CECO Environmental (NASDAQ:CECO) Shares Up 5.4% Following Analyst Upgrade

CECO Environmental Corp. (NASDAQ:CECO) shot up 5.4% during trading on Tuesday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The company traded as high as $67.08 and last traded at $68.1320. Approximately 967,905 shares were traded during mid-day trading, an increase of 31% from the average session volume of 738,801 shares. The stock had previously closed at $64.64.

Several other equities research analysts also recently commented on CECO. Needham & Company LLC reissued a “buy” rating and issued a $110.00 price objective on shares of CECO Environmental in a report on Tuesday, August 11th. Northland Securities set a $125.00 target price on shares of CECO Environmental in a report on Thursday, August 13th. TD Cowen initiated coverage on shares of CECO Environmental in a research note on Wednesday, August 5th. They issued a “buy” rating and a $85.00 price target on the stock. Weiss Ratings cut shares of CECO Environmental from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, September 16th. Finally, JPMorgan Chase & Co. lowered their price target on shares of CECO Environmental from $130.00 to $110.00 and set an “overweight” rating on the stock in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, CECO Environmental currently has an average rating of “Moderate Buy” and a consensus price target of $102.38.

Hedge Funds Weigh In On CECO Environmental

Several large investors have recently bought and sold shares of CECO. State of Alaska Department of Revenue raised its stake in shares of CECO Environmental by 55.9% in the third quarter. State of Alaska Department of Revenue now owns 2,883 shares of the company’s stock worth $200,000 after buying an additional 1,034 shares during the period. Ulland Investment Advisors LLC bought a new position in shares of CECO Environmental during the third quarter worth $99,000. Contravisory Investment Management Inc. grew its stake in CECO Environmental by 16.7% during the third quarter. Contravisory Investment Management Inc. now owns 4,539 shares of the company’s stock valued at $316,000 after acquiring an additional 651 shares in the last quarter. Farther Finance Advisors LLC grew its stake in CECO Environmental by 23.1% during the third quarter. Farther Finance Advisors LLC now owns 1,644 shares of the company’s stock valued at $114,000 after acquiring an additional 308 shares in the last quarter. Finally, Whalen Wealth Management Inc. grew its stake in CECO Environmental by 37.8% during the third quarter. Whalen Wealth Management Inc. now owns 3,662 shares of the company’s stock valued at $255,000 after acquiring an additional 1,004 shares in the last quarter. 68.08% of the stock is currently owned by institutional investors.

CECO Environmental Stock Performance

The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.18 and a current ratio of 1.50. The company has a market capitalization of $3.49 billion, a P/E ratio of -86.35 and a beta of 1.50. The business’s fifty day simple moving average is $72.33 and its 200-day simple moving average is $75.97.

CECO Environmental (NASDAQ:CECO) last announced its quarterly earnings results on Monday, August 10th. The company reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.21. CECO Environmental had a negative net margin of 3.39% and a positive return on equity of 7.36%. The firm had revenue of $284.96 million during the quarter, compared to the consensus estimate of $282.21 million. During the same quarter last year, the firm earned $0.26 EPS. The firm’s revenue for the quarter was up 53.7% compared to the same quarter last year. As a group, equities analysts anticipate that CECO Environmental Corp. will post 2.43 earnings per share for the current fiscal year.

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.