13,050 Shares in CECO Environmental Corp. $CECO Bought by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• Virginia Retirement Systems bought 13,050 CECO Environmental shares worth approximately $1.18 million in the second quarter, while institutional investors collectively own 68.08% of the company.
• Analysts remain broadly positive, with eight Buy ratings and two Holds, producing a “Moderate Buy” consensus and an average price target of $104.88 versus the stock’s recent price of $78.34.
• CECO exceeded quarterly expectations, reporting $0.47 in earnings per share versus the $0.26 consensus and 53.7% year-over-year revenue growth; however, the CFO and a director sold shares worth a combined approximately $6.18 million in June.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in CECO Environmental Corp. (NASDAQ:CECO - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 13,050 shares of the company's stock, valued at approximately $1,184,000.

Several other institutional investors have also recently made changes to their positions in the stock. Caitong International Asset Management Co. Ltd acquired a new stake in shares of CECO Environmental in the 3rd quarter valued at about $25,000. Morton Brown Family Wealth LLC bought a new position in CECO Environmental in the first quarter worth approximately $29,000. Allworth Financial LP acquired a new stake in CECO Environmental in the second quarter valued at approximately $29,000. Advisory Services Network LLC bought a new stake in shares of CECO Environmental during the third quarter valued at approximately $31,000. Finally, GAMMA Investing LLC raised its position in shares of CECO Environmental by 71.6% during the second quarter. GAMMA Investing LLC now owns 369 shares of the company's stock worth $33,000 after purchasing an additional 154 shares during the period. Institutional investors and hedge funds own 68.08% of the company's stock.

Analyst Ratings Changes

Several research firms recently issued reports on CECO. Northland Securities set a $125.00 price target on shares of CECO Environmental in a research report on Thursday, August 13th. Zacks Research cut shares of CECO Environmental from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 11th. Needham & Company LLC reissued a "buy" rating and set a $110.00 target price on shares of CECO Environmental in a research report on Tuesday, August 11th. Lake Street Capital raised their price target on shares of CECO Environmental from $80.00 to $111.00 and gave the company a "buy" rating in a research report on Wednesday, June 10th. Finally, TD Cowen started coverage on CECO Environmental in a research note on Wednesday, August 5th. They set a "buy" rating and a $85.00 price target for the company. Eight analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $104.88.

CECO Environmental Stock Performance

NASDAQ CECO opened at $78.34 on Friday. The company has a fifty day moving average price of $74.95 and a 200-day moving average price of $73.90. The firm has a market cap of $4.59 billion, a price-to-earnings ratio of -113.54 and a beta of 1.51. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.50 and a quick ratio of 1.18. CECO Environmental Corp. has a 1 year low of $42.82 and a 1 year high of $101.24.

CECO Environmental (NASDAQ:CECO - Get Free Report) last released its quarterly earnings results on Monday, August 10th. The company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.21. The business had revenue of $284.96 million for 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%. The firm's revenue for the quarter was up 53.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.26 earnings per share. As a group, equities research analysts predict that CECO Environmental Corp. will post 2.43 EPS for the current fiscal year.

Insider Activity at CECO Environmental

In other news, CFO Peter Johansson sold 30,000 shares of the company's stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $96.49, for a total value of $2,894,700.00. Following the completion of the transaction, the chief financial officer directly owned 40,746 shares of the company's stock, valued at $3,931,581.54. This represents a 42.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Jason Dezwirek sold 34,000 shares of CECO Environmental stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $96.61, for a total value of $3,284,740.00. Following the sale, the director owned 166,000 shares in the company, valued at $16,037,260. This trade represents a 17.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 18.40% of the company's stock.

CECO Environmental Company Profile

CECO Environmental Corp. NASDAQ: CECO is an environmental technology company that provides engineered solutions for industrial air quality, water and wastewater treatment, and related process applications. Its systems are designed to help industrial customers control emissions, improve operational efficiency, and meet environmental and regulatory requirements.

The company offers products and services including industrial dust and particulate collectors, filtration systems, scrubbers, fans, dampers, valves, thermal and catalytic oxidizers, and other air-pollution-control equipment.

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