Celestica Inc. (CLS) Downgraded 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 report issued 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. “
A number of other research analysts have also recently issued reports on CLS. B. Riley restated a “neutral” rating and set a $11.00 price objective on shares of Celestica in a report on Monday, July 25th. Canaccord Genuity upgraded shares of Celestica from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a report on Friday, July 22nd. Finally, Macquarie cut shares of Celestica from an “outperform” rating to a “neutral” rating in a report on Friday, July 29th. Eight analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Celestica currently has a consensus rating of “Hold” and a consensus target price of $12.71.
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Shares of Celestica (NYSE:CLS) traded up 1.26% on Wednesday, hitting $10.47. 176,171 shares of the stock traded hands. Celestica has a 52 week low of $8.07 and a 52 week high of $13.36. The firm has a market capitalization of $1.47 billion, a PE ratio of 18.02 and a beta of 1.25. The firm’s 50 day moving average is $10.78 and its 200 day moving average is $10.50.
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 company earned $1.49 billion during the quarter, compared to analysts’ expectations of $1.46 billion. During the same quarter in the previous year, the company earned $0.25 EPS. On average, analysts expect that Celestica will post $1.17 EPS for the current fiscal year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Letko Brosseau & Associates Inc. raised its stake in shares of Celestica by 11.1% in the second quarter. Letko Brosseau & Associates Inc. now owns 21,050,036 shares of the company’s stock worth $194,497,000 after buying an additional 2,103,025 shares in 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 worth $124,751,000 after buying an additional 1,761,838 shares in the last quarter. Donald Smith & CO. Inc. raised its stake in shares of Celestica by 11.5% in the second quarter. Donald Smith & CO. Inc. now owns 5,314,834 shares of the company’s stock worth $49,428,000 after buying an additional 549,184 shares in the last quarter. Mackenzie Financial Corp raised its stake in shares of Celestica by 2,094.1% in the second quarter. Mackenzie Financial Corp now owns 4,392,568 shares of the company’s stock worth $40,851,000 after buying an additional 4,192,371 shares in the last quarter. Finally, TD Asset Management Inc. raised its stake in shares of Celestica by 3.9% in the second quarter. TD Asset Management Inc. now owns 2,810,657 shares of the company’s stock worth $26,014,000 after buying an additional 105,569 shares in 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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