Short Interest in CECO Environmental Corp. (NASDAQ:CECE) Drops By 5.1%

CECO Environmental Corp. (NASDAQ:CECE) saw a significant decline in short interest in June. As of June 30th, there was short interest totalling 336,400 shares, a decline of 5.1% from the June 15th total of 354,400 shares. Currently, 1.1% of the shares of the stock are sold short. Based on an average daily volume of 87,600 shares, the days-to-cover ratio is currently 3.8 days.

A number of equities analysts have commented on CECE shares. HC Wainwright reissued a “buy” rating and issued a $9.00 price objective on shares of CECO Environmental in a research note on Wednesday, June 10th. Needham & Company LLC boosted their price objective on CECO Environmental from $9.00 to $10.00 and gave the stock a “buy” rating in a research note on Friday, June 5th. Roth Capital reissued a “buy” rating and issued a $9.00 price objective on shares of CECO Environmental in a research note on Monday, June 15th. Zacks Investment Research raised CECO Environmental from a “hold” rating to a “buy” rating and set a $7.00 price objective on the stock in a research note on Tuesday. Finally, ValuEngine lowered CECO Environmental from a “hold” rating to a “sell” rating in a research note on Thursday, April 2nd. One analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $9.17.

A number of large investors have recently added to or reduced their stakes in the business. Citigroup Inc. lifted its stake in CECO Environmental by 38.7% in the fourth quarter. Citigroup Inc. now owns 7,480 shares of the industrial products company’s stock valued at $57,000 after buying an additional 2,088 shares during the period. BNP Paribas Arbitrage SA increased its holdings in shares of CECO Environmental by 32.4% in the first quarter. BNP Paribas Arbitrage SA now owns 9,466 shares of the industrial products company’s stock worth $44,000 after acquiring an additional 2,317 shares in the last quarter. Alliancebernstein L.P. increased its holdings in shares of CECO Environmental by 12.1% in the first quarter. Alliancebernstein L.P. now owns 31,600 shares of the industrial products company’s stock worth $148,000 after acquiring an additional 3,400 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of CECO Environmental by 4.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 77,001 shares of the industrial products company’s stock worth $590,000 after acquiring an additional 3,544 shares in the last quarter. Finally, Rhumbline Advisers increased its holdings in shares of CECO Environmental by 11.6% in the first quarter. Rhumbline Advisers now owns 52,818 shares of the industrial products company’s stock worth $247,000 after acquiring an additional 5,500 shares in the last quarter. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Shares of CECE opened at $5.99 on Friday. CECO Environmental has a 12-month low of $3.53 and a 12-month high of $9.51. The stock’s fifty day simple moving average is $6.07 and its 200-day simple moving average is $6.22. The company has a quick ratio of 1.84, a current ratio of 2.01 and a debt-to-equity ratio of 0.60. The firm has a market capitalization of $215.90 million, a PE ratio of 11.09, a price-to-earnings-growth ratio of 0.85 and a beta of 1.21.

CECO Environmental (NASDAQ:CECE) last released its earnings results on Wednesday, May 6th. The industrial products company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.05. CECO Environmental had a return on equity of 11.73% and a net margin of 5.72%. The firm had revenue of $80.49 million for the quarter, compared to analyst estimates of $82.64 million. Analysts anticipate that CECO Environmental will post 0.48 EPS for the current year.

About CECO Environmental

CECO Environmental Corp. provides industrial air quality and fluid handling systems for the energy, industrial, and other markets worldwide. The company operates through three segments: Energy Solutions, Industrial Solutions, and Fluid Handling Solutions. The company engineers, designs, builds, and installs systems that capture, clean, and destroy airborne contaminants from industrial facilities, as well as equipment that control emissions from such facilities; and fluid handling and filtration systems.

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