Amundi Raises Stock Position in CECO Environmental Corp. $CECO

Key Points

• Amundi increased its CECO Environmental position by 17.8% in the second quarter to 198,106 shares valued at approximately $18.0 million. Institutional investors and hedge funds collectively own 68.08% of the company, with major new positions from California State Teachers Retirement System, BlackRock, and others.
• CECO reported quarterly earnings of $0.47 per share, beating estimates of $0.26, while revenue rose 53.7% year over year to $284.96 million. Analysts expect full-year earnings of $2.43 per share.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $104.88 versus the reported share price of $78.34. However, company insiders recently sold shares, including the CFO’s 30,000-share sale and a director’s 34,000-share sale.

Amundi boosted its position in shares of CECO Environmental Corp. (NASDAQ:CECO - Free Report) by 17.8% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 198,106 shares of the company's stock after acquiring an additional 29,907 shares during the period. Amundi owned 0.34% of CECO Environmental worth $17,976,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of CECO. California State Teachers Retirement System grew its stake in shares of CECO Environmental by 15,819.8% during the second quarter. California State Teachers Retirement System now owns 5,533,416 shares of the company's stock worth $502,102,000 after acquiring an additional 5,498,658 shares during the last quarter. BlackRock Inc. purchased a new position in shares of CECO Environmental in the 2nd quarter valued at approximately $392,358,000. Jupiter Topco LLC acquired a new stake in CECO Environmental in the 2nd quarter worth approximately $86,194,000. Legal & General Group Plc acquired a new stake in CECO Environmental in the 2nd quarter worth approximately $40,461,000. Finally, T. Rowe Price Investment Management Inc. grew its position in CECO Environmental by 104.0% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 718,992 shares of the company's stock worth $43,032,000 after purchasing an additional 366,611 shares during the last quarter. 68.08% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at CECO Environmental

In related news, Director Jason Dezwirek sold 34,000 shares of CECO Environmental stock in a transaction on Wednesday, June 24th. The shares were 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 of the company's stock, valued at approximately $16,037,260. This trade represents a 17.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Peter K. Johansson sold 30,000 shares of the company's stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $96.49, for a total transaction of $2,894,700.00. Following the transaction, the chief financial officer 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 disclosure for this sale is available in the SEC filing. Corporate insiders own 18.40% of the company's stock.

CECO Environmental Price Performance

NASDAQ:CECO opened at $78.34 on Friday. The company has a quick ratio of 1.18, a current ratio of 1.50 and a debt-to-equity ratio of 0.34. CECO Environmental Corp. has a 52 week low of $42.82 and a 52 week high of $101.24. The stock's 50-day moving average price is $74.95 and its 200-day moving average price is $73.90. The stock has a market capitalization of $4.59 billion, a PE ratio of -113.54 and a beta of 1.51.

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 analysts' consensus estimates of $0.26 by $0.21. CECO Environmental had a positive return on equity of 7.36% and a negative net margin of 3.39%.The company had revenue of $284.96 million during the quarter, compared to analysts' expectations of $282.21 million. During the same quarter in the prior year, the firm posted $0.26 EPS. CECO Environmental's quarterly revenue was up 53.7% compared to the same quarter last year. As a group, equities analysts expect that CECO Environmental Corp. will post 2.43 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on CECO shares. Weiss Ratings raised shares of CECO Environmental from a "sell (d+)" rating to a "hold (c-)" rating in a report on Thursday, August 27th. JPMorgan Chase & Co. assumed coverage on CECO Environmental in a research report on Thursday, July 9th. They set an "overweight" rating and a $130.00 price target for the company. Needham & Company LLC reiterated a "buy" rating and set a $110.00 price target on shares of CECO Environmental in a research note on Tuesday, August 11th. Zacks Research downgraded CECO Environmental from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 11th. Finally, Lake Street Capital increased their price objective on CECO Environmental from $80.00 to $111.00 and gave the company a "buy" rating in a report on Wednesday, June 10th. Eight equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $104.88.

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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