourth quarter valued at approximately $17,261,000. Aperio Group LLC raised its stake in shares of Celestica by 9.1% in the first quarter. Aperio Group LLC now owns 102,356 shares of the company’s stock valued at $1,124,000 after buying an additional 8,579 shares during the last quarter. Canada Pension Plan Investment Board raised its stake in shares of Celestica by 12.0% in the first quarter. Canada Pension Plan Investment Board now owns 432,800 shares of the company’s stock valued at $4,772,000 after buying an additional 46,400 shares during the last quarter. 1832 Asset Management L.P. raised its stake in shares of Celestica by 33.9% in the first quarter. 1832 Asset Management L.P. now owns 6,961,368 shares of the company’s stock valued at $124,751,000 after buying an additional 1,761,838 shares during the last quarter. Finally, UBS Group AG raised its stake in shares of Celestica by 51.6% in the first quarter. UBS Group AG now owns 194,242 shares of the company’s stock valued at $2,133,000 after buying an additional 66,121 shares during the last quarter. Institutional investors own 71.87% of the company’s stock.
Celestica Inc is a provider of supply chain solutions in the communications, consumer, diversified, servers and storage end markets. The Company operates in electronics manufacturing services business segment. The Company offers a range of services to its customers, including design and development, engineering services, supply chain management, new product introduction, component sourcing, electronics manufacturing, assembly and test, complex mechanical assembly, systems integration, precision machining, order fulfillment, logistics and after-market repair and return services.
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