Celestica (NYSE:CLS) Stock Price Up 8.1% - Here's Why

Key Points

• Celestica shares jumped 8.1% on Tuesday to about $333.29 (trading as high as $329.84) on 917,682 shares, roughly 63% below its average daily volume of ~2.47 million.
• Multiple analysts raised price targets (e.g., Goldman to $440, CIBC to $400, JPMorgan to $360), leaving a MarketBeat average target of $340.75 and an overall consensus of "Moderate Buy" (1 Strong Buy, 14 Buy, 4 Hold).
• Celestica beat Q3 expectations with $1.58 EPS vs $1.45 and revenue of $3.19B (up 27.8% YoY), while insider buying (a director purchased 6,000 shares at ~$341.67) and significant institutional inflows left institutions owning about 67% of the stock.

Celestica, Inc. (NYSE:CLS - Get Free Report) TSE: CLS's stock price traded up 8.1% during trading on Tuesday . The stock traded as high as $329.84 and last traded at $333.2920. 917,682 shares were traded during trading, a decline of 63% from the average session volume of 2,474,284 shares. The stock had previously closed at $308.25.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on CLS shares. JPMorgan Chase & Co. lifted their target price on shares of Celestica from $295.00 to $360.00 and gave the company an "overweight" rating in a report on Wednesday, October 29th. Barclays boosted their target price on Celestica from $357.00 to $359.00 and gave the stock an "overweight" rating in a report on Friday, November 14th. CIBC raised their price target on Celestica from $315.00 to $400.00 and gave the company an "outperform" rating in a report on Wednesday, October 29th. The Goldman Sachs Group lifted their price target on Celestica from $340.00 to $440.00 and gave the stock a "buy" rating in a research report on Wednesday, October 29th. Finally, Stifel Nicolaus reissued a "buy" rating and set a $385.00 price objective (up from $230.00) on shares of Celestica in a research report on Wednesday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $340.75.

Celestica Stock Performance

The business's fifty day moving average is $309.44 and its 200-day moving average is $263.74. The company has a quick ratio of 0.88, a current ratio of 1.47 and a debt-to-equity ratio of 0.37. The company has a market cap of $38.08 billion, a PE ratio of 53.74 and a beta of 1.87.

Celestica (NYSE:CLS - Get Free Report) TSE: CLS last released its earnings results on Monday, October 27th. The technology company reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.13. Celestica had a return on equity of 30.53% and a net margin of 6.35%.The company had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.01 billion. During the same period in the previous year, the business earned $1.04 earnings per share. Celestica's quarterly revenue was up 27.8% compared to the same quarter last year. As a group, research analysts predict that Celestica, Inc. will post 4.35 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Laurette T. Koellner acquired 6,000 shares of the business's stock in a transaction on Thursday, October 30th. The stock was acquired at an average cost of $341.67 per share, with a total value of $2,050,020.00. Following the acquisition, the director directly owned 6,000 shares in the company, valued at $2,050,020. This represents a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.52% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Celestica by 2.1% during the third quarter. Vanguard Group Inc. now owns 4,738,673 shares of the technology company's stock worth $1,166,093,000 after buying an additional 97,755 shares during the period. Arrowstreet Capital Limited Partnership lifted its stake in Celestica by 471.5% in the third quarter. Arrowstreet Capital Limited Partnership now owns 3,146,928 shares of the technology company's stock worth $775,133,000 after purchasing an additional 2,596,318 shares during the last quarter. Franklin Resources Inc. boosted its position in shares of Celestica by 4.8% during the third quarter. Franklin Resources Inc. now owns 1,921,417 shares of the technology company's stock valued at $473,386,000 after buying an additional 88,212 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Celestica by 17.6% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,733,686 shares of the technology company's stock valued at $271,045,000 after buying an additional 259,504 shares during the last quarter. Finally, Viking Global Investors LP bought a new stake in shares of Celestica during the 3rd quarter worth approximately $424,459,000. Hedge funds and other institutional investors own 67.38% of the company's stock.

Celestica Company Profile

Celestica Inc is a multinational electronics manufacturing services (EMS) company that provides design, engineering, manufacturing and supply chain solutions to original equipment manufacturers across a range of industries. Headquartered in Toronto, Ontario, Canada, Celestica works with customers to develop and produce complex electronic and electro-mechanical products, integrating activities from product design and prototyping through high-volume assembly, testing and final system integration.

The company's service offering typically includes product engineering and design support, printed circuit board assembly, box-build and systems assembly, automated test and inspection, aftermarket repair and refurbishment, and end-to-end supply chain and logistics management.

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