Fmr LLC Raises Stock Position in CECO Environmental Corp. (NASDAQ:CECO)

FMR LLC raised its stake in shares of CECO Environmental Corp. (NASDAQ:CECO - Free Report) by 23.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 786,308 shares of the company's stock after buying an additional 149,777 shares during the period. FMR LLC owned about 2.25% of CECO Environmental worth $22,174,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Hood River Capital Management LLC purchased a new stake in CECO Environmental during the 2nd quarter valued at $15,495,000. Assenagon Asset Management S.A. raised its stake in CECO Environmental by 51.2% during the 2nd quarter. Assenagon Asset Management S.A. now owns 101,585 shares of the company's stock valued at $2,931,000 after buying an additional 34,412 shares during the last quarter. Robeco Schweiz AG raised its stake in CECO Environmental by 375.2% during the 2nd quarter. Robeco Schweiz AG now owns 565,255 shares of the company's stock valued at $16,308,000 after buying an additional 446,305 shares during the last quarter. First Eagle Investment Management LLC raised its stake in CECO Environmental by 10.9% during the 2nd quarter. First Eagle Investment Management LLC now owns 657,764 shares of the company's stock valued at $18,976,000 after buying an additional 64,900 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in shares of CECO Environmental by 65.2% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 484,518 shares of the company's stock worth $13,663,000 after purchasing an additional 191,286 shares in the last quarter. 68.08% of the stock is currently owned by hedge funds and other institutional investors.

CECO Environmental Price Performance

CECO stock traded up $0.89 during trading on Tuesday, reaching $33.66. The company's stock had a trading volume of 359,526 shares, compared to its average volume of 273,017. CECO Environmental Corp. has a 1 year low of $18.50 and a 1 year high of $34.25. The company has a quick ratio of 1.12, a current ratio of 1.30 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $1.18 billion, a P/E ratio of 102.00, a price-to-earnings-growth ratio of 2.77 and a beta of 1.41. The company's fifty day moving average is $27.81 and its 200-day moving average is $27.43.

CECO Environmental (NASDAQ:CECO - Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.14 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.19 by ($0.05). CECO Environmental had a return on equity of 11.12% and a net margin of 2.16%. The business had revenue of $135.50 million during the quarter, compared to analysts' expectations of $155.94 million. During the same quarter in the previous year, the company posted $0.22 EPS. The company's quarterly revenue was down 9.3% on a year-over-year basis. On average, research analysts expect that CECO Environmental Corp. will post 0.79 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently commented on CECO shares. HC Wainwright restated a "buy" rating and issued a $35.00 price objective on shares of CECO Environmental in a research note on Wednesday, October 30th. Needham & Company LLC reduced their price objective on CECO Environmental from $35.00 to $33.00 and set a "buy" rating for the company in a research note on Wednesday, October 30th. Five analysts have rated the stock with a buy rating, According to MarketBeat, CECO Environmental has a consensus rating of "Buy" and a consensus price target of $34.40.

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.