CECO Environmental (NASDAQ:CECO) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

CECO Environmental (NASDAQ:CECO) had its target price hoisted by equities research analysts at Needham & Company LLC from $57.00 to $70.00 in a research report issued to clients and investors on Tuesday, Marketbeat.com reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price target suggests a potential upside of 23.74% from the stock’s current price.

A number of other research analysts also recently weighed in on the stock. Zacks Research raised shares of CECO Environmental from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 11th. Weiss Ratings reiterated a “buy (b-)” rating on shares of CECO Environmental in a research note on Wednesday, October 8th. Finally, Northland Securities set a $60.00 target price on CECO Environmental in a research report on Monday, October 20th. Seven analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $56.20.

CECO Environmental Trading Down 7.1%

Shares of CECO Environmental stock opened at $56.57 on Tuesday. The firm has a market cap of $2.02 billion, a PE ratio of 40.12 and a beta of 1.37. CECO Environmental has a 1 year low of $17.57 and a 1 year high of $63.98. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.33 and a quick ratio of 1.13. The stock has a fifty day moving average price of $52.44 and a 200-day moving average price of $44.11.

CECO Environmental (NASDAQ:CECO) last posted its quarterly earnings results on Tuesday, October 28th. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.01. CECO Environmental had a net margin of 7.22% and a return on equity of 10.84%. The company had revenue of $197.60 million during the quarter, compared to analyst estimates of $190.36 million. During the same quarter in the prior year, the business earned $0.14 earnings per share. The firm’s revenue for the quarter was up 45.8% on a year-over-year basis. Equities research analysts anticipate that CECO Environmental will post 0.67 EPS for the current year.

Insider Activity

In other news, CEO Todd R. Gleason sold 98,101 shares of the business’s stock in a transaction dated Monday, September 22nd. The stock was sold at an average price of $50.45, for a total transaction of $4,949,195.45. Following the completion of the transaction, the chief executive officer owned 410,835 shares of the company’s stock, valued at approximately $20,726,625.75. The trade was a 19.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 18.40% of the company’s stock.

Institutional Investors Weigh In On CECO Environmental

A number of institutional investors and hedge funds have recently bought and sold shares of CECO. Caitong International Asset Management Co. Ltd bought a new stake in shares of CECO Environmental during the 3rd quarter worth $25,000. Advisory Services Network LLC purchased a new stake in CECO Environmental during the third quarter valued at about $31,000. Farther Finance Advisors LLC raised its holdings in shares of CECO Environmental by 224.7% during the 2nd quarter. Farther Finance Advisors LLC now owns 1,445 shares of the company’s stock valued at $41,000 after buying an additional 1,000 shares in the last quarter. Global Retirement Partners LLC purchased a new stake in shares of CECO Environmental in the 3rd quarter valued at $50,000. Finally, First Horizon Corp bought a new position in shares of CECO Environmental during the 3rd quarter valued at $64,000. 68.08% of the stock is owned by hedge funds and other institutional investors.

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.