CECO Environmental (NASDAQ:CECO) Trading 4.8% Higher – Here’s Why

CECO Environmental Corp. (NASDAQ:CECO)’s stock price shot up 4.8% during mid-day trading on Monday . The company traded as high as $30.92 and last traded at $30.87. 140,905 shares traded hands during trading, a decline of 48% from the average session volume of 270,601 shares. The stock had previously closed at $29.47.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on CECO shares. Northland Securities lifted their price target on shares of CECO Environmental from $35.00 to $38.00 and gave the company an “outperform” rating in a research report on Friday, December 20th. Needham & Company LLC dropped their price objective on CECO Environmental from $35.00 to $33.00 and set a “buy” rating for the company in a report on Wednesday, October 30th. Finally, HC Wainwright reiterated a “buy” rating and set a $35.00 target price on shares of CECO Environmental in a research report on Wednesday, October 30th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $35.00.

CECO Environmental Trading Up 3.6 %

The firm’s 50-day simple moving average is $28.82 and its 200 day simple moving average is $28.05. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.30 and a quick ratio of 1.12. The firm has a market capitalization of $1.07 billion, a price-to-earnings ratio of 92.55, a P/E/G ratio of 2.92 and a beta of 1.41.

CECO Environmental (NASDAQ:CECO) last announced its quarterly earnings data 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 quarter in the prior year, the company earned $0.22 earnings per share. CECO Environmental’s quarterly revenue was down 9.3% compared to the same quarter last year. Equities analysts expect that CECO Environmental Corp. will post 0.79 earnings per share for the current year.

Hedge Funds Weigh In On CECO Environmental

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. First Horizon Advisors Inc. raised its position 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 purchasing an additional 591 shares during the last quarter. Quest Partners LLC acquired a new position in shares of CECO Environmental in the third quarter valued at approximately $69,000. Morse Asset Management Inc bought a new position in CECO Environmental in the 3rd quarter valued at approximately $76,000. Eastern Bank acquired a new stake in CECO Environmental during the 3rd quarter worth approximately $113,000. Finally, Arizona State Retirement System bought a new stake in CECO Environmental during the 2nd quarter worth approximately $239,000. Institutional investors 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.