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

CECO Environmental Corp. (NASDAQ:CECO) was the target of 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 volume of 223,900 shares, the days-to-cover ratio is currently 8.2 days. Currently, 6.2% of the shares of the stock are short sold.

CECO Environmental Stock Up 4.2 %

Shares of CECO traded up $1.10 during midday trading on Friday, reaching $27.20. 476,477 shares of the company were exchanged, compared to its average volume of 341,744. The company has a current ratio of 1.30, a quick ratio of 1.12 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 company has a market cap of $951.46 million, a price-to-earnings ratio of 82.43, a P/E/G ratio of 2.31 and a beta of 1.35. The stock has a 50-day moving average price of $26.60 and a 200-day moving average price of $26.58.

CECO Environmental (NASDAQ:CECO) last released its quarterly 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 return on equity of 11.12% and a net margin of 2.16%. The company had revenue of $135.50 million during the quarter, compared to analysts’ expectations of $155.94 million. During the same quarter in the prior year, the company earned $0.22 EPS. The firm’s revenue was down 9.3% compared to the same quarter last year. Research analysts expect that CECO Environmental will post 0.79 earnings per share for the current year.

Insider Transactions at CECO Environmental

In related news, Director Richard F. Wallman acquired 10,000 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The shares were acquired 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 directly owns 62,000 shares in the company, valued at approximately $1,783,740. The trade was a 19.23 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 16.90% of the company’s stock.

Institutional Trading of CECO Environmental

Hedge funds have recently made changes to their positions in the stock. First Horizon Advisors Inc. raised its holdings in CECO Environmental by 71.6% in the third quarter. First Horizon Advisors Inc. now owns 1,416 shares of the company’s stock valued at $40,000 after acquiring an additional 591 shares in the last quarter. CWM LLC increased its holdings in CECO Environmental by 45.3% in the second quarter. CWM LLC now owns 2,270 shares of the company’s stock valued at $65,000 after buying an additional 708 shares during the last quarter. Quest Partners LLC acquired a new position in shares of CECO Environmental in the 3rd quarter worth approximately $69,000. EntryPoint Capital LLC bought a new stake in shares of CECO Environmental in the 1st quarter valued at approximately $72,000. Finally, Morse Asset Management Inc acquired a new stake in shares of CECO Environmental during the 3rd quarter valued at approximately $76,000. Institutional investors and hedge funds own 68.08% of the company’s stock.

Analyst Upgrades and Downgrades

CECO has been the subject of a number of recent research reports. Needham & Company LLC lowered their price target on shares of CECO Environmental from $35.00 to $33.00 and set a “buy” rating for the company in a report on Wednesday, October 30th. Craig Hallum increased their price target on shares of CECO Environmental from $28.00 to $34.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Roth Mkm boosted their price objective on shares of CECO Environmental from $26.00 to $35.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Northland Securities lifted their target price on CECO Environmental from $28.00 to $35.00 and gave the company an “outperform” rating in a report on Thursday, August 1st. Finally, HC Wainwright restated a “buy” rating and set a $35.00 price target on shares of CECO Environmental in a research note on Wednesday, October 30th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, CECO Environmental has an average rating of “Buy” and an average target price of $34.40.

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.