Fred Alger Management LLC Has $507,000 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 trimmed its stake in shares of CECO Environmental Corp. (NASDAQ:CECO - Free Report) by 93.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 22,215 shares of the company's stock after selling 301,604 shares during the period. Fred Alger Management LLC owned approximately 0.06% of CECO Environmental worth $507,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of CECO. Granahan Investment Management LLC acquired a new position in shares of CECO Environmental during the first quarter worth approximately $7,237,000. Wellington Management Group LLP lifted its position in shares of CECO Environmental by 74.6% during the first quarter. Wellington Management Group LLP now owns 541,980 shares of the company's stock worth $12,357,000 after purchasing an additional 231,613 shares in the last quarter. King Luther Capital Management Corp lifted its position in shares of CECO Environmental by 8.9% during the first quarter. King Luther Capital Management Corp now owns 1,126,104 shares of the company's stock worth $25,675,000 after purchasing an additional 92,315 shares in the last quarter. Nuveen LLC acquired a new position in shares of CECO Environmental during the first quarter worth approximately $1,818,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in CECO Environmental in the first quarter valued at approximately $1,695,000. 68.08% of the stock is currently owned by institutional investors and hedge funds.

CECO Environmental Stock Up 4.1%

Shares of NASDAQ:CECO opened at $47.15 on Thursday. CECO Environmental Corp. has a 52 week low of $17.57 and a 52 week high of $50.00. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.13 and a current ratio of 1.34. The company has a market capitalization of $1.67 billion, a PE ratio of 32.97, a PEG ratio of 2.64 and a beta of 1.32. The company has a 50 day moving average price of $40.58 and a two-hundred day moving average price of $30.14.

CECO Environmental (NASDAQ:CECO - Get Free Report) last issued its earnings results on Tuesday, July 29th. The company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.20 by $0.04. CECO Environmental had a net margin of 7.99% and a return on equity of 10.00%. The firm had revenue of $185.39 million during the quarter, compared to the consensus estimate of $178.66 million. CECO Environmental has set its FY 2025 guidance at EPS. Analysts forecast that CECO Environmental Corp. will post 0.67 earnings per share for the current year.

Insider Buying and Selling at CECO Environmental

In other news, Director Richard F. Wallman bought 3,000 shares of the stock in a transaction on Friday, September 5th. The stock was purchased at an average price of $46.93 per share, with a total value of $140,790.00. Following the completion of the purchase, the director owned 80,500 shares of the company's stock, valued at approximately $3,777,865. This trade represents a 3.87% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Jason Dezwirek sold 30,000 shares of the stock in a transaction on Thursday, July 31st. The stock was sold at an average price of $43.54, for a total transaction of $1,306,200.00. Following the sale, the director directly owned 200,000 shares of the company's stock, valued at $8,708,000. This represents a 13.04% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders bought 7,500 shares of company stock valued at $339,915 and sold 120,000 shares valued at $5,128,900. Insiders own 18.40% of the company's stock.

Analyst Upgrades and Downgrades

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

CECO Environmental Company Profile

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.

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