Sanford C. Bernstein Has Lowered Expectations for Celestica (NYSE:CLS) Stock Price

Key Points

• Sanford C. Bernstein lowered its Celestica price target from $495 to $340 but maintained an “outperform” rating, implying 53.28% upside from the cited share price.
• Analyst sentiment remains broadly positive: Celestica has a consensus “Buy” rating and an average price target of $445.14. Its latest quarterly results also beat expectations for both earnings per share and revenue.
• Shares traded at $221.81 in the report, well below their recent moving averages; company insiders, including the CEO and president, had sold shares in the prior 90 days.

Celestica (NYSE:CLS - Get Free Report) TSE: CLS had its price target lowered by stock analysts at Sanford C. Bernstein from $495.00 to $340.00 in a report issued on Monday, Benzinga reports. The firm currently has an "outperform" rating on the technology company's stock. Sanford C. Bernstein's target price would suggest a potential upside of 53.28% from the company's current price.

Other equities research analysts have also recently issued reports about the stock. Bank of America reissued a "buy" rating on shares of Celestica in a research note on Wednesday, July 29th. Scotiabank initiated coverage on shares of Celestica in a research report on Tuesday, August 11th. They set a "sector outperform" rating and a $500.00 target price for the company. TD set a $430.00 price target on shares of Celestica and gave the company a "buy" rating in a report on Wednesday, September 16th. Wolfe Research increased their price target on shares of Celestica from $425.00 to $475.00 and gave the company an "outperform" rating in a research report on Wednesday, July 29th. Finally, UBS Group increased their price target on shares of Celestica from $430.00 to $453.00 and gave the company a "buy" rating in a research report on Wednesday, October 28th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $445.14.

Celestica Price Performance

CLS stock traded up $15.13 on Monday, reaching $221.81. 2,125,885 shares of the company's stock were exchanged, compared to its average volume of 2,506,380. The stock has a fifty day moving average of $317.31 and a 200-day moving average of $329.19. The firm has a market cap of $27.97 billion, a PE ratio of 20.98, a P/E/G ratio of 1.45 and a beta of 2.11. 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 has a twelve month low of $197.50 and a twelve month high of $474.02.

Celestica (NYSE:CLS - Get Free Report) TSE: CLS last released its earnings results on Monday, October 26th. The technology company reported $3.30 EPS for the quarter, beating analysts' consensus estimates of $3.02 by $0.28. Celestica had a return on equity of 33.80% and a net margin of 6.83%. The company had revenue of $5.74 billion during the quarter, compared to the consensus estimate of $5.39 billion. As a group, equities analysts predict that Celestica will post 10.97 EPS for the current fiscal year.

Insider Activity

In other news, CEO Robert Mionis sold 23,396 shares of Celestica stock in a transaction dated Wednesday, September 23rd. The shares were sold at an average price of $364.22, for a total transaction of $8,521,291.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Todd Cooper sold 20,118 shares of Celestica stock in a transaction dated Wednesday, September 23rd. The stock was sold at an average price of $360.00, for a total transaction of $7,242,480.00. Following the sale, the president owned 73,252 shares of the company's stock, valued at approximately $26,370,720. This trade represents a 21.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 67,010 shares of company stock worth $24,278,487 over the last ninety days. 1.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CLS. Cibc World Market Inc. purchased a new stake in shares of Celestica in the second quarter valued at $757,811,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Celestica during the second quarter worth about $674,199,000. Bank of America Corp DE acquired a new stake in Celestica in the 2nd quarter worth about $444,899,000. Pictet Asset Management Holding SA boosted its stake in Celestica by 94.4% in the 3rd quarter. Pictet Asset Management Holding SA now owns 1,068,473 shares of the technology company's stock worth $386,578,000 after buying an additional 518,798 shares during the last quarter. Finally, Royal Bank of Canada boosted its stake in Celestica by 13.8% in the 1st quarter. Royal Bank of Canada now owns 1,283,561 shares of the technology company's stock worth $361,553,000 after buying an additional 156,040 shares during the last quarter. 67.38% of the stock is currently owned by institutional investors and hedge funds.

Celestica Company Profile

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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