Bank of America Corp DE Invests $21.19 Million in CECO Environmental Corp. $CECO

Key Points

• Bank of America acquired a new $21.19 million stake in CECO Environmental during the second quarter, buying 233,498 shares and owning 0.65% of the company. Institutional investors collectively hold 68.08% of CECO’s outstanding shares.
• Analyst sentiment remains broadly positive, with eight Buy ratings, one Hold, and one Sell. The consensus rating is Moderate Buy, with an average price target of $104.88.
• CECO’s latest quarterly results exceeded expectations: adjusted earnings were $0.47 per share versus a $0.26 estimate, while revenue rose 53.7% year over year to $284.96 million.

Bank of America Corp DE acquired a new stake in shares of CECO Environmental Corp. (NASDAQ:CECO - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm acquired 233,498 shares of the company's stock, valued at approximately $21,188,000. Bank of America Corp DE owned 0.65% of CECO Environmental at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. BlackRock Inc. purchased a new position in shares of CECO Environmental in the second quarter valued at about $392,358,000. Jupiter Topco LLC purchased a new stake in shares of CECO Environmental during the second quarter worth about $86,194,000. Dimensional Fund Advisors LP grew its position in shares of CECO Environmental by 0.9% during the first quarter. Dimensional Fund Advisors LP now owns 903,291 shares of the company's stock worth $53,813,000 after purchasing an additional 7,751 shares in the last quarter. Emerald Advisers LLC raised its stake in CECO Environmental by 14.1% during the 1st quarter. Emerald Advisers LLC now owns 523,017 shares of the company's stock valued at $31,161,000 after purchasing an additional 64,492 shares during the period. Finally, Legal & General Group Plc bought a new stake in CECO Environmental during the 2nd quarter valued at approximately $40,461,000. Hedge funds and other institutional investors own 68.08% of the company's stock.

Wall Street Analyst Weigh In

CECO has been the subject of several recent analyst reports. Lake Street Capital upped their price target on CECO Environmental from $80.00 to $111.00 and gave the stock a "buy" rating in a research note on Wednesday, June 10th. Needham & Company LLC reissued a "buy" rating and issued a $110.00 target price on shares of CECO Environmental in a report on Tuesday, August 11th. JPMorgan Chase & Co. began coverage on shares of CECO Environmental in a research note on Thursday, July 9th. They set an "overweight" rating and a $130.00 target price for the company. Weiss Ratings cut shares of CECO Environmental from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Wednesday, September 16th. Finally, Zacks Research downgraded shares of CECO Environmental from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 11th. Eight equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $104.88.

CECO Environmental Price Performance

CECO Environmental stock opened at $74.99 on Thursday. The company has a market cap of $4.39 billion, a price-to-earnings ratio of -108.68 and a beta of 1.51. The firm's fifty day moving average is $73.27 and its 200 day moving average is $74.56. 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.

CECO Environmental (NASDAQ:CECO - Get Free Report) last posted its 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 negative net margin of 3.39% and a positive return on equity of 7.36%. The firm had revenue of $284.96 million for the quarter, compared to the consensus estimate of $282.21 million. During the same period in the previous year, the firm posted $0.26 EPS. The business's quarterly revenue was up 53.7% on a year-over-year basis. Sell-side analysts forecast that CECO Environmental Corp. will post 2.43 EPS for the current fiscal year.

CECO Environmental 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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