Fuel Tech (FTEK) Downgraded to Hold at Zacks Investment Research
According to Zacks, “Fuel Tech is a leading technology company engaged in the worldwide development, commercialization and application of state-of-the-art proprietary technologies for air pollution control, process optimization, and advanced engineering services. These technologies enable customers to produce both energy and processed materials in a cost-effective and environmentally sustainable manner. The Company’s nitrogen oxide reduction technologies include the NOxOUT, NOxOUT CASCADE, NOxOUT ULTRA, Rich Reagent Injection and NOxOUT-SCR processes. These technologies have established Fuel Tech as a leader in post-combustion NOx control systems, with installations on worldwide, where coal, municipal waste, biomass, and other fuels are utilized. The Company’s FUEL CHEM technology revolves around the unique application of chemicals to improve the efficiency and reliability of combustion units by controlling slagging, fouling, corrosion and opacity. “
FTEK has been the subject of a number of other research reports. ValuEngine lowered Fuel Tech from a buy rating to a hold rating in a research note on Wednesday, March 20th. HC Wainwright reaffirmed a buy rating and issued a $2.00 price target on shares of Fuel Tech in a research note on Monday, March 18th.
Fuel Tech (NASDAQ:FTEK) last issued its earnings results on Thursday, March 14th. The industrial products company reported $0.04 earnings per share (EPS) for the quarter. Fuel Tech had a negative net margin of 2.04% and a positive return on equity of 0.37%. The firm had revenue of $15.83 million for the quarter, compared to analysts’ expectations of $13.91 million. As a group, analysts predict that Fuel Tech will post -0.01 EPS for the current year.
In related news, Director James J. Markowsky sold 20,000 shares of the firm’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $1.66, for a total value of $33,200.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 13.20% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Grace & White Inc. NY lifted its position in Fuel Tech by 4.1% during the first quarter. Grace & White Inc. NY now owns 1,486,799 shares of the industrial products company’s stock valued at $2,483,000 after buying an additional 59,142 shares during the period. Perritt Capital Management Inc. lifted its position in Fuel Tech by 22.7% during the fourth quarter. Perritt Capital Management Inc. now owns 481,397 shares of the industrial products company’s stock valued at $573,000 after buying an additional 88,972 shares during the period. Essex Investment Management Co. LLC lifted its position in Fuel Tech by 10.1% during the first quarter. Essex Investment Management Co. LLC now owns 303,559 shares of the industrial products company’s stock valued at $507,000 after buying an additional 27,963 shares during the period. Renaissance Technologies LLC lifted its position in Fuel Tech by 15.7% during the first quarter. Renaissance Technologies LLC now owns 977,246 shares of the industrial products company’s stock valued at $1,632,000 after buying an additional 132,609 shares during the period. Finally, US Bancorp DE lifted its position in Fuel Tech by 13.3% during the first quarter. US Bancorp DE now owns 243,476 shares of the industrial products company’s stock valued at $407,000 after buying an additional 28,616 shares during the period. 23.64% of the stock is owned by institutional investors.
Fuel Tech Company Profile
Fuel Tech, Inc provides boiler optimization, efficiency improvement, and air pollution reduction and control solutions to utility and industrial customers worldwide. It operates through Air Pollution Control Technology and FUEL CHEM Technology segments. The Air Pollution Control Technology segment offers technologies to reduce nitrogen oxide (NOx) emissions in flue gas from boilers, incinerators, furnaces, and other stationary combustion sources by low and ultra-low NOx burners; over-fire air systems; NOxOUT and HERT selective non-catalytic reduction systems; advanced selective catalytic reduction systems; NOxOUT CASCADE and NOxOUT-SCR processes; ULTRA technology; ammonia injection grid and graduated straightening grid systems; and flue gas conditioning systems.
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