CECO Environmental (NASDAQ:CECO) Stock Price Down 4% - Here's What Happened

Key Points

• CECO Environmental shares fell 4% to $55.20 during Tuesday trading, with volume roughly 97% below the average session level.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus and an average price target of $102.38, despite mixed actions including JPMorgan’s target reduction to $110 and a Weiss Ratings downgrade to “sell.”
• The company recently exceeded quarterly earnings expectations, reporting $0.47 in EPS versus the $0.26 consensus and $284.96 million in revenue, up 53.7% year over year; institutional investors own 68.08% of the stock.

CECO Environmental Corp. (NASDAQ:CECO - Get Free Report)'s stock price traded down 4% during trading on Tuesday. The stock traded as low as $55.00 and last traded at $55.20. Approximately 20,318 shares traded hands during mid-day trading, a decline of 97% from the average session volume of 746,902 shares. The stock had previously closed at $57.49.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on CECO shares. Northland Securities set a $125.00 target price on shares of CECO Environmental in a report on Thursday, August 13th. Weiss Ratings downgraded shares of CECO Environmental from a "hold (c-)" rating to a "sell (d+)" rating in a report on Wednesday, September 16th. JPMorgan Chase & Co. reduced their price target on shares of CECO Environmental from $130.00 to $110.00 and set an "overweight" rating on the stock in a research report on Tuesday, October 13th. Zacks Research upgraded shares of CECO Environmental from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, October 13th. Finally, TD Cowen started coverage on shares of CECO Environmental in a research note on Wednesday, August 5th. They set a "buy" rating and a $85.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, CECO Environmental presently has an average rating of "Moderate Buy" and an average target price of $102.38.

CECO Environmental Stock Down 0.6%

The firm has a fifty day moving average price of $71.63 and a 200 day moving average price of $75.95. The company has a quick ratio of 1.18, a current ratio of 1.50 and a debt-to-equity ratio of 0.34. The company has a market cap of $3.35 billion, a P/E ratio of -82.83 and a beta of 1.50.

CECO Environmental (NASDAQ:CECO - Get Free Report) last announced its earnings results on Monday, August 10th. The company reported $0.47 earnings per share for the quarter, beating analysts' consensus estimates 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 analyst estimates of $282.21 million. During the same period last year, the company posted $0.26 earnings per share. The firm's quarterly revenue was up 53.7% compared to the same quarter last year. Equities research analysts forecast that CECO Environmental Corp. will post 2.43 earnings per share for the current year.

Institutional Investors Weigh In On CECO Environmental

Hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new stake in CECO Environmental during the 2nd quarter worth about $392,358,000. Jupiter Topco LLC acquired a new position in CECO Environmental during the 2nd quarter valued at about $86,194,000. Dimensional Fund Advisors LP boosted its stake in shares of CECO Environmental by 0.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 903,291 shares of the company's stock valued at $53,813,000 after purchasing an additional 7,751 shares during the last quarter. Emerald Advisers LLC boosted its stake 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 purchasing an additional 64,492 shares during the last quarter. Finally, Legal & General Group Plc bought a new position in shares of CECO Environmental in the 2nd quarter valued at about $40,461,000. Institutional investors own 68.08% of the company's stock.

CECO Environmental Company Profile

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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