Celestica, Inc. (CLS) Earns “Buy” Rating from Canaccord Genuity

Canaccord Genuity reaffirmed their buy rating on shares of Celestica, Inc. (NYSE:CLS) (TSE:CLS) in a research note issued to investors on Friday. They currently have a $14.00 price target on the technology company’s stock.

Other equities analysts have also recently issued reports about the stock. Standpoint Research raised shares of Celestica from a hold rating to a buy rating in a research note on Thursday, August 17th. They noted that the move was a valuation call. BMO Capital Markets dropped their price target on shares of Celestica from $14.50 to $13.40 and set a market perform rating for the company in a research note on Wednesday, July 26th. Scotiabank set a $15.00 price target on shares of Celestica and gave the stock a sector perform rating in a research note on Wednesday, July 26th. TD Securities dropped their price target on shares of Celestica from $13.50 to $11.50 and set a hold rating for the company in a research note on Friday. Finally, Royal Bank Of Canada dropped their price target on shares of Celestica from $15.00 to $13.00 and set a sector perform rating for the company in a research note on Friday. 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. The company currently has a consensus rating of Hold and a consensus price target of $13.93.

Celestica (CLS) opened at 10.78 on Friday. The stock has a market capitalization of $1.54 billion, a price-to-earnings ratio of 11.72 and a beta of 0.71. The company has a 50-day moving average of $12.33 and a 200 day moving average of $12.99. Celestica has a 12 month low of $10.46 and a 12 month high of $14.74.

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Celestica announced that its board has initiated a stock repurchase plan on Thursday, October 26th that authorizes the company to repurchase 1,000% of shares. This repurchase authorization authorizes the technology company to repurchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

A number of institutional investors have recently added to or reduced their stakes in CLS. First Trust Advisors LP boosted its position in Celestica by 1.9% in the 1st quarter. First Trust Advisors LP now owns 25,312 shares of the technology company’s stock valued at $368,000 after buying an additional 483 shares during the period. Bank of New York Mellon Corp purchased a new stake in Celestica in the 1st quarter valued at about $1,475,000. Parametric Portfolio Associates LLC boosted its position in Celestica by 6.0% in the 1st quarter. Parametric Portfolio Associates LLC now owns 30,622 shares of the technology company’s stock valued at $445,000 after buying an additional 1,736 shares during the period. Envestnet Asset Management Inc. boosted its position in Celestica by 16.4% in the 1st quarter. Envestnet Asset Management Inc. now owns 10,678 shares of the technology company’s stock valued at $155,000 after buying an additional 1,508 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in Celestica by 103,707.9% in the 1st quarter. JPMorgan Chase & Co. now owns 39,447 shares of the technology company’s stock valued at $573,000 after buying an additional 39,409 shares during the period. 59.60% of the stock is owned by institutional investors.

Celestica Company Profile

Celestica Inc is a provider of supply chain solutions. 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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