CECO Environmental Corp. (NASDAQ:CECO) Sees Significant Decline in Short Interest

CECO Environmental Corp. (NASDAQ:CECO) saw a large decrease in short interest in October. As of October 15th, there was short interest totalling 1,510,000 shares, a decrease of 9.6% from the September 30th total of 1,670,000 shares. Currently, 5.1% of the company’s shares are sold short. Based on an average daily trading volume, of 204,300 shares, the days-to-cover ratio is currently 7.4 days.

CECO Environmental Trading Down 1.6 %

Shares of CECO traded down $0.38 during midday trading on Friday, hitting $23.42. 168,838 shares of the stock were exchanged, compared to its average volume of 263,152. The stock has a fifty day simple moving average of $27.18 and a 200 day simple moving average of $26.46. CECO Environmental has a 52-week low of $15.65 and a 52-week high of $31.55. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.17 and a current ratio of 1.30. The firm has a market cap of $819.23 million, a P/E ratio of 72.12, a P/E/G ratio of 2.00 and a beta of 1.33.

CECO Environmental (NASDAQ:CECO) last announced its earnings results on Tuesday, October 29th. The company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.05). CECO Environmental had a return on equity of 11.12% and a net margin of 2.16%. The business had revenue of $135.50 million for the quarter, compared to analysts’ expectations of $155.94 million. During the same period in the previous year, the company earned $0.22 earnings per share. CECO Environmental’s quarterly revenue was down 9.3% on a year-over-year basis. On average, research analysts anticipate that CECO Environmental will post 0.82 EPS for the current fiscal year.

Insider Buying and Selling at CECO Environmental

In related news, Director Richard F. Wallman purchased 10,000 shares of CECO Environmental stock in a transaction dated Friday, August 30th. The shares were acquired at an average price of $28.77 per share, for a total transaction of $287,700.00. Following the acquisition, the director now directly owns 62,000 shares in the company, valued at approximately $1,783,740. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 16.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. BNP Paribas Financial Markets raised its position in CECO Environmental by 247.5% in the 1st quarter. BNP Paribas Financial Markets now owns 44,520 shares of the company’s stock valued at $1,025,000 after purchasing an additional 31,707 shares in the last quarter. Boston Partners purchased a new position in CECO Environmental in the first quarter worth approximately $516,000. Vanguard Group Inc. increased its position in shares of CECO Environmental by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 1,526,395 shares of the company’s stock valued at $35,138,000 after purchasing an additional 24,812 shares during the last quarter. Sei Investments Co. raised its holdings in shares of CECO Environmental by 35.2% in the 1st quarter. Sei Investments Co. now owns 70,129 shares of the company’s stock valued at $1,614,000 after purchasing an additional 18,272 shares in the last quarter. Finally, Hood River Capital Management LLC purchased a new stake in shares of CECO Environmental during the 2nd quarter worth $15,495,000. 68.08% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Craig Hallum increased their price target on shares of CECO Environmental from $28.00 to $34.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Northland Securities increased their price objective on CECO Environmental from $28.00 to $35.00 and gave the stock an “outperform” rating in a research report on Thursday, August 1st. Roth Mkm lifted their target price on CECO Environmental from $26.00 to $35.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Needham & Company LLC decreased their price target on CECO Environmental from $35.00 to $33.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, HC Wainwright reissued a “buy” rating and set a $35.00 price objective on shares of CECO Environmental in a research report on Wednesday. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $34.40.

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.