Essex Investment Management Co. LLC Sells 53,380 Shares of CECO Environmental Corp. (NASDAQ:CECO)

Essex Investment Management Co. LLC cut its position in shares of CECO Environmental Corp. (NASDAQ:CECO) by 25.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 155,046 shares of the company’s stock after selling 53,380 shares during the period. Essex Investment Management Co. LLC owned approximately 0.44% of CECO Environmental worth $4,687,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CECO. Principal Financial Group Inc. boosted its stake in CECO Environmental by 17.6% during the third quarter. Principal Financial Group Inc. now owns 22,246 shares of the company’s stock valued at $627,000 after buying an additional 3,330 shares during the last quarter. Quest Partners LLC bought a new stake in shares of CECO Environmental in the 3rd quarter valued at approximately $69,000. First Horizon Advisors Inc. lifted its stake in shares of CECO Environmental by 71.6% in the 3rd 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. Charles Schwab Investment Management Inc. lifted its stake in shares of CECO Environmental by 185.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 235,497 shares of the company’s stock valued at $6,641,000 after purchasing an additional 152,893 shares during the last quarter. Finally, FMR LLC lifted its stake in shares of CECO Environmental by 23.5% in the 3rd quarter. FMR LLC now owns 786,308 shares of the company’s stock valued at $22,174,000 after purchasing an additional 149,777 shares during the last quarter. 68.08% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In other news, Director Richard F. Wallman acquired 1,000 shares of CECO Environmental stock in a transaction on Wednesday, February 26th. The shares were bought at an average cost of $25.15 per share, for a total transaction of $25,150.00. Following the acquisition, the director now directly owns 207,117 shares of the company’s stock, valued at $5,208,992.55. This trade represents a 0.49 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. 16.90% of the stock is currently owned by company insiders.

CECO Environmental Price Performance

Shares of CECO stock opened at $24.24 on Friday. CECO Environmental Corp. has a 52-week low of $20.00 and a 52-week high of $35.16. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.12 and a current ratio of 1.30. The firm has a market capitalization of $848.16 million, a P/E ratio of 73.46, a P/E/G ratio of 1.39 and a beta of 1.43. The stock has a 50 day moving average price of $27.93 and a 200 day moving average price of $28.12.

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

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.