Celestica Inc. (CLS) Rating Lowered to Hold at 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 commented on the company. Canaccord Genuity reaffirmed a “buy” rating and issued a $12.00 price target on shares of Celestica in a research note on Thursday, August 11th. Macquarie lowered Celestica from an “outperform” rating to a “neutral” rating in a research note on Friday, July 29th. Finally, B. Riley reaffirmed a “neutral” rating and issued a $11.00 price target on shares of Celestica in a research note on Monday, July 25th. Eight research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $12.71.
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Celestica (NYSE:CLS) traded up 1.26% during trading on Wednesday, reaching $10.47. The company’s stock had a trading volume of 176,171 shares. Celestica has a 1-year low of $8.07 and a 1-year high of $13.36. The stock has a market capitalization of $1.47 billion, a PE ratio of 18.02 and a beta of 1.25. The stock has a 50 day moving average price of $10.78 and a 200 day moving average price of $10.50.
Celestica (NYSE:CLS) last released its quarterly earnings data on Thursday, July 21st. The company reported $0.29 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.28 by $0.01. The company had revenue of $1.49 billion for the quarter, compared to analyst estimates of $1.46 billion. Celestica had a return on equity of 10.26% and a net margin of 1.47%. During the same quarter in the previous year, the company posted $0.25 earnings per share. Analysts anticipate that Celestica will post $1.17 earnings per share for the current fiscal year.
A number of large investors have recently modified their holdings of the company. Lingohr & Partner Asset Management GmbH increased its stake in shares of Celestica by 11.1% in the second quarter. Lingohr & Partner Asset Management GmbH now owns 190,528 shares of the company’s stock valued at $1,772,000 after buying an additional 19,100 shares during the period. Fox Run Management L.L.C. bought a new stake in shares of Celestica during the second quarter valued at $135,000. Foundry Partners LLC bought a new stake in shares of Celestica during the second quarter valued at $4,380,000. Royal Bank of Canada increased its stake in shares of Celestica by 26.0% in the first quarter. Royal Bank of Canada now owns 2,273,147 shares of the company’s stock valued at $24,959,000 after buying an additional 468,406 shares during the period. Finally, Envestnet Asset Management Inc. increased its stake in shares of Celestica by 30.8% in the first quarter. Envestnet Asset Management Inc. now owns 10,089 shares of the company’s stock valued at $111,000 after buying an additional 2,377 shares during the period. Institutional investors own 71.87% of the company’s stock.
Celestica Company Profile
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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