Zacks Research Upgrades CECO Environmental (NASDAQ:CECO) to Strong-Buy

CECO Environmental (NASDAQ:CECO) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Tuesday, Zacks reports.

Several other equities research analysts also recently issued reports on the company. Northland Securities set a $125.00 price objective on CECO Environmental in a research note on Thursday, August 13th. Needham & Company LLC restated a “buy” rating and set a $110.00 price objective on shares of CECO Environmental in a research report on Tuesday, August 11th. JPMorgan Chase & Co. lowered their target price on CECO Environmental from $130.00 to $110.00 and set an “overweight” rating on the stock in a research note on Tuesday. Weiss Ratings lowered CECO Environmental from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, September 16th. Finally, TD Cowen began coverage on CECO Environmental in a research report on Wednesday, August 5th. They set a “buy” rating and a $85.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $102.38.

CECO Environmental Price Performance

Shares of NASDAQ:CECO opened at $62.39 on Tuesday. The company’s fifty day moving average is $72.33 and its two-hundred day moving average is $75.97. The company has a market cap of $3.65 billion, a P/E ratio of -90.42 and a beta of 1.50. CECO Environmental has a 12-month low of $42.82 and a 12-month high of $101.24. The company has a quick ratio of 1.18, a current ratio of 1.50 and a debt-to-equity ratio of 0.34.

CECO Environmental (NASDAQ:CECO) last released its earnings results on Monday, August 10th. The company reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.21. CECO Environmental had a positive return on equity of 7.36% and a negative net margin of 3.39%. The company had revenue of $284.96 million during the quarter, compared to analyst estimates of $282.21 million. During the same quarter in the prior year, the company earned $0.26 earnings per share. The company’s revenue for the quarter was up 53.7% on a year-over-year basis. Equities analysts expect that CECO Environmental will post 2.43 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of CECO. Morton Brown Family Wealth LLC bought a new stake in shares of CECO Environmental during the first quarter valued at approximately $29,000. Allworth Financial LP acquired a new position in shares of CECO Environmental in the 2nd quarter valued at $29,000. GAMMA Investing LLC lifted its holdings in shares of CECO Environmental by 71.6% during the 2nd quarter. GAMMA Investing LLC now owns 369 shares of the company’s stock worth $33,000 after acquiring an additional 154 shares during the period. KBC Group NV bought a new position in shares of CECO Environmental during the 1st quarter worth about $44,000. Finally, Strs Ohio bought a new position in shares of CECO Environmental during the 1st quarter worth about $66,000. Institutional investors and hedge funds own 68.08% of the company’s stock.

About CECO Environmental

CECO Environmental Corp. (NASDAQ: CECO) is an environmental technology company that provides engineered solutions for industrial air quality, fluid handling, and water and wastewater treatment. Its systems are designed to help customers control emissions, improve process efficiency, protect workers, and comply with environmental regulations.

The company offers products and services including air pollution control equipment, industrial ventilation systems, filtration and separation technologies, thermal processing solutions, pumps and other fluid-handling equipment, and water and wastewater treatment systems.