CECO Environmental Corp. $CECO Shares Bought by California State Teachers Retirement System

Key Points

• Institutional ownership increased: California State Teachers Retirement System raised its CECO Environmental stake by 75.4% to 60,981 shares, while BlackRock and other institutions also established or expanded positions. Institutions now own 68.08% of the company.
• Quarterly results exceeded expectations: CECO reported $0.47 in adjusted earnings per share versus the $0.26 consensus estimate, with revenue of $284.96 million, up 53.7% year over year.
• Analysts remain bullish despite insider selling: Eight analysts rate the stock Buy and two rate it Hold, producing a “Moderate Buy” consensus and an average price target of $104.88 versus a recent price of $68.72. Meanwhile, the CFO and a director sold shares in June.

California State Teachers Retirement System boosted its holdings in shares of CECO Environmental Corp. (NASDAQ:CECO - Free Report) by 75.4% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 60,981 shares of the company's stock after purchasing an additional 26,223 shares during the period. California State Teachers Retirement System owned approximately 0.10% of CECO Environmental worth $5,533,416 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of the business. BlackRock Inc. acquired a new position in CECO Environmental in the 2nd quarter worth approximately $392,358,000. Jupiter Topco LLC acquired a new position in CECO Environmental during the second quarter valued at approximately $86,194,000. Dimensional Fund Advisors LP raised 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 acquiring an additional 7,751 shares during the last quarter. William Blair Investment Management LLC raised its stake in shares of CECO Environmental by 3.0% in the fourth quarter. William Blair Investment Management LLC now owns 706,273 shares of the company's stock worth $42,270,000 after purchasing an additional 20,531 shares during the last quarter. Finally, Legal & General Group Plc bought a new position in shares of CECO Environmental in the second quarter worth $40,461,000. 68.08% of the stock is currently owned by hedge funds and other institutional investors.

CECO Environmental Price Performance

CECO stock traded down $1.95 during mid-day trading on Tuesday, reaching $68.72. 323,115 shares of the company's stock were exchanged, compared to its average volume of 732,595. The company has a market cap of $4.03 billion, a price-to-earnings ratio of -99.64 and a beta of 1.51. CECO Environmental Corp. has a 12-month low of $42.82 and a 12-month high of $101.24. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.50 and a quick ratio of 1.18. The stock's 50 day moving average is $74.75 and its 200 day moving average is $73.95.

CECO Environmental (NASDAQ:CECO - Get Free Report) last posted its quarterly earnings data 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. The company had revenue of $284.96 million during the quarter, compared to analysts' expectations of $282.21 million. CECO Environmental had a positive return on equity of 7.36% and a negative net margin of 3.39%.The firm's revenue for the quarter was up 53.7% on a year-over-year basis. During the same period last year, the firm earned $0.26 EPS. On average, research analysts expect that CECO Environmental Corp. will post 2.43 EPS for the current year.

Analysts Set New Price Targets

CECO has been the topic of several research reports. JPMorgan Chase & Co. started coverage on CECO Environmental in a research report on Thursday, July 9th. They issued an "overweight" rating and a $130.00 target price on the stock. Needham & Company LLC reaffirmed a "buy" rating and set a $110.00 price objective on shares of CECO Environmental in a research report on Tuesday, August 11th. Northland Securities set a $125.00 price objective on CECO Environmental in a research note on Thursday, August 13th. Weiss Ratings upgraded shares of CECO Environmental from a "sell (d+)" rating to a "hold (c-)" rating in a report on Thursday, August 27th. Finally, Lake Street Capital upped their price target 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's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $104.88.

Insiders Place Their Bets

In other news, CFO Peter K. Johansson sold 30,000 shares of the firm's stock in a transaction dated 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 completion of the transaction, the chief financial officer directly 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jason Dezwirek sold 34,000 shares of the stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $96.61, for a total value of $3,284,740.00. Following the transaction, the director owned 166,000 shares of the company's stock, valued at $16,037,260. The trade was a 17.00% decrease in their position. The SEC filing for this sale provides additional information. 16.90% of the stock is currently owned by company insiders.

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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