Celestica, Inc. (CLS) Shares Up 11% After Strong Earnings

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Celestica, Inc. (NYSE:CLS) (TSE:CLS) traded up 11% during trading on Friday following a better than expected earnings announcement. The company traded as high as $14.54 and last traded at $14.18, with a volume of 2,667,134 shares trading hands. The stock had previously closed at $12.77.

The company reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.09. Celestica had a net margin of 2.16% and a return on equity of 12.63%. The firm had revenue of $1.62 billion for the quarter, compared to analysts’ expectations of $1.55 billion. During the same quarter last year, the business earned $0.27 earnings per share. The business’s revenue was up 7.2% on a year-over-year basis.

Several research analysts have recently issued reports on the stock. B. Riley restated a “neutral” rating and issued a $11.00 target price on shares of Celestica in a report on Tuesday, October 18th. BMO Capital Markets set a $15.00 target price on shares of Celestica and gave the stock a “hold” rating in a report on Friday. Macquarie upgraded shares of Celestica from a “neutral” rating to an “outperform” rating and set a $16.00 target price on the stock in a report on Friday. Stifel Nicolaus raised their price target on Celestica from $11.00 to $12.00 and gave the stock a “hold” rating in a research note on Friday. Finally, RBC Capital Markets reaffirmed a “hold” rating and issued a $13.00 price target on shares of Celestica in a research note on Thursday, January 12th. Nine research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Celestica currently has a consensus rating of “Hold” and a consensus price target of $13.43.

Institutional investors have recently made changes to their positions in the stock. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Celestica by 18.9% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 11,041,944 shares of the company’s stock valued at $119,220,000 after buying an additional 1,757,431 shares in the last quarter. Donald Smith & CO. Inc. raised its position in shares of Celestica by 0.6% in the third quarter. Donald Smith & CO. Inc. now owns 5,347,479 shares of the company’s stock valued at $57,913,000 after buying an additional 32,645 shares in the last quarter. Mackenzie Financial Corp raised its position in shares of Celestica by 12.0% in the third quarter. Mackenzie Financial Corp now owns 4,918,034 shares of the company’s stock valued at $53,262,000 after buying an additional 525,466 shares in the last quarter. TD Asset Management Inc. raised its position in shares of Celestica by 17.7% in the third quarter. TD Asset Management Inc. now owns 3,307,640 shares of the company’s stock valued at $35,713,000 after buying an additional 496,983 shares in the last quarter. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of Celestica during the third quarter valued at approximately $28,294,000. 71.18% of the stock is owned by institutional investors and hedge funds.

The company’s 50-day moving average is $12.13 and its 200 day moving average is $11.32. The stock has a market capitalization of $1.99 billion, a price-to-earnings ratio of 16.19 and a beta of 1.07.

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Celestica Company Profile

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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