Celestica (CLS) Cut to Hold at Zacks Investment Research

Celestica (NYSE:CLS) (TSE:CLS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday, Zacks.com reports.

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. “

CLS has been the subject of several other research reports. Macquarie cut Celestica from an “outperform” rating to a “neutral” rating and set a $10.00 price objective for the company. in a research note on Friday, February 1st. Royal Bank of Canada decreased their price objective on Celestica from $12.00 to $10.00 and set a “sector perform” rating for the company in a research note on Friday, February 1st. Canaccord Genuity reiterated a “buy” rating and issued a $11.00 price objective on shares of Celestica in a research note on Tuesday, February 5th. Scotiabank cut Celestica from an “outperform” rating to a “sector perform” rating in a research note on Friday, February 1st. Finally, ValuEngine cut Celestica from a “hold” rating to a “sell” rating in a research note on Saturday, February 2nd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $9.96.

NYSE CLS opened at $8.84 on Tuesday. The stock has a market capitalization of $1.21 billion, a price-to-earnings ratio of 12.63, a PEG ratio of 5.59 and a beta of 0.82. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.74 and a quick ratio of 1.07. Celestica has a 1-year low of $7.53 and a 1-year high of $12.59.

Celestica (NYSE:CLS) (TSE:CLS) last announced its quarterly earnings data on Thursday, January 31st. The technology company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.33. The business had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.72 billion. Celestica had a return on equity of 7.51% and a net margin of 1.49%. On average, sell-side analysts forecast that Celestica will post 0.39 earnings per share for the current fiscal year.

Hedge funds have recently bought and sold shares of the stock. Squarepoint Ops LLC purchased a new stake in Celestica during the fourth quarter worth approximately $91,000. Citigroup Inc. lifted its stake in Celestica by 10,347.4% during the fourth quarter. Citigroup Inc. now owns 12,119 shares of the technology company’s stock worth $106,000 after purchasing an additional 12,003 shares during the last quarter. Gluskin Sheff & Assoc Inc. lifted its stake in Celestica by 100.2% during the fourth quarter. Gluskin Sheff & Assoc Inc. now owns 22,700 shares of the technology company’s stock worth $199,000 after purchasing an additional 11,360 shares during the last quarter. Geode Capital Management LLC purchased a new stake in Celestica during the fourth quarter worth approximately $211,000. Finally, ClariVest Asset Management LLC purchased a new stake in Celestica during the fourth quarter worth approximately $223,000. Hedge funds and other institutional investors own 66.33% of the company’s stock.

Celestica Company Profile

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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