CECO Environmental (NASDAQ:CECO) Stock Rating Raised to Strong-Buy at Zacks Research

Zacks Research upgraded shares of CECO Environmental (NASDAQ:CECO) from a hold rating to a strong-buy rating in a research note released on Tuesday,Zacks reports.

Several other research firms have also recently weighed in on CECO. Northland Securities set a $125.00 price target on shares of CECO Environmental in a report on Thursday, August 13th. TD Cowen began coverage on shares of CECO Environmental in a research note on Wednesday, August 5th. They issued a “buy” rating and a $85.00 price objective for the company. Needham & Company LLC reiterated a “buy” rating and issued a $110.00 price objective on shares of CECO Environmental in a research note on Tuesday, August 11th. Weiss Ratings cut shares of CECO Environmental from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, September 16th. Finally, JPMorgan Chase & Co. dropped their target price 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. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, CECO Environmental currently has a consensus rating of “Moderate Buy” and a consensus price target of $102.38.

CECO Environmental Price Performance

Shares of NASDAQ:CECO opened at $62.39 on Tuesday. The company has a current ratio of 1.50, a quick ratio of 1.18 and a debt-to-equity ratio of 0.34. The stock’s fifty day simple moving average is $72.33 and its two-hundred day simple moving average is $75.97. CECO Environmental has a 1-year low of $42.82 and a 1-year high of $101.24. The stock has a market cap of $3.65 billion, a PE ratio of -90.42 and a beta of 1.50.

CECO Environmental (NASDAQ:CECO) last posted its quarterly earnings data on Monday, August 10th. The company reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.21. CECO Environmental had a negative net margin of 3.39% and a positive return on equity of 7.36%. The firm had revenue of $284.96 million for the quarter, compared to the consensus estimate of $282.21 million. During the same period in the previous year, the firm earned $0.26 EPS. The business’s revenue for the quarter was up 53.7% compared to the same quarter last year. As a group, analysts forecast that CECO Environmental will post 2.43 EPS for the current fiscal year.

Institutional Investors Weigh In On CECO Environmental

Several large investors have recently modified their holdings of the stock. BlackRock Inc. bought a new stake in CECO Environmental during the 2nd quarter valued at $392,358,000. Jupiter Topco LLC purchased a new stake in shares of CECO Environmental during the second quarter worth $86,194,000. Legal & General Group Plc purchased a new stake in shares of CECO Environmental during the second quarter worth $40,461,000. Deutsche Bank AG purchased a new stake in shares of CECO Environmental during the second quarter worth $30,475,000. Finally, Engineers Gate Manager LP boosted its holdings in shares of CECO Environmental by 6,952.1% in the second quarter. Engineers Gate Manager LP now owns 243,155 shares of the company’s stock worth $22,064,000 after acquiring an additional 239,707 shares during the period. Hedge funds and other institutional investors own 68.08% of the company’s stock.

CECO Environmental Company Profile

CECO Environmental Corp. (NASDAQ: CECO) is an environmental technology company that provides engineered solutions for industrial air quality, fluid handling, and water and wastewater treatment. Its systems are designed to help customers control emissions, improve process efficiency, protect workers, and comply with environmental regulations.

The company offers products and services including air pollution control equipment, industrial ventilation systems, filtration and separation technologies, thermal processing solutions, pumps and other fluid-handling equipment, and water and wastewater treatment systems.