CECO Environmental (NASDAQ:CECO) Stock Price Up 5.6% – Here’s What Happened

Shares of CECO Environmental Corp. (NASDAQ:CECO) rose 5.6% on Monday . The stock traded as high as $52.01 and last traded at $51.65. Approximately 142,631 shares changed hands during mid-day trading, a decline of 62% from the average daily volume of 376,064 shares. The stock had previously closed at $48.89.

Analyst Upgrades and Downgrades

CECO has been the subject of several analyst reports. Zacks Research downgraded shares of CECO Environmental from a “hold” rating to a “strong sell” rating in a research note on Monday, October 6th. Citigroup restated an “outperform” rating on shares of CECO Environmental in a research note on Wednesday, July 30th. Weiss Ratings reiterated a “buy (b-)” rating on shares of CECO Environmental in a research note on Wednesday, October 8th. Needham & Company LLC increased their price objective on shares of CECO Environmental from $52.00 to $57.00 and gave the company a “buy” rating in a research note on Wednesday, October 29th. Finally, HC Wainwright increased their price objective on shares of CECO Environmental from $33.00 to $55.00 and gave the company a “buy” rating in a research note on Wednesday, July 30th. Seven investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $53.60.

CECO Environmental Trading Up 6.6%

The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.13 and a current ratio of 1.33. The company has a market capitalization of $1.86 billion, a price-to-earnings ratio of 36.98, a P/E/G ratio of 3.25 and a beta of 1.28. The business’s 50-day simple moving average is $49.20 and its 200-day simple moving average is $37.44.

CECO Environmental (NASDAQ:CECO) last released its earnings results on Wednesday, October 29th. The company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.01. CECO Environmental had a net margin of 7.22% and a return on equity of 10.84%. The company had revenue of $197.60 million for the quarter, compared to the consensus estimate of $190.36 million. During the same period in the prior year, the company posted $0.14 EPS. The company’s revenue was up 45.8% compared to the same quarter last year. On average, research analysts expect that CECO Environmental Corp. will post 0.67 earnings per share for the current fiscal year.

Insider Buying and Selling at CECO Environmental

In related news, CEO Todd R. Gleason sold 101,899 shares of the company’s stock in a transaction on Friday, September 19th. The shares were sold at an average price of $49.32, for a total value of $5,025,658.68. Following the completion of the sale, the chief executive officer owned 410,835 shares in the company, valued at $20,262,382.20. This represents a 19.87% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Richard F. Wallman purchased 3,000 shares of the company’s stock in a transaction dated Friday, August 29th. The shares were acquired at an average cost of $44.25 per share, for a total transaction of $132,750.00. Following the transaction, the director owned 219,909 shares of the company’s stock, valued at $9,730,973.25. This trade represents a 1.38% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last three months, insiders bought 7,500 shares of company stock valued at $339,915 and sold 300,000 shares valued at $15,104,854. 18.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Harbor Capital Advisors Inc. increased its position in shares of CECO Environmental by 9.2% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 72,727 shares of the company’s stock worth $2,059,000 after purchasing an additional 6,126 shares during the last quarter. American Century Companies Inc. increased its position in shares of CECO Environmental by 8.6% during the 1st quarter. American Century Companies Inc. now owns 57,272 shares of the company’s stock worth $1,306,000 after purchasing an additional 4,552 shares during the last quarter. Farther Finance Advisors LLC increased its position in shares of CECO Environmental by 224.7% during the 2nd quarter. Farther Finance Advisors LLC now owns 1,445 shares of the company’s stock worth $41,000 after purchasing an additional 1,000 shares during the last quarter. Nuveen LLC acquired a new position in shares of CECO Environmental during the 1st quarter worth approximately $1,818,000. Finally, Bank of New York Mellon Corp increased its position in shares of CECO Environmental by 1.9% during the 1st quarter. Bank of New York Mellon Corp now owns 91,350 shares of the company’s stock worth $2,083,000 after purchasing an additional 1,687 shares during the last quarter. 68.08% of the stock is currently owned by institutional investors.

CECO Environmental Company Profile

CECO Environmental Corp. provides critical solutions in industrial air quality, industrial water treatment, and energy transition solutions worldwide. It operates in two segments: Engineered Systems and Industrial Process Solutions. The company engineers, designs, manufactures, and installs non-metallic expansion joints and flow control products, including rubber expansion joints, ducting expansion joints, and industrial pinch and duck bill valves; membrane-based industrial water and wastewater treatment systems; and provides dust and fume extraction solutions comprising consultation, design, manufacturing, installation, and service, as well as water and wastewater treatment solutions.