CECO Environmental (NASDAQ:CECO) Shares Down 3.9%

CECO Environmental Corp. (NASDAQ:CECO)’s share price dropped 3.9% during trading on Tuesday . The company traded as low as $26.67 and last traded at $26.67. Approximately 114,797 shares were traded during mid-day trading, a decline of 60% from the average daily volume of 283,779 shares. The stock had previously closed at $27.74.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on CECO. Roth Mkm upped their price target 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. Needham & Company LLC increased their target price on shares of CECO Environmental from $34.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Craig Hallum boosted their price target on CECO Environmental from $28.00 to $34.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. HC Wainwright increased their price objective on shares of CECO Environmental from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Finally, Northland Securities increased their price objective on CECO Environmental from $28.00 to $35.00 and gave the company an “outperform” rating in a research note on Thursday, August 1st. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $34.80.

CECO Environmental Trading Down 2.8 %

The business has a 50 day simple moving average of $27.18 and a 200-day simple moving average of $24.22. The company has a current ratio of 1.36, a quick ratio of 1.19 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $942.22 million, a price-to-earnings ratio of 79.51, a price-to-earnings-growth ratio of 2.07 and a beta of 1.37.

CECO Environmental (NASDAQ:CECO) last released its earnings results on Tuesday, July 30th. The company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.04. The firm had revenue of $137.50 million during the quarter, compared to the consensus estimate of $143.33 million. CECO Environmental had a net margin of 2.33% and a return on equity of 12.35%. CECO Environmental’s revenue was up 6.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.15 earnings per share. On average, equities analysts predict that CECO Environmental Corp. will post 0.92 earnings per share for the current year.

Insider Buying and Selling

In other CECO Environmental news, Director Richard F. Wallman purchased 4,000 shares of CECO Environmental stock in a transaction on Tuesday, May 21st. The shares were purchased at an average cost of $24.50 per share, with a total value of $98,000.00. Following the completion of the transaction, the director now directly owns 205,319 shares in the company, valued at approximately $5,030,315.50. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 16.90% of the company’s stock.

Hedge Funds Weigh In On CECO Environmental

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Robeco Schweiz AG raised its stake in shares of CECO Environmental by 375.2% during the second quarter. Robeco Schweiz AG now owns 565,255 shares of the company’s stock valued at $16,308,000 after purchasing an additional 446,305 shares during the period. Thrivent Financial for Lutherans purchased a new stake in CECO Environmental during the 2nd quarter worth $11,857,000. Allspring Global Investments Holdings LLC lifted its holdings in CECO Environmental by 651,526.7% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 293,232 shares of the company’s stock worth $8,460,000 after buying an additional 293,187 shares in the last quarter. Hennessy Advisors Inc. acquired a new stake in shares of CECO Environmental during the fourth quarter valued at about $4,153,000. Finally, Great Lakes Advisors LLC purchased a new stake in shares of CECO Environmental during the fourth quarter worth about $2,720,000. 68.08% of the stock is owned by institutional investors and hedge funds.

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.