Canaccord Genuity Group Issues Positive Forecast for Celestica (NYSE:CLS) Stock Price

Celestica (NYSE:CLS) (TSE:CLS) had its price objective lifted by Canaccord Genuity Group from $77.00 to $110.00 in a research report released on Friday morning,BayStreet.CA reports. The brokerage currently has a buy rating on the technology company’s stock.

Several other equities analysts have also commented on the stock. Stifel Nicolaus upped their price target on shares of Celestica from $70.00 to $100.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. TD Cowen raised their price target on shares of Celestica from $68.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. BMO Capital Markets lifted their price target on Celestica from $64.00 to $72.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Royal Bank of Canada increased their price objective on Celestica from $65.00 to $75.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Finally, TD Securities lifted their target price on Celestica from $68.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. Three research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $77.82.

Celestica Stock Performance

Shares of NYSE CLS opened at $95.45 on Friday. The company has a quick ratio of 0.87, a current ratio of 1.47 and a debt-to-equity ratio of 0.49. The firm’s 50-day moving average price is $80.35 and its two-hundred day moving average price is $62.52. Celestica has a 52-week low of $26.62 and a 52-week high of $100.51. The stock has a market capitalization of $11.11 billion, a P/E ratio of 30.30 and a beta of 2.27.

Celestica (NYSE:CLS) (TSE:CLS) last announced its quarterly earnings results on Wednesday, October 23rd. The technology company reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.11. The business had revenue of $2.50 billion for the quarter, compared to the consensus estimate of $2.41 billion. Celestica had a return on equity of 21.58% and a net margin of 4.08%. The business’s revenue was up 24.8% on a year-over-year basis. During the same quarter last year, the business posted $0.65 EPS. As a group, sell-side analysts forecast that Celestica will post 3.44 earnings per share for the current year.

Institutional Trading of Celestica

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC bought a new position in shares of Celestica during the 2nd quarter valued at about $218,000. Raymond James & Associates grew its position in Celestica by 79.7% in the second quarter. Raymond James & Associates now owns 108,930 shares of the technology company’s stock worth $6,245,000 after buying an additional 48,323 shares during the last quarter. Atria Wealth Solutions Inc. grew its position in Celestica by 12.2% in the second quarter. Atria Wealth Solutions Inc. now owns 15,589 shares of the technology company’s stock worth $893,000 after buying an additional 1,689 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new position in shares of Celestica in the second quarter valued at $5,567,000. Finally, Whittier Trust Co. acquired a new stake in shares of Celestica during the 2nd quarter valued at $416,000. 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.