Zacks Investment Research Upgrades CECO Environmental Corp. (CECE) to Hold
CECO Environmental Corp. (NASDAQ:CECE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
According to Zacks, “CECO ENVIRONMENTAL CORP. manufactures and sells, primarily in the United States, of fiber bed mist eliminators to the chemical, printing, plating, power generation, food processing, waste incineration and textile industries. “
A number of other research analysts have also issued reports on the company. BidaskClub lowered CECO Environmental Corp. from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. ValuEngine lowered CECO Environmental Corp. from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Needham & Company LLC upgraded CECO Environmental Corp. from a “buy” rating to a “strong-buy” rating and boosted their price objective for the company from $9.51 to $13.00 in a research report on Thursday, July 6th. Finally, William Blair lowered CECO Environmental Corp. from an “outperform” rating to a “market perform” rating in a research report on Friday, August 11th. One research analyst has rated the stock with a sell rating, four have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $12.33.
Shares of CECO Environmental Corp. (CECE) traded up 0.58% during midday trading on Wednesday, reaching $8.73. The company’s stock had a trading volume of 88,178 shares. The firm’s market capitalization is $301.08 million. CECO Environmental Corp. has a 1-year low of $6.94 and a 1-year high of $14.88. The company’s 50-day moving average price is $7.99 and its 200 day moving average price is $9.34.
CECO Environmental Corp. (NASDAQ:CECE) last released its quarterly earnings data on Wednesday, August 9th. The industrial products company reported $0.08 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.19 by ($0.11). CECO Environmental Corp. had a negative net margin of 10.27% and a positive return on equity of 14.60%. The company had revenue of $93.90 million for the quarter, compared to analyst estimates of $99.09 million. During the same quarter in the prior year, the firm earned $0.21 EPS. The company’s revenue for the quarter was down 16.4% compared to the same quarter last year. On average, equities research analysts forecast that CECO Environmental Corp. will post $0.59 earnings per share for the current year.
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In other CECO Environmental Corp. news, Director Jonathan Pollack bought 6,800 shares of the business’s stock in a transaction on Wednesday, August 16th. The shares were purchased at an average price of $7.31 per share, with a total value of $49,708.00. Following the purchase, the director now directly owns 26,146 shares of the company’s stock, valued at $191,127.26. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jason Dezwirek bought 25,000 shares of the business’s stock in a transaction on Tuesday, August 15th. The shares were acquired at an average cost of $7.27 per share, for a total transaction of $181,750.00. Following the purchase, the director now directly owns 1,410,616 shares in the company, valued at $10,255,178.32. The disclosure for this purchase can be found here. 14.30% of the stock is owned by insiders.
A number of institutional investors have recently made changes to their positions in CECE. Tudor Investment Corp ET AL bought a new stake in CECO Environmental Corp. during the 2nd quarter valued at $101,000. SG Americas Securities LLC bought a new stake in CECO Environmental Corp. during the 1st quarter valued at $112,000. Globeflex Capital L P bought a new stake in CECO Environmental Corp. during the 1st quarter valued at $134,000. Gotham Asset Management LLC bought a new stake in CECO Environmental Corp. during the 1st quarter valued at $135,000. Finally, Voya Investment Management LLC raised its stake in CECO Environmental Corp. by 23.2% during the 2nd quarter. Voya Investment Management LLC now owns 15,660 shares of the industrial products company’s stock valued at $144,000 after acquiring an additional 2,947 shares in the last quarter. 67.94% of the stock is currently owned by hedge funds and other institutional investors.
CECO Environmental Corp. Company Profile
CECO Environmental Corp. is a provider of engineered technologies to the environmental, energy, and fluid handling and filtration industrial segments. The Company is focused on engineering, designing, building and installing systems that capture, clean and destroy airborne contaminants from industrial facilities, as well as equipment that controls emissions from such facilities, and fluid handling and filtration systems.
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