Hennessy Advisors Inc. Sells 42,600 Shares of CECO Environmental Corp. (NASDAQ:CECO)

Hennessy Advisors Inc. reduced its holdings in shares of CECO Environmental Corp. (NASDAQ:CECO) by 20.8% in the first quarter, HoldingsChannel reports. The fund owned 162,200 shares of the company’s stock after selling 42,600 shares during the period. Hennessy Advisors Inc.’s holdings in CECO Environmental were worth $3,734,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of CECO. Tower Research Capital LLC TRC increased its position in CECO Environmental by 89.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 4,641 shares of the company’s stock valued at $94,000 after buying an additional 2,195 shares in the last quarter. AJOVista LLC purchased a new stake in shares of CECO Environmental in the fourth quarter worth $57,000. Weil Company Inc. increased its holdings in shares of CECO Environmental by 24.1% during the fourth quarter. Weil Company Inc. now owns 18,030 shares of the company’s stock valued at $366,000 after acquiring an additional 3,500 shares in the last quarter. Kessler Investment Group LLC purchased a new position in shares of CECO Environmental in the 4th quarter worth about $125,000. Finally, Calamos Advisors LLC boosted its stake in CECO Environmental by 3.5% in the 4th quarter. Calamos Advisors LLC now owns 217,741 shares of the company’s stock worth $4,416,000 after purchasing an additional 7,430 shares in the last quarter. Hedge funds and other institutional investors own 68.08% of the company’s stock.

Insider Activity at CECO Environmental

In other news, Director Richard F. Wallman bought 5,000 shares of the company’s stock in a transaction on Wednesday, May 1st. The shares were acquired at an average cost of $21.95 per share, with a total value of $109,750.00. Following the completion of the transaction, the director now owns 191,853 shares of the company’s stock, valued at approximately $4,211,173.35. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other CECO Environmental news, Director Richard F. Wallman acquired 4,000 shares of the business’s stock in a transaction dated Tuesday, May 21st. The stock was purchased at an average price of $24.50 per share, with a total value of $98,000.00. Following the transaction, the director now directly owns 205,319 shares in the company, valued at approximately $5,030,315.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Richard F. Wallman acquired 5,000 shares of CECO Environmental stock in a transaction dated Wednesday, May 1st. The stock was bought at an average price of $21.95 per share, with a total value of $109,750.00. Following the completion of the purchase, the director now directly owns 191,853 shares in the company, valued at $4,211,173.35. The disclosure for this purchase can be found here. 16.90% of the stock is owned by company insiders.

CECO Environmental Stock Performance

Shares of CECO traded up $0.75 during mid-day trading on Thursday, hitting $27.20. 357,939 shares of the company traded hands, compared to its average volume of 261,081. CECO Environmental Corp. has a 1 year low of $11.46 and a 1 year high of $27.23. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.19 and a current ratio of 1.38. The stock has a 50-day moving average price of $24.43 and a two-hundred day moving average price of $22.19. The stock has a market cap of $950.37 million, a price-to-earnings ratio of 77.71, a P/E/G ratio of 1.86 and a beta of 1.35.

CECO Environmental (NASDAQ:CECO) last announced its earnings results on Tuesday, April 30th. The company reported $0.11 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.11. The business had revenue of $126.30 million during the quarter, compared to analyst estimates of $135.82 million. CECO Environmental had a net margin of 2.23% and a return on equity of 11.57%. The company’s quarterly revenue was up 12.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.10 EPS. Equities analysts anticipate that CECO Environmental Corp. will post 0.94 earnings per share for the current year.

Wall Street Analyst Weigh In

CECO has been the subject of a number of analyst reports. Craig Hallum raised their price objective on shares of CECO Environmental from $25.00 to $28.00 and gave the company a “buy” rating in a research note on Wednesday, May 1st. HC Wainwright restated a “buy” rating and issued a $30.00 price objective on shares of CECO Environmental in a report on Wednesday, May 1st. Roth Mkm upped their price objective on CECO Environmental from $22.00 to $25.00 and gave the company a “buy” rating in a research report on Wednesday, March 6th. Northland Securities lifted their target price on CECO Environmental from $27.00 to $28.00 and gave the stock an “outperform” rating in a report on Wednesday, March 6th. Finally, Needham & Company LLC boosted their price target on CECO Environmental from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday, May 1st. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, CECO Environmental has a consensus rating of “Buy” and a consensus target price of $27.40.

CECO Environmental 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.