CECO Environmental (NASDAQ:CECO) Stock Price Up 4% – Here’s What Happened

CECO Environmental Corp. (NASDAQ:CECO)’s stock price rose 4% on Friday . The stock traded as high as $27.15 and last traded at $27.14. Approximately 193,176 shares traded hands during mid-day trading, a decline of 28% from the average daily volume of 267,399 shares. The stock had previously closed at $26.10.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CECO. HC Wainwright restated a “buy” rating and set a $35.00 target price on shares of CECO Environmental in a report on Wednesday, October 30th. Roth Mkm boosted their price objective on shares of CECO Environmental from $26.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Northland Securities lifted their price target on shares of CECO Environmental from $28.00 to $35.00 and gave the stock an “outperform” rating in a research report on Thursday, August 1st. Craig Hallum raised their price objective on CECO Environmental from $28.00 to $34.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Finally, Needham & Company LLC lowered their price target on CECO Environmental from $35.00 to $33.00 and set a “buy” rating for the company in a report on Wednesday, October 30th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of $34.40.

CECO Environmental Stock Performance

The firm has a market capitalization of $951.43 million, a P/E ratio of 82.42, a P/E/G ratio of 2.18 and a beta of 1.35. The stock has a fifty day moving average of $26.60 and a 200-day moving average of $26.58. The company has a quick ratio of 1.12, a current ratio of 1.30 and a debt-to-equity ratio of 0.50.

CECO Environmental (NASDAQ:CECO) last announced its earnings results on Tuesday, October 29th. The company reported $0.14 EPS 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 analyst estimates of $155.94 million. During the same quarter in the previous year, the company posted $0.22 EPS. The business’s revenue for the quarter was down 9.3% compared to the same quarter last year. On average, research analysts anticipate that CECO Environmental Corp. will post 0.79 EPS for the current year.

Insider Buying and Selling

In other news, Director Richard F. Wallman bought 10,000 shares of the stock in a transaction that occurred on Friday, August 30th. The shares were acquired at an average cost of $28.77 per share, for a total transaction of $287,700.00. Following the completion of the acquisition, the director now owns 62,000 shares in the company, valued at approximately $1,783,740. This represents a 19.23 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. 16.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Swiss National Bank grew its holdings in CECO Environmental by 6.0% during the first quarter. Swiss National Bank now owns 61,800 shares of the company’s stock worth $1,423,000 after purchasing an additional 3,500 shares during the period. Sei Investments Co. boosted its stake in shares of CECO Environmental by 35.2% during the 1st quarter. Sei Investments Co. now owns 70,129 shares of the company’s stock worth $1,614,000 after acquiring an additional 18,272 shares during the period. Vanguard Group Inc. raised its stake in 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 acquiring an additional 24,812 shares during the period. EntryPoint Capital LLC acquired a new stake in CECO Environmental during the 1st quarter valued at $72,000. Finally, Cruiser Capital Advisors LLC increased its holdings in shares of CECO Environmental by 25.0% in the first quarter. Cruiser Capital Advisors LLC now owns 50,000 shares of the company’s stock valued at $1,151,000 after purchasing an additional 10,000 shares during the last quarter. Institutional investors own 68.08% of the company’s stock.

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.