CECO Environmental Corp. (NASDAQ:CECO) Sees Large Increase in Short Interest

CECO Environmental Corp. (NASDAQ:CECO) saw a large increase in short interest during the month of October. As of October 31st, there was short interest totalling 1,140,000 shares, an increase of 5.6% from the October 15th total of 1,080,000 shares. Approximately 3.9% of the shares of the company are short sold. Based on an average trading volume of 262,700 shares, the days-to-cover ratio is currently 4.3 days.

Insider Buying and Selling

In other CECO Environmental news, Director Richard F. Wallman acquired 10,000 shares of the company’s stock in a transaction on Monday, September 18th. The shares were acquired at an average cost of $15.99 per share, with a total value of $159,900.00. Following the completion of the acquisition, the director now directly owns 133,205 shares in the company, valued at $2,129,947.95. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director Richard F. Wallman bought 10,000 shares of the company’s stock in a transaction on Monday, September 18th. The shares were purchased at an average price of $15.99 per share, for a total transaction of $159,900.00. Following the completion of the transaction, the director now directly owns 133,205 shares in the company, valued at approximately $2,129,947.95. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Richard F. Wallman purchased 12,000 shares of CECO Environmental stock in a transaction dated Thursday, September 7th. The stock was bought at an average price of $13.76 per share, with a total value of $165,120.00. Following the completion of the transaction, the director now owns 52,000 shares of the company’s stock, valued at approximately $715,520. The disclosure for this purchase can be found here. 15.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On CECO Environmental

Hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. bought a new stake in CECO Environmental in the 2nd quarter worth approximately $34,971,000. Dimensional Fund Advisors LP purchased a new position in shares of CECO Environmental during the second quarter worth approximately $31,331,000. King Luther Capital Management Corp bought a new stake in shares of CECO Environmental in the 2nd quarter worth approximately $21,675,000. RK Capital Management LLC purchased a new stake in shares of CECO Environmental in the 2nd quarter valued at $8,647,000. Finally, Tieton Capital Management LLC bought a new position in shares of CECO Environmental during the 2nd quarter valued at $8,284,000. 68.64% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently commented on CECO. HC Wainwright reaffirmed a “buy” rating and set a $22.00 price objective on shares of CECO Environmental in a research note on Wednesday, August 9th. TheStreet upgraded CECO Environmental from a “c+” rating to a “b” rating in a research report on Wednesday, November 8th. Needham & Company LLC boosted their target price on CECO Environmental from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, September 14th. Finally, Roth Mkm raised their price target on CECO Environmental from $17.00 to $19.00 and gave the company a “buy” rating in a report on Wednesday, August 9th. Four equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $19.50.

CECO Environmental Price Performance

NASDAQ:CECO traded down $0.15 during midday trading on Friday, hitting $19.32. The company had a trading volume of 393,911 shares, compared to its average volume of 337,246. The company has a market capitalization of $672.53 million, a PE ratio of 39.20, a P/E/G ratio of 1.84 and a beta of 1.21. The company has a quick ratio of 1.22, a current ratio of 1.40 and a debt-to-equity ratio of 0.59. CECO Environmental has a 52-week low of $10.68 and a 52-week high of $20.41. The stock’s fifty day moving average price is $16.35 and its 200-day moving average price is $13.97.

CECO Environmental Company Profile

CECO Environmental Corp. provides critical solutions in industrial air quality, industrial water treatment, and energy transition solutions worldwide. The company operates in two segments: Engineered Systems Segment and Industrial Process Solutions Segment. 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 and water and wastewater treatment solutions, as well as consultation services.