CECO Environmental (NASDAQ:CECO) Shares Gap Up - Here's What Happened

CECO Environmental Corp. (NASDAQ:CECO - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $19.20, but opened at $21.47. CECO Environmental shares last traded at $22.67, with a volume of 109,231 shares changing hands.

Analysts Set New Price Targets

CECO has been the subject of a number of recent research reports. Needham & Company LLC lifted their price objective on shares of CECO Environmental from $33.00 to $34.00 and gave the stock a "buy" rating in a research note on Wednesday. Craig Hallum lifted their price target on CECO Environmental from $34.00 to $40.00 and gave the stock a "buy" rating in a research report on Monday, January 6th. Finally, HC Wainwright raised CECO Environmental from a "neutral" rating to a "buy" rating and set a $33.00 price objective on the stock in a research note on Wednesday. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $36.00.

CECO Environmental Price Performance

The stock's 50 day moving average price is $22.19 and its 200-day moving average price is $26.42. The stock has a market capitalization of $912.82 million, a PE ratio of 78.55, a price-to-earnings-growth ratio of 1.39 and a beta of 1.30. The company has a quick ratio of 1.12, a current ratio of 1.30 and a debt-to-equity ratio of 0.50.

CECO Environmental (NASDAQ:CECO - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The company reported $0.10 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.10. The firm had revenue of $176.70 million during the quarter, compared to analyst estimates of $151.53 million. CECO Environmental had a return on equity of 11.12% and a net margin of 2.16%. The company's revenue was up 39.9% compared to the same quarter last year. As a group, equities analysts forecast that CECO Environmental Corp. will post 0.67 EPS for the current year.

Insider Activity

In other CECO Environmental news, Director Richard F. Wallman purchased 1,000 shares of CECO Environmental stock in a transaction dated Wednesday, February 26th. The stock was acquired at an average price of $25.15 per share, for a total transaction of $25,150.00. Following the acquisition, the director now owns 207,117 shares in the company, valued at $5,208,992.55. This trade represents a 0.49 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Peter K. Johansson sold 5,601 shares of the business's stock in a transaction 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 completion of the transaction, the insider now directly owns 84,660 shares of the company's stock, valued at approximately $2,044,539. The trade was a 6.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 18.40% of the company's stock.

Institutional Investors Weigh In On CECO Environmental

A number of hedge funds and other institutional investors have recently bought and sold shares of CECO. Capital International Investors increased its position in shares of CECO Environmental by 12.1% during the fourth 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 grew its stake in 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 worth $52,623,000 after buying an additional 673,050 shares during the last quarter. Vanguard Group Inc. increased its position in 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 buying an additional 9,023 shares in the last quarter. King Luther Capital Management Corp raised its stake in CECO Environmental by 2.3% in the fourth quarter. King Luther Capital Management Corp now owns 1,033,789 shares of the company's stock valued at $31,251,000 after buying an additional 23,239 shares during the last quarter. Finally, Royce & Associates LP boosted its holdings in CECO Environmental by 27.2% in the fourth quarter. Royce & Associates LP now owns 915,212 shares of the company's stock worth $27,667,000 after acquiring an additional 195,425 shares in the last quarter. Hedge funds and other 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.