Celestica (NYSE:CLS) Shares Gap Up on Earnings Beat

Shares of Celestica Inc. (NYSE:CLS - Get Free Report) TSE: CLS gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $57.47, but opened at $62.70. Celestica shares last traded at $66.46, with a volume of 2,195,729 shares traded.

The technology company reported $1.04 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.93 by $0.11. The company had revenue of $2.50 billion during the quarter, compared to analyst estimates of $2.41 billion. Celestica had a return on equity of 19.96% and a net margin of 4.16%. The company's revenue for the quarter was up 24.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.65 earnings per share.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. Stifel Nicolaus upped their price target on shares of Celestica from $58.00 to $70.00 and gave the stock a "buy" rating in a research note on Thursday. CIBC increased their target price on shares of Celestica from $58.00 to $60.00 and gave the stock a "neutral" rating in a research report on Friday, July 26th. TD Securities increased their target price on shares of Celestica from $68.00 to $70.00 and gave the stock a "buy" rating in a research report on Thursday. Royal Bank of Canada increased their target price on shares of Celestica from $65.00 to $75.00 and gave the stock an "outperform" rating in a research report on Thursday. Finally, StockNews.com downgraded shares of Celestica from a "buy" rating to a "hold" rating in a research report on Friday, August 2nd. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $66.67.

Institutional Investors Weigh In On Celestica

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Wolff Wiese Magana LLC grew its position in shares of Celestica by 32.1% in the second quarter. Wolff Wiese Magana LLC now owns 700 shares of the technology company's stock valued at $40,000 after purchasing an additional 170 shares during the last quarter. Optimum Investment Advisors grew its position in shares of Celestica by 66.7% in the third quarter. Optimum Investment Advisors now owns 500 shares of the technology company's stock valued at $26,000 after purchasing an additional 200 shares during the last quarter. Truist Financial Corp grew its position in shares of Celestica by 2.0% in the second quarter. Truist Financial Corp now owns 11,008 shares of the technology company's stock valued at $631,000 after purchasing an additional 214 shares during the last quarter. Whittier Trust Co. of Nevada Inc. lifted its stake in shares of Celestica by 26.6% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 1,307 shares of the technology company's stock valued at $67,000 after buying an additional 275 shares during the period. Finally, Creative Planning lifted its stake in shares of Celestica by 4.7% in the second quarter. Creative Planning now owns 7,526 shares of the technology company's stock valued at $431,000 after buying an additional 336 shares during the period. 67.38% of the stock is owned by institutional investors and hedge funds.

Celestica Trading Up 18.2 %

The company has a debt-to-equity ratio of 0.49, a current ratio of 1.47 and a quick ratio of 0.86. The company's 50 day moving average is $52.13 and its two-hundred day moving average is $52.13. The firm has a market cap of $8.07 billion, a P/E ratio of 25.34 and a beta of 2.28.

About Celestica

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.