Celestica (NYSE:CLS) Shares Gap Up – Time to Buy?

Celestica Inc. (NYSE:CLS) (TSE:CLS)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $109.87, but opened at $113.50. Celestica shares last traded at $110.78, with a volume of 1,751,754 shares changing hands.

Analysts Set New Price Targets

A number of brokerages have weighed in on CLS. TD Securities lifted their price target on shares of Celestica from $70.00 to $107.00 and gave the company a “buy” rating in a research report on Tuesday, January 28th. Argus dropped their price target on shares of Celestica from $150.00 to $120.00 and set a “buy” rating for the company in a research note on Tuesday, April 29th. Stifel Nicolaus boosted their target price on shares of Celestica from $140.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, February 19th. JPMorgan Chase & Co. boosted their price objective on shares of Celestica from $105.00 to $115.00 and gave the company an “overweight” rating in a research report on Monday, April 28th. Finally, Cibc World Mkts raised shares of Celestica from a “hold” rating to a “strong-buy” rating in a research note on Friday, January 31st. Two analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $109.55.

Celestica Stock Performance

The stock has a market capitalization of $12.89 billion, a P/E ratio of 29.81 and a beta of 1.65. The firm has a 50-day moving average of $87.39 and a 200 day moving average of $95.44. The company has a quick ratio of 0.87, a current ratio of 1.47 and a debt-to-equity ratio of 0.49.

Celestica (NYSE:CLS) (TSE:CLS) last released its quarterly earnings results on Thursday, April 24th. The technology company reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.10. The business had revenue of $2.65 billion during the quarter, compared to analysts’ expectations of $2.56 billion. Celestica had a return on equity of 23.34% and a net margin of 4.61%. The firm’s revenue for the quarter was up 19.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.83 earnings per share. Research analysts anticipate that Celestica Inc. will post 4.35 EPS for the current fiscal year.

Hedge Funds Weigh In On Celestica

Several institutional investors have recently modified their holdings of CLS. Barclays PLC lifted its stake in Celestica by 151.3% in the 3rd quarter. Barclays PLC now owns 51,848 shares of the technology company’s stock valued at $2,651,000 after acquiring an additional 31,219 shares in the last quarter. SeaCrest Wealth Management LLC acquired a new position in Celestica in the 4th quarter valued at $946,000. Hennessy Advisors Inc. grew its holdings in Celestica by 6.8% in the 4th quarter. Hennessy Advisors Inc. now owns 220,200 shares of the technology company’s stock valued at $20,324,000 after buying an additional 14,000 shares in the last quarter. Oak Ridge Investments LLC acquired a new stake in shares of Celestica during the 4th quarter worth $2,291,000. Finally, Annex Advisory Services LLC bought a new stake in shares of Celestica during the 4th quarter worth $265,000. 67.38% of the stock is currently owned by institutional investors and hedge funds.

Celestica Company Profile

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