CECO Environmental Corp. $CECO Shares Acquired by State of Wyoming

Key Points

• The State of Wyoming increased its ownership in CECO Environmental Corp by 33.1%, holding 36,147 shares valued at approximately $824,000.
• CECO Environmental reported earnings of $0.24 per share for the last quarter, surpassing estimates and achieving a revenue of $185.39 million against predictions of $178.66 million.
• Several investment firms have shown increased interest in CECO, with Lake Street Capital reiterating a "buy" rating and setting a target price of $56.00 per share.

State of Wyoming grew its position in CECO Environmental Corp. (NASDAQ:CECO - Free Report) by 33.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 36,147 shares of the company's stock after buying an additional 8,991 shares during the quarter. State of Wyoming owned 0.10% of CECO Environmental worth $824,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in CECO. JPMorgan Chase & Co. increased its position in CECO Environmental by 15.3% during the 4th quarter. JPMorgan Chase & Co. now owns 16,894 shares of the company's stock worth $511,000 after purchasing an additional 2,236 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in CECO Environmental by 18.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 11,373 shares of the company's stock worth $344,000 after purchasing an additional 1,779 shares in the last quarter. Northern Trust Corp increased its position in CECO Environmental by 1.0% during the 4th quarter. Northern Trust Corp now owns 275,310 shares of the company's stock worth $8,323,000 after purchasing an additional 2,638 shares in the last quarter. Bank of America Corp DE increased its position in CECO Environmental by 118.8% during the 4th quarter. Bank of America Corp DE now owns 100,484 shares of the company's stock worth $3,038,000 after purchasing an additional 54,551 shares in the last quarter. Finally, Deutsche Bank AG increased its position in CECO Environmental by 52.2% during the 4th quarter. Deutsche Bank AG now owns 25,994 shares of the company's stock worth $786,000 after purchasing an additional 8,910 shares in the last quarter. Hedge funds and other institutional investors own 68.08% of the company's stock.

Insider Buying and Selling

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 completion of the transaction, the director owned 77,589 shares in the company, valued at $3,220,719.39. The trade was a 20.49% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jason Dezwirek sold 30,000 shares of the business's stock in a transaction that occurred 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 transaction, the director 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. Insiders sold a total of 120,000 shares of company stock valued at $5,128,900 over the last quarter. Company insiders own 16.90% of the company's stock.

Analysts Set New Price Targets

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

CECO Environmental Stock Down 0.3%

CECO Environmental stock traded down $0.13 during midday trading on Tuesday, hitting $45.46. 838,066 shares of the company were exchanged, compared to its average volume of 315,040. The company's fifty day moving average price is $38.16 and its 200-day moving average price is $29.13. The company has a market cap of $1.61 billion, a PE ratio of 31.79, a price-to-earnings-growth ratio of 2.65 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 fifty-two week low of $17.57 and a fifty-two week high of $48.58.

CECO Environmental (NASDAQ:CECO - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.20 by $0.04. CECO Environmental had a return on equity of 10.00% and a net margin of 7.99%.The firm had revenue of $185.39 million for the quarter, compared to analyst estimates of $178.66 million. CECO Environmental has set its FY 2025 guidance at EPS. On average, research analysts predict that CECO Environmental Corp. will post 0.67 EPS 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.