CECO Environmental (NASDAQ:CECO) Trading Up 6.7% – Should You Buy?

CECO Environmental Corp. (NASDAQ:CECO)’s share price rose 6.7% on Tuesday . The stock traded as high as $73.84 and last traded at $74.1040. Approximately 28,044 shares changed hands during mid-day trading, a decline of 96% from the average session volume of 741,103 shares. The stock had previously closed at $69.48.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on CECO. Weiss Ratings downgraded CECO Environmental from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, September 16th. TD Cowen started coverage on shares of CECO Environmental in a research report on Wednesday, August 5th. They issued a “buy” rating and a $85.00 price target on the stock. Northland Securities set a $125.00 price target on shares of CECO Environmental in a report on Thursday, August 13th. Needham & Company LLC reissued a “buy” rating and issued a $110.00 target price on shares of CECO Environmental in a report on Tuesday, August 11th. Finally, Zacks Research downgraded CECO Environmental from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 11th. Eight analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $104.88.

CECO Environmental Stock Performance

The company has a quick ratio of 1.18, a current ratio of 1.50 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $4.29 billion, a price-to-earnings ratio of -106.22 and a beta of 1.51. The company has a 50-day moving average price of $73.56 and a 200-day moving average price of $74.29.

CECO Environmental (NASDAQ:CECO) last released its quarterly earnings results on Monday, August 10th. The company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.21. The company had revenue of $284.96 million during the quarter, compared to analysts’ expectations of $282.21 million. CECO Environmental had a positive return on equity of 7.36% and a negative net margin of 3.39%.The company’s revenue for the quarter was up 53.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.26 earnings per share. As a group, equities research analysts forecast that CECO Environmental Corp. will post 2.43 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Jason Dezwirek sold 34,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $96.61, for a total transaction of $3,284,740.00. Following the sale, the director owned 166,000 shares of the company’s stock, valued at $16,037,260. The trade was a 17.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Peter K. Johansson sold 30,000 shares of the stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $96.49, for a total value of $2,894,700.00. Following the transaction, the chief financial officer directly owned 40,746 shares of the company’s stock, valued at approximately $3,931,581.54. The trade was a 42.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 16.90% of the company’s stock.

Institutional Investors Weigh In On CECO Environmental

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Engineers Gate Manager LP boosted its position in shares of CECO Environmental by 6,952.1% in the 2nd quarter. Engineers Gate Manager LP now owns 243,155 shares of the company’s stock valued at $22,064,000 after purchasing an additional 239,707 shares during the period. Allworth Financial LP lifted its position in shares of CECO Environmental by 98.1% in the 2nd quarter. Allworth Financial LP now owns 317 shares of the company’s stock valued at $29,000 after acquiring an additional 157 shares in the last quarter. Arizona State Retirement System boosted its stake in CECO Environmental by 69.3% in the 2nd quarter. Arizona State Retirement System now owns 14,084 shares of the company’s stock worth $1,278,000 after purchasing an additional 5,763 shares during the period. Nykredit A S acquired a new position in CECO Environmental in the 2nd quarter worth approximately $176,000. Finally, Amundi grew its position in CECO Environmental by 17.8% during the 2nd quarter. Amundi now owns 198,106 shares of the company’s stock worth $17,976,000 after purchasing an additional 29,907 shares in the last quarter. 68.08% of the stock is currently owned by institutional investors.

About CECO Environmental

CECO Environmental Corp. (NASDAQ: CECO) is an environmental technology company that provides engineered solutions for industrial air quality, water and wastewater treatment, and related process applications. Its systems are designed to help industrial customers control emissions, improve operational efficiency, and meet environmental and regulatory requirements.

The company offers products and services including industrial dust and particulate collectors, filtration systems, scrubbers, fans, dampers, valves, thermal and catalytic oxidizers, and other air-pollution-control equipment.