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

CECO Environmental Corp. (NASDAQ:CECO) saw a significant 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 trading volume, of 223,900 shares, the short-interest ratio is presently 8.2 days. Approximately 6.2% of the company’s stock are short sold.

Analyst Ratings Changes

CECO has been the topic of several research analyst reports. Roth Mkm raised their price objective 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 boosted 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. HC Wainwright reiterated a “buy” rating and issued a $35.00 target price on shares of CECO Environmental in a research note on Wednesday, October 30th. Craig Hallum boosted their price target on CECO Environmental from $28.00 to $34.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Finally, Needham & Company LLC reduced their price objective on CECO Environmental from $35.00 to $33.00 and set a “buy” rating for the company in a research report on Wednesday, October 30th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, CECO Environmental presently has an average rating of “Buy” and a consensus target price of $34.40.

CECO Environmental Trading Up 4.2 %

CECO Environmental stock traded up $1.10 during mid-day trading on Friday, hitting $27.20. 476,477 shares of the company’s stock were exchanged, compared to its average volume of 341,744. The firm has a market capitalization of $951.46 million, a P/E ratio of 82.43, a PEG ratio of 2.31 and a beta of 1.35. The company has a quick ratio of 1.12, a current ratio of 1.30 and a debt-to-equity ratio of 0.50. The company’s 50 day simple moving average is $26.60 and its 200-day simple moving average is $26.58. CECO Environmental has a fifty-two week low of $18.50 and a fifty-two week high of $31.55.

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). CECO Environmental had a return on equity of 11.12% and a net margin of 2.16%. The business had revenue of $135.50 million for the quarter, compared to the consensus estimate of $155.94 million. During the same period in the prior year, the business earned $0.22 earnings per share. CECO Environmental’s revenue was down 9.3% compared to the same quarter last year. On average, equities analysts anticipate that CECO Environmental will post 0.79 earnings per share for the current year.

Insiders Place Their Bets

In other CECO Environmental news, Director Richard F. Wallman bought 10,000 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The stock was purchased at an average price of $28.77 per share, for a total transaction of $287,700.00. Following the purchase, the director now directly owns 62,000 shares in the company, valued at $1,783,740. This trade represents a 19.23 % increase in their ownership of the stock. The acquisition 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 Inflows and Outflows

Several institutional investors have recently modified their holdings of CECO. BNP Paribas Financial Markets boosted its position in CECO Environmental by 247.5% during the first quarter. BNP Paribas Financial Markets now owns 44,520 shares of the company’s stock worth $1,025,000 after purchasing an additional 31,707 shares during the period. Boston Partners acquired a new position in CECO Environmental in the 1st quarter valued at about $516,000. Vanguard Group Inc. raised its holdings in CECO Environmental by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 1,526,395 shares of the company’s stock valued at $35,138,000 after acquiring an additional 24,812 shares during the period. Sei Investments Co. lifted its position in CECO Environmental by 35.2% during the first quarter. Sei Investments Co. now owns 70,129 shares of the company’s stock worth $1,614,000 after acquiring an additional 18,272 shares during the last quarter. Finally, Hood River Capital Management LLC bought a new stake in shares of CECO Environmental during the second quarter worth approximately $15,495,000. 68.08% of the stock is currently owned by institutional investors and hedge funds.

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.