CECO Environmental (NASDAQ:CECO) Stock Falls 7.6% – What’s Next?

CECO Environmental Corp. (NASDAQ:CECO)’s stock price traded down 7.6% during mid-day trading on Wednesday. The company traded as low as $70.74 and last traded at $69.7190. 156,997 shares traded hands during trading, a decline of 78% from the average daily volume of 727,299 shares. The stock had previously closed at $75.45.

Wall Street Analyst Weigh In

Several research firms have weighed in on CECO. Zacks Research cut CECO Environmental from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 11th. Needham & Company LLC restated a “buy” rating and set a $110.00 target price on shares of CECO Environmental in a report on Tuesday, August 11th. Weiss Ratings lowered CECO Environmental from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, September 16th. JPMorgan Chase & Co. assumed coverage on shares of CECO Environmental in a report on Thursday, July 9th. They issued an “overweight” rating and a $130.00 price target on the stock. Finally, TD Cowen assumed coverage on shares of CECO Environmental in a report on Wednesday, August 5th. They issued a “buy” rating and a $85.00 price objective for the company. Eight research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, CECO Environmental currently has a consensus rating of “Moderate Buy” and a consensus target price of $104.88.

CECO Environmental Stock Performance

The business has a fifty day simple moving average of $72.37 and a 200-day simple moving average of $75.69. The firm has a market cap of $4.18 billion, a P/E ratio of -103.22 and a beta of 1.50. The company has a quick ratio of 1.18, a current ratio of 1.50 and a debt-to-equity ratio of 0.34.

CECO Environmental (NASDAQ:CECO) last issued its quarterly earnings results on Monday, August 10th. The company reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.21. The company had revenue of $284.96 million during the quarter, compared to analysts’ expectations of $282.21 million. CECO Environmental had a negative net margin of 3.39% and a positive return on equity of 7.36%. CECO Environmental’s revenue was up 53.7% on a year-over-year basis. During the same period last year, the company posted $0.26 EPS. On average, sell-side analysts predict that CECO Environmental Corp. will post 2.43 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CECO. BlackRock Inc. bought a new stake in CECO Environmental in the second quarter worth $392,358,000. Jupiter Topco LLC purchased a new position in shares of CECO Environmental in the 2nd quarter worth about $86,194,000. Dimensional Fund Advisors LP boosted its stake in CECO Environmental by 0.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 903,291 shares of the company’s stock worth $53,813,000 after purchasing an additional 7,751 shares in the last quarter. Emerald Advisers LLC grew its position in CECO Environmental by 14.1% during the 1st quarter. Emerald Advisers LLC now owns 523,017 shares of the company’s stock valued at $31,161,000 after purchasing an additional 64,492 shares during the last quarter. Finally, Legal & General Group Plc purchased a new stake in CECO Environmental during the 2nd quarter valued at about $40,461,000. Institutional investors own 68.08% of the company’s stock.

About CECO Environmental

CECO Environmental Corp. (NASDAQ: CECO) is an environmental technology company that provides engineered solutions for industrial air quality, fluid handling, and water and wastewater treatment. Its systems are designed to help customers control emissions, improve process efficiency, protect workers, and comply with environmental regulations.

The company offers products and services including air pollution control equipment, industrial ventilation systems, filtration and separation technologies, thermal processing solutions, pumps and other fluid-handling equipment, and water and wastewater treatment systems.