Celestica (NYSE:CLS) Raised to Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded Celestica from “hold” to “buy.” Analysts overall rate the stock a “Buy,” with a consensus price target of $453.32.
• Celestica beat quarterly estimates, reporting adjusted earnings of $3.30 per share versus $3.02 expected and revenue of $5.74 billion versus $5.39 billion forecast.
• Company insiders sold 67,010 shares worth about $24.3 million over the last quarter; institutional investors own 67.38% of the stock.

Celestica (NYSE:CLS - Get Free Report) TSE: CLS was upgraded by Wall Street Zen from a "hold" rating to a "buy" rating in a report released on Saturday, Wall Street Zen reports.

A number of other equities analysts have also recently weighed in on CLS. BMO Capital Markets reissued an "outperform" rating and issued a $400.00 price target on shares of Celestica in a report on Friday, October 23rd. Wolfe Research upped their price objective on shares of Celestica from $425.00 to $475.00 and gave the company an "outperform" rating in a research note on Wednesday, July 29th. TD Cowen reissued a "buy" rating on shares of Celestica in a research report on Tuesday, October 27th. RBC Dominion Securities set a $450.00 price objective on shares of Celestica and gave the stock an "outperform" rating in a research report on Friday, October 23rd. Finally, The Goldman Sachs Group reiterated a "conviction-buy" rating and set a $435.00 price objective on shares of Celestica in a research note on Wednesday, October 28th. Two analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $453.32.

Celestica Stock Up 0.5%

CLS opened at $206.77 on Friday. The company has a market capitalization of $26.08 billion, a PE ratio of 19.56, a price-to-earnings-growth ratio of 0.63 and a beta of 2.10. The firm has a 50-day simple moving average of $317.31 and a two-hundred day simple moving average of $329.19. Celestica has a 52 week low of $197.50 and a 52 week high of $474.02. The company has a quick ratio of 1.03, a current ratio of 1.61 and a debt-to-equity ratio of 0.13.

Celestica (NYSE:CLS - Get Free Report) TSE: CLS last announced its quarterly earnings data on Monday, October 26th. The technology company reported $3.30 earnings per share for the quarter, beating analysts' consensus estimates of $3.02 by $0.28. Celestica had a net margin of 6.83% and a return on equity of 33.80%. The firm had revenue of $5.74 billion for the quarter, compared to analyst estimates of $5.39 billion. Analysts forecast that Celestica will post 10.97 earnings per share for the current fiscal year.

Insider Activity at Celestica

In other Celestica news, President Todd C. Cooper sold 20,118 shares of the stock in a transaction on Wednesday, September 23rd. The shares were sold at an average price of $360.00, for a total transaction of $7,242,480.00. Following the sale, the president directly owned 73,252 shares of the company's stock, valued at approximately $26,370,720. This represents a 21.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert Mionis sold 23,496 shares of the stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $362.39, for a total value of $8,514,715.44. Following the completion of the transaction, the chief executive officer directly owned 23,396 shares of the company's stock, valued at approximately $8,478,476.44. The trade was a 50.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 67,010 shares of company stock valued at $24,278,487 over the last quarter. 1.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Legacy Wealth Managment LLC ID boosted its position in Celestica by 14.4% during the 1st quarter. Legacy Wealth Managment LLC ID now owns 223 shares of the technology company's stock worth $63,000 after buying an additional 28 shares during the period. Riverbend Wealth Management LLC increased its position in shares of Celestica by 4.8% during the third quarter. Riverbend Wealth Management LLC now owns 745 shares of the technology company's stock worth $269,000 after buying an additional 34 shares during the period. XML Financial LLC increased its position in shares of Celestica by 1.5% during the second quarter. XML Financial LLC now owns 2,640 shares of the technology company's stock worth $963,000 after buying an additional 40 shares during the period. Sequoia Financial Advisors LLC increased its position in shares of Celestica by 0.9% during the second quarter. Sequoia Financial Advisors LLC now owns 4,363 shares of the technology company's stock worth $1,592,000 after buying an additional 40 shares during the period. Finally, EverSource Wealth Advisors LLC raised its stake in Celestica by 8.2% during the first quarter. EverSource Wealth Advisors LLC now owns 569 shares of the technology company's stock worth $160,000 after buying an additional 43 shares during the last quarter. 67.38% of the stock is owned by institutional investors.

About Celestica

Celestica Inc is a global provider of design, manufacturing, and supply chain services for companies across technology and industrial markets. Its work spans product development, engineering, manufacturing, testing, and ongoing product support.

The company's offerings include hardware and infrastructure used in cloud computing and data centers, communications networks, aerospace and defense, industrial equipment, and health technology. It also provides supply chain management and other services to support products throughout their lifecycle.

Celestica traces its roots to IBM's manufacturing operations and became an independent company in 1996.

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