Celestica Inc. (NYSE:CLS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a 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. “
Other analysts also recently issued reports about the company. Canaccord Genuity raised Celestica from a “hold” rating to a “buy” rating and set a $12.00 price target for the company in a report on Friday, July 22nd. Macquarie downgraded Celestica from an “outperform” rating to a “neutral” rating in a report on Friday, July 29th. Finally, B. Riley reaffirmed a “neutral” rating and set a $11.00 price target on shares of Celestica in a report on Monday, July 25th. Eight equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $12.71.
Shares of Celestica (NYSE:CLS) opened at 10.64 on Wednesday. The company’s 50-day moving average price is $10.74 and its 200 day moving average price is $10.50. Celestica has a 12-month low of $8.07 and a 12-month high of $13.36. The firm has a market capitalization of $1.49 billion, a price-to-earnings ratio of 18.31 and a beta of 1.25.
Celestica (NYSE:CLS) last announced its quarterly earnings results on Thursday, July 21st. The company reported $0.29 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.28 by $0.01. The company earned $1.49 billion during the quarter, compared to the consensus estimate of $1.46 billion. Celestica had a return on equity of 10.26% and a net margin of 1.47%. During the same period in the previous year, the business earned $0.25 EPS. On average, equities research analysts forecast that Celestica will post $1.17 EPS for the current fiscal year.
Institutional investors have recently modified their holdings of the stock. Lingohr & Partner Asset Management GmbH boosted its position 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 position in shares of Celestica during the second quarter valued at about $135,000. Foundry Partners LLC bought a new position in shares of Celestica during the second quarter valued at about $4,380,000. Royal Bank of Canada boosted its position 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. boosted its position 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. Hedge funds and other institutional investors own 71.87% of the company’s stock.
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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