CenterBook Partners LP Acquires 44,352 Shares of CECO Environmental Corp. $CECO

Key Points

• CenterBook Partners increased its CECO Environmental stake by 263.9% in the third quarter, buying 44,352 shares to hold 61,161 shares worth about $4.26 million. Institutional investors and hedge funds own 68.08% of the stock.
• CECO reported quarterly EPS of $0.47, beating the $0.26 consensus, while revenue of $284.96 million also topped estimates and rose 53.7% year over year.
• Analysts’ consensus rating is “Moderate Buy,” with an average price target of $102.38; JPMorgan lowered its target to $110 while maintaining an overweight rating.

CenterBook Partners LP grew its holdings in CECO Environmental Corp. (TXSE:CECO - Free Report) by 263.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 61,161 shares of the company's stock after buying an additional 44,352 shares during the period. CenterBook Partners LP owned 0.10% of CECO Environmental worth $4,259,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC increased its holdings in shares of CECO Environmental by 71.6% during the 2nd quarter. GAMMA Investing LLC now owns 369 shares of the company's stock worth $33,000 after acquiring an additional 154 shares during the last quarter. Allworth Financial LP raised its stake in CECO Environmental by 98.1% in the 2nd quarter. Allworth Financial LP now owns 317 shares of the company's stock valued at $29,000 after acquiring an additional 157 shares during the period. Farther Finance Advisors LLC lifted its holdings in CECO Environmental by 23.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,644 shares of the company's stock valued at $114,000 after purchasing an additional 308 shares during the last quarter. Swiss National Bank lifted its holdings in CECO Environmental by 1.0% during the 1st quarter. Swiss National Bank now owns 59,900 shares of the company's stock valued at $3,569,000 after purchasing an additional 600 shares during the last quarter. Finally, Contravisory Investment Management Inc. lifted its holdings in CECO Environmental by 16.7% during the 3rd quarter. Contravisory Investment Management Inc. now owns 4,539 shares of the company's stock valued at $316,000 after purchasing an additional 651 shares during the last quarter. 68.08% of the stock is owned by institutional investors and hedge funds.

CECO Environmental Stock Performance

The business's fifty day moving average price is $64.75 and its 200 day moving average price is $71.28. 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 Corp. has a 52 week low of $37.15 and a 52 week high of $101.24. The company has a market capitalization of $2.56 billion, a price-to-earnings ratio of -63.35 and a beta of 1.63.

CECO Environmental (TXSE:CECO - Get Free Report) last announced 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. The business had revenue of $284.96 million during the quarter, compared to the consensus estimate of $282.21 million. CECO Environmental had a negative net margin of 3.39% and a positive return on equity of 7.36%. CECO Environmental's quarterly revenue was up 53.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.26 earnings per share. Analysts forecast that CECO Environmental Corp. will post 2.43 EPS for the current year.

Analyst Upgrades and Downgrades

CECO has been the subject of a number of research analyst reports. TD Cowen initiated coverage on shares of CECO Environmental in a research report on Wednesday, August 5th. They set a "buy" rating and a $85.00 price objective for the company. Zacks Research raised shares of CECO Environmental from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, October 13th. JPMorgan Chase & Co. cut their target price on shares of CECO Environmental from $130.00 to $110.00 and set an "overweight" rating for the company in a research note on Tuesday, October 13th. Needham & Company LLC restated a "buy" rating and set a $110.00 target price on shares of CECO Environmental in a research note on Tuesday, August 11th. Finally, Northland Securities set a $125.00 target price on shares of CECO Environmental in a report on Thursday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, CECO Environmental has an average rating of "Moderate Buy" and an average target price of $102.38.

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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