Celestica (NYSE:CLS) Given New $340.00 Price Target at Sanford C. Bernstein

Celestica (NYSE:CLS) (TSE:CLS) had its price objective dropped by investment analysts at Sanford C. Bernstein from $495.00 to $340.00 in a report released on Monday, Benzinga reports. The firm currently has an “outperform” rating on the technology company’s stock. Sanford C. Bernstein‘s price target would indicate a potential upside of 53.28% from the stock’s previous close.

CLS has been the topic of several other reports. FBN Securities assumed coverage on Celestica in a research note on Tuesday, September 15th. They issued an “outperform” rating and a $375.00 price objective on the stock. Canaccord Genuity Group raised their price target on shares of Celestica from $455.00 to $480.00 and gave the company a “buy” rating in a report on Thursday, October 29th. Canadian Imperial Bank of Commerce lifted their price target on shares of Celestica from $480.00 to $500.00 and gave the company an “outperform” rating in a research report on Wednesday, July 29th. JPMorgan Chase & Co. boosted their price objective on shares of Celestica from $445.00 to $485.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 29th. Finally, Bank of America reissued a “buy” rating on shares of Celestica in a research report on Wednesday, July 29th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $445.14.

Celestica Trading Up 7.3%

Shares of NYSE CLS traded up $15.13 during trading on Monday, hitting $221.81. 2,125,885 shares of the company traded hands, compared to its average volume of 2,506,380. Celestica has a 1 year low of $197.50 and a 1 year high of $474.02. The company has a 50-day moving average price of $317.31 and a 200-day moving average price of $329.19. The firm has a market capitalization of $27.97 billion, a P/E ratio of 20.98, a P/E/G ratio of 1.45 and a beta of 2.11. The company has a quick ratio of 1.03, a current ratio of 1.61 and a debt-to-equity ratio of 0.13.

Celestica (NYSE:CLS) (TSE:CLS) last issued its earnings results on Monday, October 26th. The technology company reported $3.30 earnings per share for the quarter, topping the consensus estimate of $3.02 by $0.28. Celestica had a return on equity of 33.80% and a net margin of 6.83%. The business had revenue of $5.74 billion for the quarter, compared to analyst estimates of $5.39 billion. On average, equities analysts predict that Celestica will post 10.97 EPS for the current year.

Insider Buying and Selling at Celestica

In related news, CEO Robert Mionis sold 23,496 shares of Celestica stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $362.39, for a total transaction of $8,514,715.44. Following the sale, the chief executive officer owned 23,396 shares of the company’s stock, valued at $8,478,476.44. The trade was a 50.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, President Todd C. Cooper sold 20,118 shares of the business’s stock in a transaction on Wednesday, September 23rd. The stock was sold at an average price of $360.00, for a total transaction of $7,242,480.00. Following the completion of the transaction, the president owned 73,252 shares in the company, valued at $26,370,720. This represents a 21.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 67,010 shares of company stock valued at $24,278,487 over the last 90 days. Insiders own 1.10% of the company’s stock.

Institutional Trading of Celestica

Hedge funds and other institutional investors have recently modified their holdings of the business. Cibc World Market Inc. acquired a new position in shares of Celestica in the second quarter worth about $757,811,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Celestica in the second quarter valued at about $674,199,000. Bank of America Corp DE acquired a new stake in Celestica during the 2nd quarter valued at approximately $444,899,000. Pictet Asset Management Holding SA grew its stake in Celestica by 94.4% during the 3rd quarter. Pictet Asset Management Holding SA now owns 1,068,473 shares of the technology company’s stock valued at $386,578,000 after purchasing an additional 518,798 shares in the last quarter. Finally, Royal Bank of Canada grew its stake in Celestica by 13.8% during the 1st quarter. Royal Bank of Canada now owns 1,283,561 shares of the technology company’s stock valued at $361,553,000 after purchasing an additional 156,040 shares in the last quarter. 67.38% of the stock is owned by hedge funds and other institutional investors.

Celestica Company Profile

Celestica Inc is a global provider of design, manufacturing, and supply chain services for companies across technology and industrial markets. Its work spans product development, engineering, manufacturing, testing, and ongoing product support.

The company’s offerings include hardware and infrastructure used in cloud computing and data centers, communications networks, aerospace and defense, industrial equipment, and health technology. It also provides supply chain management and other services to support products throughout their lifecycle.

Celestica traces its roots to IBM’s manufacturing operations and became an independent company in 1996.