CECO Environmental (NASDAQ:CECO) Stock Falls 7.6% - Here's What Happened

Key Points

• CECO Environmental shares fell 7.6% to about $69.72, with trading volume approximately 78% below the stock’s average daily volume.
• Analyst sentiment remains broadly positive despite mixed revisions: eight analysts rate the stock a Buy, one rates it Hold, and one rates it Sell. The consensus rating is “Moderate Buy,” with a target price of $104.88.
• The company reported strong quarterly results, including EPS of $0.47 versus the $0.26 consensus estimate and revenue growth of 53.7% year over year to $284.96 million. Institutional investors own 68.08% of CECO’s shares.

CECO Environmental Corp. (NASDAQ:CECO - Get Free Report)'s share price dropped 7.6% on Wednesday. The stock traded as low as $70.74 and last traded at $69.7190. Approximately 156,997 shares were traded during trading, a decline of 78% from the average daily volume of 727,299 shares. The stock had previously closed at $75.45.

Wall Street Analyst Weigh In

Several research firms have commented on CECO. Zacks Research cut shares of CECO Environmental from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 11th. JPMorgan Chase & Co. assumed coverage on CECO Environmental in a research report on Thursday, July 9th. They set an "overweight" rating and a $130.00 price target for the company. Needham & Company LLC reiterated a "buy" rating and set a $110.00 price target on shares of CECO Environmental in a report on Tuesday, August 11th. Lake Street Capital upped their price objective on CECO Environmental from $80.00 to $111.00 and gave the company a "buy" rating in a research note on Wednesday, June 10th. Finally, Weiss Ratings lowered CECO Environmental from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Wednesday, September 16th. Eight investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, CECO Environmental currently has an average rating of "Moderate Buy" and a consensus target price of $104.88.

CECO Environmental Stock Performance

The stock has a market capitalization of $4.18 billion, a P/E ratio of -103.22 and a beta of 1.50. The company has a 50 day simple moving average of $72.37 and a 200-day simple moving average of $75.69. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.50 and a quick ratio of 1.18.

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 the consensus estimate of $0.26 by $0.21. CECO Environmental had a positive return on equity of 7.36% and a negative net margin of 3.39%.The company had revenue of $284.96 million during the quarter, compared to the consensus estimate of $282.21 million. During the same quarter in the prior year, the company earned $0.26 EPS. The firm's quarterly revenue was up 53.7% compared to the same quarter last year. On average, equities analysts forecast that CECO Environmental Corp. will post 2.43 EPS for the current year.

Institutional Trading of CECO Environmental

Several hedge funds and other institutional investors have recently modified their holdings of the business. GAMMA Investing LLC lifted its position in CECO Environmental by 71.6% in the second quarter. GAMMA Investing LLC now owns 369 shares of the company's stock valued at $33,000 after purchasing an additional 154 shares during the last quarter. Allworth Financial LP increased its stake in shares of CECO Environmental by 98.1% in the second quarter. Allworth Financial LP now owns 317 shares of the company's stock worth $29,000 after buying an additional 157 shares during the period. Morton Brown Family Wealth LLC bought a new stake in CECO Environmental during the 1st quarter valued at $29,000. Swiss National Bank raised its holdings in CECO Environmental by 1.0% during the 1st quarter. Swiss National Bank now owns 59,900 shares of the company's stock valued at $3,569,000 after buying an additional 600 shares during the last quarter. Finally, KBC Group NV purchased a new stake in CECO Environmental during the 1st quarter valued at $44,000. Institutional investors own 68.08% of the company's stock.

CECO Environmental Company Profile

CECO Environmental Corp. NASDAQ: CECO is an environmental technology company that provides engineered solutions for industrial air quality, fluid handling, and water and wastewater treatment. Its systems are designed to help customers control emissions, improve process efficiency, protect workers, and comply with environmental regulations.

The company offers products and services including air pollution control equipment, industrial ventilation systems, filtration and separation technologies, thermal processing solutions, pumps and other fluid-handling equipment, and water and wastewater treatment systems.

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