Allspring Global Investments Holdings LLC Reduces Stock Holdings in CECO Environmental Corp. $CECO

Key Points

• Allspring Global Investments Holdings LLC reduced its stake in CECO Environmental Corp. by 21.3%, holding 348,435 shares worth approximately $9.86 million after selling 94,534 shares.
• CECO Environmental's stock has seen significant interest from other institutional investors, with Farther Finance Advisors LLC increasing its stake by 224.7% during the same quarter.
• The company reported an earnings per share (EPS) of $0.24 for the last quarter, exceeding analysts' expectations, with a revenue of $185.39 million.

Allspring Global Investments Holdings LLC lowered its stake in CECO Environmental Corp. (NASDAQ:CECO - Free Report) by 21.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 348,435 shares of the company's stock after selling 94,534 shares during the period. Allspring Global Investments Holdings LLC owned 0.99% of CECO Environmental worth $9,864,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in CECO. Farther Finance Advisors LLC boosted its stake in shares of CECO Environmental by 224.7% during the 2nd quarter. Farther Finance Advisors LLC now owns 1,445 shares of the company's stock valued at $41,000 after purchasing an additional 1,000 shares in the last quarter. Caption Management LLC purchased a new stake in CECO Environmental in the first quarter worth about $182,000. XTX Topco Ltd bought a new stake in CECO Environmental during the 1st quarter valued at approximately $217,000. Alpine Global Management LLC purchased a new position in shares of CECO Environmental during the 1st quarter worth approximately $247,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of CECO Environmental by 7.3% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,652 shares of the company's stock worth $266,000 after acquiring an additional 794 shares during the period. 68.08% of the stock is currently owned by institutional investors.

CECO Environmental Price Performance

CECO opened at $48.88 on Friday. The firm has a market cap of $1.73 billion, a PE ratio of 34.18, a P/E/G ratio of 3.29 and a beta of 1.28. The stock has a 50-day moving average price of $48.37 and a 200-day moving average price of $35.12. CECO Environmental Corp. has a 1 year low of $17.57 and a 1 year high of $53.88. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.34 and a quick ratio of 1.13.

CECO Environmental (NASDAQ:CECO - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.20 by $0.04. The company had revenue of $185.39 million for the quarter, compared to the consensus estimate of $178.66 million. CECO Environmental had a net margin of 7.99% and a return on equity of 10.00%. CECO Environmental has set its FY 2025 guidance at EPS. Sell-side analysts predict that CECO Environmental Corp. will post 0.67 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CECO has been the topic of several research reports. HC Wainwright lifted their price target on CECO Environmental from $33.00 to $55.00 and gave the company a "buy" rating in a research report on Wednesday, July 30th. Weiss Ratings reissued a "buy (b-)" rating on shares of CECO Environmental in a research report on Wednesday, October 8th. Citigroup reaffirmed an "outperform" rating on shares of CECO Environmental in a research report on Wednesday, July 30th. Zacks Research cut shares of CECO Environmental from a "hold" rating to a "strong sell" rating in a research report on Monday, October 6th. Finally, Needham & Company LLC boosted their price objective on shares of CECO Environmental from $44.00 to $52.00 and gave the stock a "buy" rating in a research note on Thursday, August 21st. Seven research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, CECO Environmental has a consensus rating of "Moderate Buy" and an average price target of $50.80.

Insider Activity

In related 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 value of $830,200.00. Following the completion of the transaction, the director directly owned 77,589 shares in the company, valued at $3,220,719.39. The trade was a 20.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Richard F. Wallman bought 3,000 shares of the business's stock in a transaction on Friday, September 5th. The shares were acquired at an average price of $46.93 per share, for a total transaction of $140,790.00. Following the completion of the purchase, the director owned 80,500 shares in the company, valued at approximately $3,777,865. The trade was a 3.87% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 7,500 shares of company stock worth $339,915 and sold 420,000 shares worth $20,233,754. Corporate insiders own 18.40% of the company's stock.

CECO Environmental 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.

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