Formula Growth Ltd. acquired a new stake in CECO Environmental Corp. (NASDAQ:CECO - Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 55,159 shares of the company's stock, valued at approximately $5,005,000. CECO Environmental comprises approximately 1.8% of Formula Growth Ltd.'s investment portfolio, making the stock its 6th largest holding. Formula Growth Ltd. owned about 0.15% of CECO Environmental at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Allworth Financial LP bought a new stake in shares of CECO Environmental during the 2nd quarter worth approximately $29,000. GAMMA Investing LLC increased its holdings in CECO Environmental by 71.6% during the second quarter. GAMMA Investing LLC now owns 369 shares of the company's stock worth $33,000 after buying an additional 154 shares during the last quarter. Morton Brown Family Wealth LLC bought a new stake in CECO Environmental during the first quarter worth $29,000. Caitong International Asset Management Co. Ltd bought a new stake in CECO Environmental during the third quarter worth $25,000. Finally, Advisory Services Network LLC acquired a new stake in CECO Environmental in the third quarter valued at $31,000. 68.08% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of research analysts have recently commented on the stock. Northland Securities set a $125.00 price objective on shares of CECO Environmental in a research report on Thursday, August 13th. TD Cowen started coverage on shares of CECO Environmental in a research note on Wednesday, August 5th. They issued a "buy" rating and a $85.00 target price for the company. Lake Street Capital lifted their price target on CECO Environmental from $80.00 to $111.00 and gave the stock a "buy" rating in a report on Wednesday, June 10th. JPMorgan Chase & Co. initiated coverage on CECO Environmental in a research report on Thursday, July 9th. They set an "overweight" rating and a $130.00 price target on the stock. Finally, Zacks Research lowered CECO Environmental from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 11th. Eight research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $104.88.
Check Out Our Latest Research Report on CECO Environmental
CECO Environmental Trading Up 2.6%
CECO stock opened at $72.14 on Friday. CECO Environmental Corp. has a one year low of $42.78 and a one year high of $101.24. The stock has a market cap of $4.23 billion, a price-to-earnings ratio of -104.55 and a beta of 1.51. The company has a fifty day moving average price of $78.79 and a two-hundred day moving average price of $74.10. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.50 and a quick ratio of 1.18.
CECO Environmental (NASDAQ:CECO - Get Free Report) last issued its quarterly earnings data on Monday, August 10th. The company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.21. The company had revenue of $284.96 million for the quarter, compared to analyst estimates of $282.21 million. CECO Environmental had a negative net margin of 3.39% and a positive return on equity of 7.36%. The company's revenue was up 53.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.26 earnings per share. Equities analysts anticipate that CECO Environmental Corp. will post 2.35 EPS for the current year.
Insider Activity at CECO Environmental
In other CECO Environmental news, Director Jason Dezwirek sold 34,000 shares of the stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $96.61, for a total value of $3,284,740.00. Following the transaction, the director directly owned 166,000 shares of the company's stock, valued at $16,037,260. This represents a 17.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Richard F. Wallman acquired 20,000 shares of the business's stock in a transaction on Monday, June 1st. The shares were bought at an average price of $76.85 per share, with a total value of $1,537,000.00. Following the completion of the transaction, the director directly owned 105,500 shares of the company's stock, valued at approximately $8,107,675. The trade was a 23.39% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 18.40% of the stock is owned by company insiders.
CECO Environmental Profile
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Free Report)
CECO Environmental Corp. NASDAQ: CECO is a global technology provider specializing in engineered solutions that help industrial and commercial customers manage air emissions, process fluids and optimize energy use. The company develops custom-engineered systems and modular packages designed to meet evolving environmental regulations and improve operational efficiency across diverse production processes.
CECO's core offerings include air pollution control equipment—such as scrubbers, cyclones, fabric and cartridge filters—and industrial process filtration systems for applications ranging from particulate removal to oil-water separation.
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