CECO Environmental (NASDAQ:CECO) Trading Down 3.3% – Here’s Why

CECO Environmental Corp. (NASDAQ:CECO) shares were down 3.3% during trading on Wednesday . The stock traded as low as $22.45 and last traded at $22.32. Approximately 4,208 shares changed hands during mid-day trading, a decline of 99% from the average daily volume of 282,268 shares. The stock had previously closed at $23.09.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CECO. Craig Hallum raised their price target on CECO Environmental from $34.00 to $40.00 and gave the company a “buy” rating in a report on Monday, January 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $33.00 price target on shares of CECO Environmental in a report on Wednesday, February 26th. Northland Securities increased their price objective on shares of CECO Environmental from $35.00 to $38.00 and gave the stock an “outperform” rating in a report on Friday, December 20th. Finally, HC Wainwright reiterated a “neutral” rating on shares of CECO Environmental in a research report on Wednesday, February 26th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $36.20.

CECO Environmental Price Performance

The company has a current ratio of 1.30, a quick ratio of 1.12 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $773.84 million, a P/E ratio of 67.02, a PEG ratio of 1.39 and a beta of 1.43. The company has a fifty day simple moving average of $25.40 and a two-hundred day simple moving average of $27.69.

CECO Environmental (NASDAQ:CECO) last posted its quarterly earnings results on Tuesday, February 25th. The company reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.05. CECO Environmental had a net margin of 2.16% and a return on equity of 11.12%. The business had revenue of $158.60 million during the quarter, compared to the consensus estimate of $156.09 million. During the same period in the previous year, the firm posted $0.28 earnings per share. CECO Environmental’s revenue for the quarter was up 3.2% compared to the same quarter last year. Sell-side analysts expect that CECO Environmental Corp. will post 0.67 EPS for the current fiscal year.

Insider Activity at CECO Environmental

In related news, Director Richard F. Wallman bought 1,000 shares of CECO Environmental stock in a transaction that occurred on Wednesday, February 26th. The stock was purchased at an average cost of $25.15 per share, with a total value of $25,150.00. Following the purchase, the director now owns 207,117 shares in the company, valued at approximately $5,208,992.55. This trade represents a 0.49 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Peter K. Johansson sold 5,601 shares of the company’s stock in a transaction that occurred on Thursday, March 27th. The stock was sold at an average price of $24.15, for a total value of $135,264.15. Following the transaction, the insider now directly owns 84,660 shares of the company’s stock, valued at approximately $2,044,539. This trade represents a 6.21 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 16.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Capital International Investors raised its stake in CECO Environmental by 12.1% in the 4th quarter. Capital International Investors now owns 1,971,334 shares of the company’s stock worth $59,593,000 after purchasing an additional 212,476 shares in the last quarter. Hood River Capital Management LLC boosted its holdings in shares of CECO Environmental by 63.0% during the 4th quarter. Hood River Capital Management LLC now owns 1,740,740 shares of the company’s stock valued at $52,623,000 after acquiring an additional 673,050 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of CECO Environmental by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 1,648,674 shares of the company’s stock valued at $49,839,000 after acquiring an additional 9,023 shares in the last quarter. King Luther Capital Management Corp grew its holdings in shares of CECO Environmental by 2.3% during the fourth quarter. King Luther Capital Management Corp now owns 1,033,789 shares of the company’s stock worth $31,251,000 after purchasing an additional 23,239 shares during the last quarter. Finally, Royce & Associates LP raised its holdings in CECO Environmental by 27.2% in the 4th quarter. Royce & Associates LP now owns 915,212 shares of the company’s stock valued at $27,667,000 after buying an additional 195,425 shares during the last quarter. Institutional investors own 68.08% of the company’s stock.

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.