Royal Bank of Canada Boosts Celestica (NYSE:CLS) Price Target to $8.50

Celestica (NYSE:CLS) (TSE:CLS) had its price objective increased by Royal Bank of Canada from $7.50 to $8.50 in a research report released on Thursday morning, BayStreet.CA reports. The brokerage currently has a sector perform rating on the technology company’s stock.

CLS has been the topic of a number of other research reports. Pi Financial reaffirmed a buy rating and set a $11.40 price target on shares of Celestica in a research note on Monday, July 27th. ValuEngine downgraded shares of Celestica from a buy rating to a hold rating in a research note on Friday, May 1st. TheStreet downgraded shares of Celestica from a c- rating to a d rating in a research note on Wednesday, April 29th. TD Securities raised their target price on shares of Celestica from $4.50 to $6.50 and gave the company a hold rating in a research note on Thursday, April 30th. Finally, Stifel Nicolaus raised their target price on shares of Celestica from $3.50 to $6.00 and gave the company a hold rating in a research note on Thursday, April 30th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company’s stock. The company has an average rating of Hold and an average target price of $8.35.

NYSE:CLS opened at $8.27 on Thursday. The company has a quick ratio of 1.03, a current ratio of 1.62 and a debt-to-equity ratio of 0.36. The company has a market cap of $1.07 billion, a P/E ratio of -413.29, a P/E/G ratio of 1.01 and a beta of 2.17. Celestica has a fifty-two week low of $2.63 and a fifty-two week high of $9.29. The firm’s 50 day moving average is $6.81 and its two-hundred day moving average is $6.36.

Celestica (NYSE:CLS) (TSE:CLS) last posted its quarterly earnings results on Wednesday, July 29th. The technology company reported $0.25 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.15 by $0.10. The company had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $1.31 billion. Celestica had a negative net margin of 0.07% and a positive return on equity of 5.10%. Celestica’s revenue was up 3.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.12 earnings per share. Research analysts forecast that Celestica will post 0.61 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CLS. Credit Suisse AG grew its holdings in Celestica by 33.1% during the 4th quarter. Credit Suisse AG now owns 74,192 shares of the technology company’s stock valued at $615,000 after purchasing an additional 18,469 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in Celestica during the 4th quarter valued at $2,891,000. Oxford Asset Management LLP acquired a new stake in Celestica during the 4th quarter valued at $138,000. Bank of America Corp DE grew its holdings in Celestica by 55.3% during the 4th quarter. Bank of America Corp DE now owns 37,355 shares of the technology company’s stock valued at $309,000 after purchasing an additional 13,304 shares in the last quarter. Finally, Cubist Systematic Strategies LLC grew its holdings in Celestica by 2,509.1% during the 4th quarter. Cubist Systematic Strategies LLC now owns 75,665 shares of the technology company’s stock valued at $626,000 after purchasing an additional 72,765 shares in the last quarter. 62.59% of the stock is owned by institutional investors and hedge funds.

About Celestica

Celestica Inc provides design, manufacturing, hardware platform, and supply chain solutions in Canada and internationally. It operates through two segments, Advanced Technology Solutions, and Connectivity & Cloud Solutions. The company offers a range of services, including design and development, engineering, supply chain management, new product introduction, component sourcing, electronics manufacturing, assembly and test, complex mechanical assembly, systems integration, precision machining, order fulfillment, logistics, asset management, product licensing, and after-market repair and return services.

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