CECO Environmental Corp. (NASDAQ:CECO - Get Free Report)'s share price gapped down before the market opened on Tuesday following a dissappointing earnings announcement. The stock had previously closed at $26.31, but opened at $22.53. CECO Environmental shares last traded at $22.07, with a volume of 141,893 shares trading hands.
The company reported $0.14 EPS for the quarter, missing analysts' consensus estimates of $0.22 by ($0.08). The business had revenue of $135.50 million for the quarter, compared to the consensus estimate of $155.94 million. CECO Environmental had a return on equity of 12.35% and a net margin of 2.33%. The company's revenue for the quarter was down 9.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.22 EPS.
Wall Street Analyst Weigh In
Several brokerages have recently weighed in on CECO. Northland Securities increased their price objective on shares of CECO Environmental from $28.00 to $35.00 and gave the company an "outperform" rating in a research report on Thursday, August 1st. Roth Mkm boosted their price objective on CECO Environmental from $26.00 to $35.00 and gave the stock a "buy" rating in a report on Wednesday, July 31st. HC Wainwright increased their target price on CECO Environmental from $30.00 to $35.00 and gave the stock a "buy" rating in a research note on Wednesday, July 31st. Needham & Company LLC upped their price objective on CECO Environmental from $34.00 to $35.00 and gave the company a "buy" rating in a report on Wednesday, July 31st. Finally, Craig Hallum lifted their target price on CECO Environmental from $28.00 to $34.00 and gave the stock a "buy" rating in a report on Wednesday, July 31st. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $34.80.
Read Our Latest Stock Report on CECO
Insider Activity
In other news, Director Richard F. Wallman bought 10,000 shares of the company's stock in a transaction dated Friday, August 30th. The stock was bought at an average cost of $28.77 per share, for a total transaction of $287,700.00. Following the transaction, the director now owns 62,000 shares of the company's stock, valued at $1,783,740. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 16.90% of the company's stock.
Hedge Funds Weigh In On CECO Environmental
A number of institutional investors have recently modified their holdings of the business. Van ECK Associates Corp grew its position in CECO Environmental by 466.4% in the third quarter. Van ECK Associates Corp now owns 379,877 shares of the company's stock valued at $10,082,000 after acquiring an additional 312,803 shares during the last quarter. Private Advisor Group LLC boosted its stake in shares of CECO Environmental by 5.8% in the 3rd quarter. Private Advisor Group LLC now owns 16,065 shares of the company's stock valued at $453,000 after purchasing an additional 885 shares in the last quarter. Eastern Bank bought a new stake in shares of CECO Environmental during the 3rd quarter valued at approximately $113,000. Allspring Global Investments Holdings LLC increased its position in CECO Environmental by 65.2% during 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. Finally, Essex Investment Management Co. LLC lifted its stake in CECO Environmental by 0.3% in the 3rd quarter. Essex Investment Management Co. LLC now owns 208,426 shares of the company's stock valued at $5,878,000 after purchasing an additional 562 shares during the last quarter. Institutional investors and hedge funds own 68.08% of the company's stock.
CECO Environmental Stock Performance
The company's 50 day moving average is $27.32 and its 200 day moving average is $26.49. The firm has a market cap of $788.16 million, a P/E ratio of 64.46, a P/E/G ratio of 2.01 and a beta of 1.33. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.17 and a current ratio of 1.36.
CECO Environmental Company Profile
(
Get Free Report)
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.
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