King Luther Capital Management Corp Cuts Stake in CECO Environmental Corp. (NASDAQ:CECO)

King Luther Capital Management Corp lowered its holdings in shares of CECO Environmental Corp. (NASDAQ:CECO) by 20.0% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,010,550 shares of the company’s stock after selling 252,808 shares during the period. King Luther Capital Management Corp owned about 2.89% of CECO Environmental worth $28,498,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in CECO. First Horizon Advisors Inc. grew its stake in shares of CECO Environmental by 71.6% during the third quarter. First Horizon Advisors Inc. now owns 1,416 shares of the company’s stock valued at $40,000 after buying an additional 591 shares during the last quarter. CWM LLC grew its position in CECO Environmental by 45.3% during the 2nd quarter. CWM LLC now owns 2,270 shares of the company’s stock worth $65,000 after acquiring an additional 708 shares during the last quarter. Quest Partners LLC purchased a new position in CECO Environmental in the 3rd quarter worth approximately $69,000. EntryPoint Capital LLC bought a new stake in CECO Environmental in the first quarter valued at approximately $72,000. Finally, Eastern Bank purchased a new stake in shares of CECO Environmental during the third quarter valued at approximately $113,000. Hedge funds and other institutional investors own 68.08% of the company’s stock.

Insider Buying and Selling

In related news, Director Richard F. Wallman acquired 10,000 shares of CECO Environmental stock in a transaction that occurred on Friday, August 30th. The stock was bought at an average price of $28.77 per share, with a total value of $287,700.00. Following the transaction, the director now directly 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 legal filing with the SEC, which can be accessed through the SEC website. 16.90% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts recently commented on CECO shares. Roth Mkm lifted their target price on shares of CECO Environmental from $26.00 to $35.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Northland Securities upped their price objective on shares of CECO Environmental from $28.00 to $35.00 and gave the company an “outperform” rating in a research note on Thursday, August 1st. Needham & Company LLC cut their target price on CECO Environmental from $35.00 to $33.00 and set a “buy” rating on the stock in a research note on Wednesday, October 30th. Craig Hallum increased their price objective on CECO Environmental from $28.00 to $34.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Finally, HC Wainwright reissued a “buy” rating and set a $35.00 target price on shares of CECO Environmental in a research note on Wednesday, October 30th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $34.40.

CECO Environmental Stock Performance

CECO Environmental stock opened at $30.20 on Friday. CECO Environmental Corp. has a fifty-two week low of $18.50 and a fifty-two week high of $31.55. The stock has a market cap of $1.06 billion, a price-to-earnings ratio of 91.52, a PEG ratio of 2.52 and a beta of 1.35. The stock’s 50 day simple moving average is $26.85 and its two-hundred day simple moving average is $26.75. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.12 and a current ratio of 1.30.

CECO Environmental (NASDAQ:CECO) last issued its quarterly 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). The firm had revenue of $135.50 million during the quarter, compared to analysts’ expectations of $155.94 million. CECO Environmental had a return on equity of 11.12% and a net margin of 2.16%. CECO Environmental’s revenue for the quarter was down 9.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.22 earnings per share. As a group, analysts expect that CECO Environmental Corp. will post 0.79 earnings per share for the current fiscal year.

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.