Assenagon Asset Management S.A. Sells 79,419 Shares of CECO Environmental Corp. $CECO

Key Points

• Assenagon Asset Management cut its CECO Environmental stake by 36.1%, selling 79,419 shares and retaining 140,370 shares valued at approximately $9.8 million. Institutional investors and hedge funds collectively own 68.08% of the company.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and an average price target of $102.38, despite JPMorgan lowering its target to $110 and Weiss Ratings downgrading the stock to “sell.”
• CECO’s latest quarterly results exceeded expectations: adjusted EPS was $0.47 versus a $0.26 consensus estimate, while revenue rose 53.7% year over year to $284.96 million.

Assenagon Asset Management S.A. decreased its position in CECO Environmental Corp. (NASDAQ:CECO - Free Report) by 36.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 140,370 shares of the company's stock after selling 79,419 shares during the quarter. Assenagon Asset Management S.A. owned 0.24% of CECO Environmental worth $9,775,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of CECO Environmental during the second quarter worth $392,358,000. Jupiter Topco LLC purchased a new stake in shares of CECO Environmental in the 2nd quarter valued at $86,194,000. Legal & General Group Plc acquired a new position in CECO Environmental during the 2nd quarter worth about $40,461,000. Deutsche Bank AG acquired a new position in CECO Environmental during the 2nd quarter worth about $30,475,000. Finally, Engineers Gate Manager LP boosted its holdings in CECO Environmental by 6,952.1% during the 2nd quarter. Engineers Gate Manager LP now owns 243,155 shares of the company's stock valued at $22,064,000 after acquiring an additional 239,707 shares during the period. 68.08% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently commented on CECO. JPMorgan Chase & Co. lowered their target price on CECO Environmental from $130.00 to $110.00 and set an "overweight" rating for the company in a report on Tuesday, October 13th. Northland Securities set a $125.00 price target on shares of CECO Environmental in a research note on Thursday, August 13th. Zacks Research raised shares of CECO Environmental from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, October 13th. Weiss Ratings lowered shares of CECO Environmental from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Wednesday, September 16th. Finally, TD Cowen started coverage on shares of CECO Environmental in a report on Wednesday, August 5th. They issued a "buy" rating and a $85.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $102.38.

CECO Environmental Stock Up 1.4%

CECO stock opened at $57.49 on Tuesday. The company's 50 day moving average price is $71.63 and its 200 day moving average price is $75.95. The firm has a market capitalization of $3.37 billion, a price-to-earnings ratio of -83.32 and a beta of 1.50. CECO Environmental Corp. has a fifty-two week low of $42.82 and a fifty-two week high of $101.24. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.18 and a current ratio of 1.50.

CECO Environmental (NASDAQ:CECO - Get Free Report) last posted its quarterly earnings results on Monday, August 10th. The company reported $0.47 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 analysts' expectations of $282.21 million. During the same quarter in the previous year, the business posted $0.26 EPS. The firm's revenue was up 53.7% on a year-over-year basis. On average, equities research analysts anticipate that CECO Environmental Corp. will post 2.43 EPS for the current fiscal year.

CECO Environmental Company Profile

CECO Environmental Corp. NASDAQ: CECO is an industrial technology company that designs and supplies environmental and engineered equipment for industrial processes. Its solutions help customers control air pollution, manage industrial emissions, improve process efficiency and handle fluids in demanding operating environments.

The company's product and service offerings include air pollution control systems, industrial ventilation and filtration equipment, scrubbers, fans, dust collection systems, thermal and heat-transfer equipment, pumps and other fluid-handling technologies.

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