21,738 Shares in CECO Environmental Corp. $CECO Bought by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC acquired 21,738 shares of CECO Environmental during the second quarter, valued at approximately $1.96 million and representing about 0.06% of the company. Institutional investors collectively own 68.08% of CECO.
• CECO reported quarterly EPS of $0.47, exceeding the $0.26 consensus estimate, while revenue rose 53.7% year over year to $284.96 million. Analysts expect full-year EPS of $2.43.
• Analysts maintain a generally positive view, with eight Buy ratings and two Holds, an average “Moderate Buy” rating, and a $104.88 average price target versus a recent share price of $78.34. However, company insiders recently sold shares, including the CFO’s 30,000-share sale.

Hsbc Holdings PLC acquired a new stake in CECO Environmental Corp. (NASDAQ:CECO - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 21,738 shares of the company's stock, valued at approximately $1,958,000. Hsbc Holdings PLC owned about 0.06% of CECO Environmental at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its holdings in CECO Environmental by 71.6% during the 2nd quarter. GAMMA Investing LLC now owns 369 shares of the company's stock worth $33,000 after acquiring an additional 154 shares during the period. Allworth Financial LP bought a new stake in shares of CECO Environmental in the second quarter worth about $29,000. ProShare Advisors LLC increased its holdings in CECO Environmental by 8.0% during the 4th quarter. ProShare Advisors LLC now owns 5,390 shares of the company's stock valued at $323,000 after purchasing an additional 399 shares during the period. Osaic Holdings Inc. lifted its holdings in CECO Environmental by 3.5% in the second quarter. Osaic Holdings Inc. now owns 12,297 shares of the company's stock worth $348,000 after buying an additional 412 shares during the period. Finally, Morton Brown Family Wealth LLC purchased a new stake in shares of CECO Environmental in the first quarter worth $29,000. Institutional investors own 68.08% of the company's stock.

CECO Environmental Price Performance

NASDAQ:CECO opened at $78.34 on Friday. CECO Environmental Corp. has a 12-month low of $42.82 and a 12-month high of $101.24. 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 current ratio of 1.50, a quick ratio of 1.18 and a debt-to-equity ratio of 0.34. The company's 50-day moving average is $74.95 and its two-hundred day moving average is $73.90.

CECO Environmental (NASDAQ:CECO - Get Free Report) last released its quarterly earnings data on Monday, August 10th. The company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $284.96 million during the quarter, compared to analyst estimates of $282.21 million. During the same quarter in the prior year, the business earned $0.26 earnings per share. The business's quarterly revenue was up 53.7% compared to the same quarter last year. Research analysts expect that CECO Environmental Corp. will post 2.43 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CECO. Zacks Research cut CECO Environmental from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 11th. JPMorgan Chase & Co. initiated 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. Weiss Ratings upgraded CECO Environmental from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Thursday, August 27th. Northland Securities set a $125.00 price objective on shares of CECO Environmental in a research note on Thursday, August 13th. Finally, Lake Street Capital upped their target price on CECO Environmental from $80.00 to $111.00 and gave the company a "buy" rating in a research report on Wednesday, June 10th. Eight research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, CECO Environmental presently has an average rating of "Moderate Buy" and an average target price of $104.88.

Insider Activity at CECO Environmental

In other CECO Environmental news, CFO Peter Johansson sold 30,000 shares of the firm's stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $96.49, for a total transaction of $2,894,700.00. Following the completion of the transaction, the chief financial officer owned 40,746 shares in the company, valued at $3,931,581.54. This trade represents a 42.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jason Dezwirek sold 34,000 shares of the business's stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $96.61, for a total transaction of $3,284,740.00. Following the completion of the transaction, the director owned 166,000 shares of the company's stock, valued at $16,037,260. This trade represents a 17.00% decrease in their position. The disclosure for this sale is available in the SEC filing. 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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