CECO Environmental Corp. (CECE) Cut to Sell at Zacks Investment Research
Zacks Investment Research downgraded shares of CECO Environmental Corp. (NASDAQ:CECE) from a hold rating to a sell rating in a report released on Tuesday morning.
According to Zacks, “CECO ENVIRONMENTAL CORP. manufactures and sells, primarily in the United States, of fiber bed mist eliminators to the chemical, printing, plating, power generation, food processing, waste incineration and textile industries. “
Several other research firms also recently commented on CECE. BidaskClub downgraded CECO Environmental Corp. from a hold rating to a sell rating in a report on Wednesday, July 19th. William Blair lowered CECO Environmental Corp. from an outperform rating to a market perform rating in a research report on Friday, August 11th. Finally, ValuEngine upgraded CECO Environmental Corp. from a hold rating to a buy rating in a report on Thursday, October 5th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus target price of $12.33.
Shares of CECO Environmental Corp. (CECE) traded up $0.01 on Tuesday, hitting $5.96. The stock had a trading volume of 779,109 shares, compared to its average volume of 190,903. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.33 and a current ratio of 1.51. The firm has a market cap of $205.76, a P/E ratio of 8.64, a PEG ratio of 0.66 and a beta of 1.46. CECO Environmental Corp. has a 12 month low of $5.40 and a 12 month high of $14.88.
CECO Environmental Corp. (NASDAQ:CECE) last posted its quarterly earnings results on Wednesday, November 8th. The industrial products company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.12). The firm had revenue of $85.00 million for the quarter, compared to analyst estimates of $92.66 million. CECO Environmental Corp. had a positive return on equity of 11.99% and a negative net margin of 11.47%. The firm’s quarterly revenue was down 16.3% compared to the same quarter last year. During the same period last year, the company posted $0.24 earnings per share. equities research analysts predict that CECO Environmental Corp. will post 0.58 earnings per share for the current fiscal year.
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In related news, Director Jonathan Pollack acquired 6,800 shares of the stock in a transaction dated Wednesday, August 16th. The stock was purchased at an average cost of $7.31 per share, with a total value of $49,708.00. Following the completion of the purchase, the director now directly owns 26,146 shares in the company, valued at approximately $191,127.26. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Jason Dezwirek bought 25,000 shares of the company’s stock in a transaction dated Tuesday, August 15th. The stock was bought at an average price of $7.27 per share, for a total transaction of $181,750.00. Following the acquisition, the director now directly owns 1,410,616 shares of the company’s stock, valued at $10,255,178.32. The disclosure for this purchase can be found here. Insiders have acquired a total of 36,800 shares of company stock valued at $259,428 in the last quarter. Company insiders own 14.30% of the company’s stock.
A number of institutional investors have recently made changes to their positions in CECE. Wells Fargo & Company MN raised its position in CECO Environmental Corp. by 14.3% in the 3rd quarter. Wells Fargo & Company MN now owns 336,192 shares of the industrial products company’s stock valued at $2,844,000 after buying an additional 42,088 shares during the last quarter. Citadel Advisors LLC lifted its stake in CECO Environmental Corp. by 67.9% during the 3rd quarter. Citadel Advisors LLC now owns 28,768 shares of the industrial products company’s stock valued at $243,000 after acquiring an additional 11,633 shares in the last quarter. Systematic Financial Management LP boosted its holdings in CECO Environmental Corp. by 29.7% during the 3rd quarter. Systematic Financial Management LP now owns 149,750 shares of the industrial products company’s stock worth $1,267,000 after acquiring an additional 34,320 shares during the last quarter. Macquarie Group Ltd. purchased a new position in CECO Environmental Corp. during the 3rd quarter worth $205,000. Finally, Sei Investments Co. purchased a new position in CECO Environmental Corp. during the 3rd quarter worth $210,000. Institutional investors and hedge funds own 67.77% of the company’s stock.
About CECO Environmental Corp.
CECO Environmental Corp. is a provider of engineered technologies to the environmental, energy, and fluid handling and filtration industrial segments. The Company is focused on engineering, designing, building and installing systems that capture, clean and destroy airborne contaminants from industrial facilities, as well as equipment that controls emissions from such facilities, and fluid handling and filtration systems.
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