CECO Environmental (NASDAQ:CECO) Sets New 12-Month High Following Strong Earnings

Key Points

• CECO Environmental's stock hit a new 52-week high of $39.59 after reporting earnings of $0.24 per share, exceeding estimates of $0.20.
• Brokerages have upgraded CECO Environmental, with HC Wainwright and Needham & Company raising their target prices and ratings for the stock.
• Institutional investors now own 68.08% of CECO Environmental's shares, highlighting significant interest from large investors.

CECO Environmental Corp. (NASDAQ:CECO - Get Free Report)'s share price hit a new 52-week high during trading on Tuesday following a better than expected earnings announcement. The company traded as high as $38.90 and last traded at $39.59, with a volume of 131619 shares changing hands. The stock had previously closed at $34.71.

The company reported $0.24 EPS for the quarter, topping analysts' consensus estimates of $0.20 by $0.04. The business had revenue of $185.39 million for the quarter, compared to analyst estimates of $178.66 million. CECO Environmental had a net margin of 7.99% and a return on equity of 10.00%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Lake Street Capital reaffirmed a "buy" rating and issued a $56.00 price target on shares of CECO Environmental in a research report on Wednesday. Needham & Company LLC lifted their price objective on shares of CECO Environmental from $34.00 to $44.00 and gave the stock a "buy" rating in a research report on Tuesday. Citigroup reaffirmed an "outperform" rating on shares of CECO Environmental in a research report on Wednesday. HC Wainwright lifted their price objective on shares of CECO Environmental from $33.00 to $55.00 and gave the stock a "buy" rating in a research report on Wednesday. Finally, Northland Securities set a $51.00 price target on CECO Environmental in a research report on Wednesday. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $49.20.

Insider Activity at CECO Environmental

In other CECO Environmental news, Director Claudio A. Mannarino sold 20,000 shares of the business's stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $41.51, for a total transaction of $830,200.00. Following the sale, the director owned 77,589 shares of the company's stock, valued at approximately $3,220,719.39. The trade was a 20.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jason Dezwirek sold 30,000 shares of the business's stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $43.54, for a total transaction of $1,306,200.00. Following the sale, the director directly owned 200,000 shares in the company, valued at approximately $8,708,000. This represents a 13.04% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 120,000 shares of company stock worth $5,128,900. 18.40% of the stock is owned by insiders.

Institutional Trading of CECO Environmental

Several large investors have recently bought and sold shares of CECO. Bank of America Corp DE raised its position in CECO Environmental by 118.8% during the 4th quarter. Bank of America Corp DE now owns 100,484 shares of the company's stock worth $3,038,000 after buying an additional 54,551 shares during the last quarter. Rhumbline Advisers raised its position in CECO Environmental by 3.8% during the 1st quarter. Rhumbline Advisers now owns 42,146 shares of the company's stock worth $961,000 after buying an additional 1,532 shares during the last quarter. Deutsche Bank AG raised its position in CECO Environmental by 52.2% during the 4th quarter. Deutsche Bank AG now owns 25,994 shares of the company's stock worth $786,000 after buying an additional 8,910 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in CECO Environmental by 18.8% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 88,137 shares of the company's stock worth $2,664,000 after buying an additional 13,930 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in CECO Environmental by 1.9% in the 1st quarter. Bank of New York Mellon Corp now owns 91,350 shares of the company's stock worth $2,083,000 after purchasing an additional 1,687 shares in the last quarter. Hedge funds and other institutional investors own 68.08% of the company's stock.

CECO Environmental Trading Up 0.4%

The company has a current ratio of 1.34, a quick ratio of 1.52 and a debt-to-equity ratio of 0.78. The company has a 50-day simple moving average of $30.26 and a 200 day simple moving average of $26.52. The firm has a market cap of $1.59 billion, a PE ratio of 31.56, a price-to-earnings-growth ratio of 3.04 and a beta of 1.33.

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.