Fred Alger Management LLC Decreases Stake in CECO Environmental Corp. $CECO

Key Points

• Fred Alger Management LLC reduced its stake in CECO Environmental Corp. by 93.1%, now holding approximately 22,215 shares valued at $507,000.
• Institutional investors and hedge funds own 68.08% of CECO's stock, with recent increases in holdings from companies like Wellington Management Group and Granahan Investment Management.
• CECO Environmental's stock has performed well recently, showing a 4.1% increase, and the company has reported better-than-expected earnings for the last quarter.

Fred Alger Management LLC lowered its holdings in CECO Environmental Corp. (NASDAQ:CECO - Free Report) by 93.1% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 22,215 shares of the company's stock after selling 301,604 shares during the period. Fred Alger Management LLC owned about 0.06% of CECO Environmental worth $507,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in CECO. Mackenzie Financial Corp bought a new stake in CECO Environmental in the fourth quarter worth about $56,000. Heck Capital Advisors LLC bought a new position in shares of CECO Environmental during the 4th quarter valued at $74,000. Caption Management LLC acquired a new stake in CECO Environmental in the 1st quarter worth approximately $182,000. ProShare Advisors LLC bought a new stake in CECO Environmental during the fourth quarter valued at about $249,000. Finally, XTX Topco Ltd acquired a new stake in shares of CECO Environmental in the first quarter worth $217,000. 68.08% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at CECO Environmental

In related news, Director Claudio A. Mannarino sold 20,000 shares of the company's stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $41.51, for a total value of $830,200.00. Following the completion of the transaction, the director directly owned 77,589 shares in the company, valued at approximately $3,220,719.39. The trade was a 20.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Richard F. Wallman bought 3,000 shares of the stock in a transaction dated Friday, September 5th. The stock was bought at an average cost of $46.93 per share, with a total value of $140,790.00. Following the purchase, the director owned 80,500 shares in the company, valued at $3,777,865. The trade was a 3.87% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 7,500 shares of company stock valued at $339,915 and have sold 120,000 shares valued at $5,128,900. Insiders own 16.90% of the company's stock.

CECO Environmental Stock Up 2.7%

Shares of CECO Environmental stock traded up $1.35 during trading on Tuesday, reaching $50.68. 505,354 shares of the company traded hands, compared to its average volume of 430,455. The company has a 50 day moving average price of $42.13 and a 200-day moving average price of $30.86. The firm has a market capitalization of $1.79 billion, a PE ratio of 35.44, a P/E/G ratio of 2.87 and a beta of 1.32. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.34 and a quick ratio of 1.13. CECO Environmental Corp. has a 1-year low of $17.57 and a 1-year high of $50.97.

CECO Environmental (NASDAQ:CECO - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.04. The business had revenue of $185.39 million during the quarter, compared to the consensus estimate of $178.66 million. CECO Environmental had a return on equity of 10.00% and a net margin of 7.99%. CECO Environmental has set its FY 2025 guidance at EPS. As a group, equities research analysts expect that CECO Environmental Corp. will post 0.67 earnings per share for the current fiscal 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.