CECO Environmental Corp. (NASDAQ:CECO) Sees Significant Increase in Short Interest

CECO Environmental Corp. (NASDAQ:CECO) saw a large growth in short interest during the month of October. As of October 31st, there was short interest totalling 1,830,000 shares, a growth of 21.2% from the October 15th total of 1,510,000 shares. Based on an average daily volume of 223,900 shares, the short-interest ratio is currently 8.2 days. Approximately 6.2% of the company’s stock are short sold.

CECO Environmental Trading Up 4.2 %

Shares of NASDAQ CECO traded up $1.10 during mid-day trading on Friday, hitting $27.20. 476,477 shares of the company traded hands, compared to its average volume of 341,744. The company has a quick ratio of 1.12, a current ratio of 1.30 and a debt-to-equity ratio of 0.50. CECO Environmental has a 1 year low of $18.50 and a 1 year high of $31.55. The stock has a market capitalization of $951.46 million, a price-to-earnings ratio of 82.43, a PEG ratio of 2.31 and a beta of 1.35. The business has a 50 day moving average of $26.60 and a two-hundred day moving average of $26.58.

CECO Environmental (NASDAQ:CECO) last released its 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). CECO Environmental had a return on equity of 11.12% and a net margin of 2.16%. The firm had revenue of $135.50 million during the quarter, compared to analysts’ expectations of $155.94 million. During the same period last year, the business earned $0.22 earnings per share. The business’s revenue was down 9.3% on a year-over-year basis. On average, sell-side analysts anticipate that CECO Environmental will post 0.79 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

Insider Transactions at CECO Environmental

In other CECO Environmental news, Director Richard F. Wallman purchased 10,000 shares of the firm’s stock in a transaction dated 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 completion of the purchase, the director now owns 62,000 shares in the company, valued at $1,783,740. This trade represents a 19.23 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 16.90% of the company’s stock.

Institutional Trading of CECO Environmental

A number of hedge funds have recently modified their holdings of the business. First Horizon Advisors Inc. grew its position in 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 purchasing an additional 591 shares in the last quarter. CWM LLC increased its stake in shares of CECO Environmental by 45.3% in the second 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 stake in shares of CECO Environmental during the third quarter worth $69,000. Morse Asset Management Inc acquired a new stake in CECO Environmental during the third quarter valued at $76,000. Finally, EntryPoint Capital LLC purchased a new position in CECO Environmental in the first quarter valued at about $72,000. Hedge funds and other institutional investors 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.