Fortis Capital Advisors LLC has significantly increased its investment in Celestica, Inc. (NYSE:CLS, TSE:CLS), raising its holdings by an impressive 240.5% during the third quarter of 2023. According to the latest Form 13F filing with the Securities and Exchange Commission, the firm now owns a total of 7,492 shares of the technology company, following the purchase of an additional 5,292 shares in this period. As of the filing, these shares were valued at approximately $1,846,000.
Several other institutional investors have adjusted their positions in Celestica as well. For instance, Thompson Davis & CO. Inc. acquired a new stake valued at $328,000 during the second quarter. Y Intercept Hong Kong Ltd increased its holdings by a staggering 406.3%, now owning 52,606 shares valued at $8,212,000 after acquiring an additional 42,215 shares. Light Street Capital Management LLC also made a significant investment, purchasing shares worth $26,422,000 in the same quarter.
In addition to these investments, TD Waterhouse Canada Inc. raised its stake by 2.2%, bringing its total holdings to 150,422 shares valued at $22,356,000. SG Americas Securities LLC boosted its stake by 144.5% in the third quarter, acquiring an additional 9,420 shares to reach a total of 15,940 shares, worth $3,927,000. Collectively, institutional investors own 67.38% of Celestica’s stock.
Market Analysts Adjust Ratings and Price Targets
Recent analyses from investment firms have led to various adjustments in ratings and price targets for Celestica. Zacks Research downgraded the company from a “strong-buy” to a “hold” rating on December 29, 2023. Conversely, TD Securities set a price target of $305.00, maintaining a “hold” rating. Wall Street Zen upgraded Celestica from “hold” to “buy” in their latest report.
Citigroup also revised its rating, moving from “neutral” to “buy” while increasing the price target from $212.00 to $375.00. Barclays has raised its price target from $357.00 to $359.00 and maintained an “overweight” rating. One analyst has issued a “Strong Buy” rating, while fourteen have rated it as a “Buy” and four as a “Hold.” According to MarketBeat.com, the consensus rating for Celestica is “Moderate Buy,” with a target price of $340.75.
Insider Transactions Reflect Confidence
In related news, Celestica’s Director, Laurette T. Koellner, demonstrated confidence in the company by purchasing 6,000 shares on October 30, 2023, at an average price of $341.67 per share, totaling $2,050,020.00. Following this acquisition, Koellner holds shares valued at approximately $2,050,020. Notably, insiders currently own 0.52% of the company’s stock.
Celestica’s Financial Outlook
Celestica’s stock opened at $308.04 on a recent trading day. The company has maintained a fifty-day moving average price of $309.44 and a two-hundred-day moving average price of $263.74. With a market capitalization of $35.44 billion and a price-to-earnings ratio of 50.01, the company’s financial performance continues to attract attention.
Recently, Celestica reported its quarterly earnings on October 27, 2023, revealing earnings per share (EPS) of $1.58, surpassing analysts’ expectations of $1.45 by $0.13. The company reported a revenue of $3.19 billion, exceeding the consensus estimate of $3.01 billion, and reflecting a year-on-year revenue increase of 27.8%. Analysts anticipate that Celestica will post an EPS of $4.35 for the current fiscal year.
About Celestica
Based in Toronto, Ontario, Canada, Celestica Inc. is a leading multinational electronics manufacturing services (EMS) provider. The company offers a range of services, including design, engineering, manufacturing, and supply chain solutions to original equipment manufacturers across various industries. Celestica specializes in the development and production of complex electronic and electro-mechanical products, facilitating activities from product design and prototyping through high-volume assembly and final system integration.
As Celestica continues to attract significant investments and positive analyst ratings, its growth trajectory remains a focal point in the technology sector.
