Roth Capital Weighs in on CECO Environmental Corp.’s Q2 2024 Earnings (NASDAQ:CECO)

CECO Environmental Corp. (NASDAQ:CECO) – Stock analysts at Roth Capital cut their Q2 2024 earnings per share (EPS) estimates for CECO Environmental in a research report issued to clients and investors on Wednesday, May 1st. Roth Capital analyst G. Sweeney now expects that the company will post earnings per share of $0.15 for the quarter, down from their previous forecast of $0.17. The consensus estimate for CECO Environmental’s current full-year earnings is $0.96 per share. Roth Capital also issued estimates for CECO Environmental’s Q3 2024 earnings at $0.30 EPS, Q4 2024 earnings at $0.33 EPS and FY2024 earnings at $0.89 EPS.

Other equities research analysts have also issued reports about the stock. Craig Hallum upped their price target on shares of CECO Environmental from $25.00 to $28.00 and gave the company a “buy” rating in a report on Wednesday. Northland Securities increased their target price on shares of CECO Environmental from $27.00 to $28.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 6th. Roth Mkm increased their target price on shares of CECO Environmental from $22.00 to $25.00 and gave the stock a “buy” rating in a research note on Wednesday, March 6th. HC Wainwright reissued a “buy” rating and set a $30.00 target price on shares of CECO Environmental in a research note on Wednesday. Finally, Needham & Company LLC increased their target price on shares of CECO Environmental from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, CECO Environmental presently has a consensus rating of “Buy” and a consensus price target of $27.40.

CECO Environmental Price Performance

NASDAQ:CECO opened at $22.00 on Thursday. CECO Environmental has a one year low of $10.68 and a one year high of $25.82. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.22 and a current ratio of 1.38. The firm has a market cap of $767.14 million, a price-to-earnings ratio of 62.86, a PEG ratio of 1.50 and a beta of 1.24. The firm’s fifty day moving average is $22.62 and its two-hundred day moving average is $20.33.

CECO Environmental (NASDAQ:CECO) last posted its quarterly earnings results on Tuesday, April 30th. The company reported $0.11 EPS for the quarter, meeting the consensus estimate of $0.11. CECO Environmental had a net margin of 2.23% and a return on equity of 11.57%. The company had revenue of $126.30 million for the quarter, compared to analyst estimates of $135.82 million. During the same period in the prior year, the company earned $0.10 earnings per share. The firm’s revenue was up 12.2% on a year-over-year basis.

Hedge Funds Weigh In On CECO Environmental

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CECO. Wellington Management Group LLP boosted its position in CECO Environmental by 271.2% in the 3rd quarter. Wellington Management Group LLP now owns 629,146 shares of the company’s stock valued at $10,047,000 after buying an additional 459,646 shares during the period. First Eagle Investment Management LLC purchased a new position in CECO Environmental in the 3rd quarter valued at approximately $7,037,000. Loomis Sayles & Co. L P purchased a new position in CECO Environmental in the 3rd quarter valued at approximately $6,891,000. RK Capital Management LLC raised its holdings in shares of CECO Environmental by 36.6% in the 3rd quarter. RK Capital Management LLC now owns 884,347 shares of the company’s stock valued at $14,123,000 after purchasing an additional 237,093 shares in the last quarter. Finally, Hennessy Advisors Inc. acquired a new stake in shares of CECO Environmental in the 4th quarter valued at $4,153,000. Hedge funds and other institutional investors own 68.08% of the company’s stock.

Insider Activity

In related news, Director Laurie Siegel acquired 2,500 shares of the stock in a transaction that occurred on Wednesday, March 6th. The stock was purchased at an average price of $19.87 per share, with a total value of $49,675.00. Following the transaction, the director now owns 7,906 shares of the company’s stock, valued at approximately $157,092.22. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 16.90% of the company’s stock.

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.