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

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

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Needham & Company LLC cut 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. HC Wainwright reaffirmed a “buy” rating and issued a $35.00 price target on shares of CECO Environmental in a research note on Wednesday, October 30th. Roth Mkm increased their price objective on 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 lifted 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. Finally, Craig Hallum upped their target price on shares of CECO Environmental from $28.00 to $34.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $34.40.

CECO Environmental Price Performance

The stock has a fifty day moving average of $27.01 and a two-hundred day moving average of $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 stock has a market capitalization of $1.13 billion, a price-to-earnings ratio of 98.30, a PEG ratio of 2.66 and a beta of 1.35.

CECO Environmental (NASDAQ:CECO) last announced its earnings results on Tuesday, October 29th. The company reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.05). CECO Environmental had a net margin of 2.16% and a return on equity of 11.12%. The business had revenue of $135.50 million during the quarter, compared to analyst estimates of $155.94 million. During the same quarter last year, the business posted $0.22 earnings per share. The business’s quarterly revenue was down 9.3% compared to the same quarter last year. As a group, equities research analysts forecast that CECO Environmental Corp. will post 0.79 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Richard F. Wallman bought 10,000 shares of the stock in a transaction dated Friday, August 30th. The stock was bought at an average cost of $28.77 per share, with a total value of $287,700.00. Following the purchase, the director now owns 62,000 shares of the company’s stock, valued at approximately $1,783,740. This represents a 19.23 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 16.90% of the company’s stock.

Hedge Funds Weigh In On CECO Environmental

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

About CECO Environmental

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.