CECO Environmental (NASDAQ:CECO) Sets New 1-Year High – Here’s Why

Shares of CECO Environmental Corp. (NASDAQ:CECO) hit a new 52-week high on Monday . The stock traded as high as $31.79 and last traded at $31.75, with a volume of 5553 shares. The stock had previously closed at $31.36.

Wall Street Analysts Forecast Growth

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

CECO Environmental Trading Down 1.7 %

The company’s fifty day moving average is $27.01 and its 200-day moving average is $26.90. The company has a current ratio of 1.30, a quick ratio of 1.12 and a debt-to-equity ratio of 0.50. The firm has a market capitalization of $1.13 billion, a P/E ratio of 98.30, a P/E/G ratio of 2.66 and a beta of 1.35.

CECO Environmental (NASDAQ:CECO) last released its quarterly earnings results on Tuesday, October 29th. The company reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.05). The firm had revenue of $135.50 million for the quarter, compared to the consensus estimate of $155.94 million. CECO Environmental had a net margin of 2.16% and a return on equity of 11.12%. The firm’s revenue was down 9.3% on a year-over-year basis. During the same quarter last year, the company earned $0.22 earnings per share. As a group, sell-side analysts anticipate that CECO Environmental Corp. will post 0.79 earnings per share for the current fiscal year.

Insider Buying and Selling at CECO Environmental

In related news, Director Richard F. Wallman purchased 10,000 shares of the firm’s stock in a transaction on Friday, August 30th. The shares were bought at an average cost of $28.77 per share, for a total transaction of $287,700.00. Following the transaction, the director now directly owns 62,000 shares of the company’s stock, valued at approximately $1,783,740. This trade represents a 19.23 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 16.90% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Barclays PLC grew its position in CECO Environmental by 115.0% during the third quarter. Barclays PLC now owns 63,615 shares of the company’s stock worth $1,795,000 after buying an additional 34,027 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of CECO Environmental by 1.7% during the 3rd quarter. Geode Capital Management LLC now owns 689,487 shares of the company’s stock worth $19,448,000 after purchasing an additional 11,857 shares in the last quarter. Gordian Capital Singapore Pte Ltd grew its holdings in shares of CECO Environmental by 153.9% during the 3rd quarter. Gordian Capital Singapore Pte Ltd now owns 35,500 shares of the company’s stock worth $1,001,000 after purchasing an additional 21,517 shares in the last quarter. SageView Advisory Group LLC increased its position in shares of CECO Environmental by 89.4% during the third quarter. SageView Advisory Group LLC now owns 28,840 shares of the company’s stock valued at $813,000 after purchasing an additional 13,615 shares during the period. Finally, Morse Asset Management Inc acquired a new position in shares of CECO Environmental in the third quarter valued at $76,000. Institutional investors and hedge funds own 68.08% 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.