Wellington Management Group LLP Purchases 231,613 Shares of CECO Environmental Corp. $CECO

Key Points

• Wellington Management Group LLP increased its stake in CECO Environmental Corp. by 74.6% during the first quarter, owning approximately 1.54% of the company's stock valued at $12.36 million.
• Analysts have raised their price targets for CECO Environmental, with HC Wainwright setting a new target of $55.00 and Needham & Company increasing it to $52.00, contributing to a consensus price target of $50.80.
• CECO Environmental's shares are currently trading at $46.80, down 2.7%, with the company reporting earnings of $0.24 per share, exceeding estimates by $0.04.

Wellington Management Group LLP grew its holdings in shares of CECO Environmental Corp. (NASDAQ:CECO - Free Report) by 74.6% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 541,980 shares of the company's stock after purchasing an additional 231,613 shares during the quarter. Wellington Management Group LLP owned about 1.54% of CECO Environmental worth $12,357,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Mackenzie Financial Corp bought a new position in shares of CECO Environmental in the fourth quarter valued at approximately $56,000. Heck Capital Advisors LLC bought a new position in shares of CECO Environmental in the fourth quarter valued at approximately $74,000. ProShare Advisors LLC bought a new position in shares of CECO Environmental in the fourth quarter valued at approximately $249,000. Two Sigma Securities LLC bought a new position in shares of CECO Environmental in the fourth quarter valued at approximately $262,000. Finally, XTX Topco Ltd bought a new position in shares of CECO Environmental in the first quarter valued at approximately $217,000. Institutional investors own 68.08% of the company's stock.

Analyst Ratings Changes

CECO has been the subject of a number of analyst reports. Lake Street Capital restated a "buy" rating and issued a $56.00 price objective on shares of CECO Environmental in a research report on Wednesday, July 30th. Needham & Company LLC raised their price objective on shares of CECO Environmental from $44.00 to $52.00 and gave the company a "buy" rating in a research report on Thursday, August 21st. Northland Securities set a $51.00 price objective on shares of CECO Environmental in a research report on Wednesday, July 30th. HC Wainwright raised their price objective on shares of CECO Environmental from $33.00 to $55.00 and gave the company a "buy" rating in a research report on Wednesday, July 30th. Finally, Citigroup reaffirmed an "outperform" rating on shares of CECO Environmental in a research note on Wednesday, July 30th. Six equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $50.80.

Insider Activity at CECO Environmental

In other CECO Environmental news, Director Jason Dezwirek sold 70,000 shares of CECO Environmental stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $42.75, for a total transaction of $2,992,500.00. Following the transaction, the director directly owned 230,000 shares of the company's stock, valued at approximately $9,832,500. This trade represents a 23.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Claudio A. Mannarino sold 20,000 shares of CECO Environmental stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $41.51, for a total transaction of $830,200.00. Following the transaction, the director directly owned 77,589 shares in the company, valued at $3,220,719.39. This trade represents a 20.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 120,000 shares of company stock worth $5,128,900 over the last three months. Insiders own 16.90% of the company's stock.

CECO Environmental Price Performance

CECO traded down $0.07 on Tuesday, reaching $45.52. The company had a trading volume of 940,965 shares, compared to its average volume of 362,035. The company has a market cap of $1.61 billion, a price-to-earnings ratio of 31.83, a P/E/G ratio of 2.65 and a beta of 1.32. CECO Environmental Corp. has a 52-week low of $17.57 and a 52-week high of $48.58. The business has a 50 day simple moving average of $38.48 and a 200 day simple moving average of $29.24. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.13 and a current ratio of 1.34.

CECO Environmental (NASDAQ:CECO - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.20 by $0.04. The firm 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. As a group, sell-side analysts anticipate that CECO Environmental Corp. will post 0.67 EPS for the current year.

About CECO Environmental

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.