Royal Bank of Canada Increases Celestica (NYSE:CLS) Price Target to $47.00

Celestica (NYSE:CLS) (TSE:CLS) had its target price raised by analysts at Royal Bank of Canada from $38.00 to $47.00 in a research note issued to investors on Monday, BayStreet.CA reports. The firm presently has an “outperform” rating on the technology company’s stock. Royal Bank of Canada’s price objective suggests a potential upside of 10.98% from the stock’s current price.

A number of other brokerages have also recently commented on CLS. Canaccord Genuity Group lifted their target price on Celestica from $32.50 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, January 31st. StockNews.com lowered shares of Celestica from a “buy” rating to a “hold” rating in a research note on Wednesday, February 28th. TD Securities boosted their price objective on shares of Celestica from $33.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, January 31st. BMO Capital Markets raised their target price on shares of Celestica from $37.00 to $48.00 and gave the stock an “outperform” rating in a report on Monday. Finally, CIBC lifted their price target on shares of Celestica from $33.00 to $41.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 31st. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Celestica presently has an average rating of “Moderate Buy” and an average target price of $36.38.

Celestica Price Performance

CLS traded up $1.62 during trading hours on Monday, hitting $42.35. The company’s stock had a trading volume of 1,283,611 shares, compared to its average volume of 2,193,036. Celestica has a 12 month low of $10.50 and a 12 month high of $51.12. The company has a current ratio of 1.40, a quick ratio of 0.75 and a debt-to-equity ratio of 0.41. The business’s 50-day moving average price is $44.10 and its 200-day moving average price is $33.87. The stock has a market cap of $5.05 billion, a price-to-earnings ratio of 20.74 and a beta of 2.22.

Celestica (NYSE:CLS) (TSE:CLS) last announced its earnings results on Monday, January 29th. The technology company reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.08. Celestica had a net margin of 3.07% and a return on equity of 17.09%. The firm had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.08 billion. Sell-side analysts expect that Celestica will post 2.59 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Celestica

Several large investors have recently added to or reduced their stakes in CLS. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Celestica by 50.9% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 6,094,994 shares of the technology company’s stock valued at $149,153,000 after acquiring an additional 2,054,918 shares in the last quarter. Vanguard Group Inc. increased its holdings in Celestica by 15.2% during the 4th quarter. Vanguard Group Inc. now owns 4,266,526 shares of the technology company’s stock worth $124,924,000 after purchasing an additional 562,157 shares during the period. Point72 Asset Management L.P. raised its position in Celestica by 72.9% during the 4th quarter. Point72 Asset Management L.P. now owns 3,386,709 shares of the technology company’s stock valued at $99,163,000 after purchasing an additional 1,428,071 shares in the last quarter. WCM Investment Management LLC bought a new stake in Celestica during the 4th quarter valued at $67,832,000. Finally, Shannon River Fund Management LLC purchased a new stake in shares of Celestica in the 3rd quarter worth $41,565,000. 67.38% of the stock is owned by hedge funds and other institutional investors.

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.