CECO Environmental (NASDAQ:CECO) Stock Rating Upgraded by Zacks Research

CECO Environmental (NASDAQ:CECO) was upgraded by investment analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Tuesday,Zacks.com reports.

Several other analysts also recently commented on CECO. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of CECO Environmental in a report on Wednesday, October 8th. Needham & Company LLC increased their price target on shares of CECO Environmental from $52.00 to $57.00 and gave the stock a “buy” rating in a report on Wednesday, October 29th. HC Wainwright raised their price target on shares of CECO Environmental from $33.00 to $55.00 and gave the company a “buy” rating in a research report on Wednesday, July 30th. Lake Street Capital reiterated a “buy” rating and issued a $56.00 price objective on shares of CECO Environmental in a research report on Wednesday, July 30th. Finally, Citigroup reissued an “outperform” rating on shares of CECO Environmental in a research note on Wednesday, July 30th. Seven research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $53.60.

CECO Environmental Stock Performance

Shares of CECO stock opened at $51.88 on Tuesday. The business has a fifty day moving average of $50.32 and a 200 day moving average of $39.24. CECO Environmental has a 1 year low of $17.57 and a 1 year high of $56.19. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.33 and a quick ratio of 1.13. The firm has a market capitalization of $1.85 billion, a price-to-earnings ratio of 36.79, a price-to-earnings-growth ratio of 3.25 and a beta of 1.27.

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

Insider Buying and Selling

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

Institutional Trading of CECO Environmental

Institutional investors and hedge funds have recently bought and sold shares of the stock. Finemark National Bank & Trust purchased a new position in CECO Environmental during the third quarter worth about $305,000. Arete Wealth Advisors LLC purchased a new stake in shares of CECO Environmental in the 3rd quarter valued at approximately $1,042,000. American Century Companies Inc. lifted its holdings in shares of CECO Environmental by 16,844.6% in the 3rd quarter. American Century Companies Inc. now owns 1,257,796 shares of the company’s stock worth $64,399,000 after acquiring an additional 1,250,373 shares during the last quarter. Quantbot Technologies LP lifted its holdings in shares of CECO Environmental by 314.5% in the 3rd quarter. Quantbot Technologies LP now owns 31,088 shares of the company’s stock worth $1,592,000 after acquiring an additional 23,587 shares during the last quarter. Finally, TD Asset Management Inc purchased a new position in shares of CECO Environmental during the 3rd quarter worth approximately $621,000. 68.08% of the stock is currently owned by hedge funds and other institutional investors.

About CECO Environmental

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.