CECO Environmental (NASDAQ:CECO) Shares Up 9.3% - Time to Buy?

Key Points

• CECO Environmental shares rose 9.3% to $54.80 in midday trading, though volume was 87% below the average session volume.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $102.38; ratings include one Strong Buy, eight Buys and one Sell.
• The company reported strong quarterly results, including EPS of $0.47 versus a $0.26 estimate and revenue growth of 53.7% year over year, while institutional investors own 68.08% of its shares.

CECO Environmental Corp. (NASDAQ:CECO - Get Free Report)'s share price traded up 9.3% during mid-day trading on Wednesday. The stock traded as high as $54.28 and last traded at $54.80. 101,710 shares changed hands during trading, a decline of 87% from the average session volume of 768,512 shares. The stock had previously closed at $50.15.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. JPMorgan Chase & Co. decreased their price target on shares of CECO Environmental from $130.00 to $110.00 and set an "overweight" rating for the company in a research report on Tuesday, October 13th. Northland Securities set a $125.00 price target on CECO Environmental in a research report on Thursday, August 13th. Zacks Research upgraded CECO Environmental from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, October 13th. TD Cowen assumed coverage on CECO Environmental in a research report on Wednesday, August 5th. They issued a "buy" rating and a $85.00 target price on the stock. Finally, Needham & Company LLC reiterated a "buy" rating and set a $110.00 price target on shares of CECO Environmental in a research report on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $102.38.

CECO Environmental Trading Up 10.3%

The business's 50-day simple moving average is $68.65 and its 200-day simple moving average is $71.93. The company has a market cap of $3.24 billion, a PE ratio of -79.62 and a beta of 1.50. The company has a current ratio of 1.50, a quick ratio of 1.18 and a debt-to-equity ratio of 0.34.

CECO Environmental (NASDAQ:CECO - Get Free Report) last posted its quarterly earnings results on Monday, August 10th. The company reported $0.47 earnings per share for the quarter, topping analysts' consensus estimates of $0.26 by $0.21. CECO Environmental had a negative net margin of 3.39% and a positive return on equity of 7.36%. The business had revenue of $284.96 million for the quarter, compared to the consensus estimate of $282.21 million. During the same period in the prior year, the business posted $0.26 earnings per share. CECO Environmental's revenue for the quarter was up 53.7% compared to the same quarter last year. As a group, analysts expect that CECO Environmental Corp. will post 2.43 EPS for the current fiscal year.

Institutional Trading of CECO Environmental

Large investors have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new position in shares of CECO Environmental in the second quarter worth about $392,358,000. Jupiter Topco LLC bought a new position in shares of CECO Environmental in the second quarter valued at about $86,194,000. Dimensional Fund Advisors LP boosted its holdings in CECO Environmental by 0.9% in the first quarter. Dimensional Fund Advisors LP now owns 903,291 shares of the company's stock valued at $53,813,000 after acquiring an additional 7,751 shares during the last quarter. Legal & General Group Plc acquired a new stake in CECO Environmental during the 2nd quarter worth $40,461,000. Finally, Emerald Advisers LLC raised its position in shares of CECO Environmental by 14.1% in the 1st quarter. Emerald Advisers LLC now owns 523,017 shares of the company's stock valued at $31,161,000 after acquiring an additional 64,492 shares during the period. 68.08% of the stock is owned by institutional investors.

About CECO Environmental

CECO Environmental Corp. NASDAQ: CECO is an industrial technology company that designs and supplies environmental and engineered equipment for industrial processes. Its solutions help customers control air pollution, manage industrial emissions, improve process efficiency and handle fluids in demanding operating environments.

The company's product and service offerings include air pollution control systems, industrial ventilation and filtration equipment, scrubbers, fans, dust collection systems, thermal and heat-transfer equipment, pumps and other fluid-handling technologies.

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