King Luther Capital Management Corp Buys 92,315 Shares of CECO Environmental Corp. (NASDAQ:CECO)

Key Points

• King Luther Capital Management Corp increased its stake in CECO Environmental Corp. by 8.9%, owning over 1.1 million shares valued at approximately $25.7 million at the end of the last quarter.
• CECO Environmental reported earnings of $0.24 per share, exceeding expectations, with revenue of $185.39 million, also above consensus estimates.
• Several institutional investors boosted their holdings during the same quarter, with overall institutional ownership of the company at 68.08%.

King Luther Capital Management Corp increased its holdings in shares of CECO Environmental Corp. (NASDAQ:CECO - Free Report) by 8.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,126,104 shares of the company's stock after buying an additional 92,315 shares during the period. King Luther Capital Management Corp owned 3.19% of CECO Environmental worth $25,675,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. JPMorgan Chase & Co. lifted its holdings in CECO Environmental by 15.3% during the fourth quarter. JPMorgan Chase & Co. now owns 16,894 shares of the company's stock worth $511,000 after acquiring an additional 2,236 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of CECO Environmental by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 691,705 shares of the company's stock valued at $20,916,000 after purchasing an additional 2,218 shares in the last quarter. Wells Fargo & Company MN grew its position in shares of CECO Environmental by 2.4% in the 4th quarter. Wells Fargo & Company MN now owns 134,656 shares of the company's stock valued at $4,071,000 after purchasing an additional 3,139 shares during the period. Invesco Ltd. increased its stake in CECO Environmental by 4.2% during the 4th quarter. Invesco Ltd. now owns 486,130 shares of the company's stock worth $14,696,000 after purchasing an additional 19,697 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in CECO Environmental during the 4th quarter worth approximately $7,334,000. Institutional investors own 68.08% of the company's stock.

Insider Activity

In related news, Director Claudio A. Mannarino sold 20,000 shares of the business's 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 of the company's stock, valued at approximately $3,220,719.39. The trade was a 20.49% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jason Dezwirek sold 30,000 shares of the stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $43.54, for a total value of $1,306,200.00. Following the completion of the sale, the director owned 200,000 shares in the company, valued at approximately $8,708,000. This trade represents a 13.04% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 120,000 shares of company stock valued at $5,128,900 over the last quarter. 18.40% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Northland Securities set a $51.00 price objective on shares of CECO Environmental in a research report on Wednesday, July 30th. Citigroup reiterated an "outperform" rating on shares of CECO Environmental in a report on Wednesday, July 30th. Needham & Company LLC boosted their price target on CECO Environmental from $34.00 to $44.00 and gave the company a "buy" rating in a report on Tuesday, July 29th. Lake Street Capital reiterated a "buy" rating and set a $56.00 price objective on shares of CECO Environmental in a report on Wednesday, July 30th. Finally, HC Wainwright lifted 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 analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $49.20.

CECO Environmental Stock Down 3.0%

Shares of NASDAQ:CECO traded down $1.40 during trading on Thursday, hitting $44.65. 309,154 shares of the company were exchanged, compared to its average volume of 307,960. CECO Environmental Corp. has a fifty-two week low of $17.57 and a fifty-two week high of $47.40. The stock has a market cap of $1.58 billion, a price-to-earnings ratio of 31.22, a P/E/G ratio of 2.73 and a beta of 1.39. The company has a current ratio of 1.34, a quick ratio of 1.13 and a debt-to-equity ratio of 0.78. The firm has a fifty day moving average price of $33.44 and a two-hundred day moving average price of $27.43.

CECO Environmental (NASDAQ:CECO - Get Free Report) last issued its earnings results on Tuesday, July 29th. The company reported $0.24 earnings per share for the quarter, topping analysts' consensus estimates of $0.20 by $0.04. The business 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%. As a group, research analysts anticipate that CECO Environmental Corp. will post 0.67 earnings per share for the current fiscal year.

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.