CECO Environmental (NASDAQ:CECO) Shares Up 9.3% – Here’s What Happened

CECO Environmental Corp. (NASDAQ:CECO) was up 9.3% during mid-day trading on Wednesday. The company traded as high as $54.28 and last traded at $54.80. Approximately 101,710 shares traded hands during trading, a decline of 87% from the average daily volume of 768,512 shares. The stock had previously closed at $50.15.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. JPMorgan Chase & Co. lowered their price objective on shares of CECO Environmental from $130.00 to $110.00 and set an “overweight” rating on the stock in a report on Tuesday, October 13th. TD Cowen initiated coverage on shares of CECO Environmental in a research report on Wednesday, August 5th. They issued a “buy” rating and a $85.00 target price for the company. Zacks Research upgraded shares of CECO Environmental from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 13th. Needham & Company LLC reissued a “buy” rating and set a $110.00 price target on shares of CECO Environmental in a research report on Tuesday, August 11th. Finally, Weiss Ratings cut CECO Environmental from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, September 16th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $102.38.

CECO Environmental Stock Performance

The stock has a market capitalization of $3.24 billion, a price-to-earnings ratio of -79.62 and a beta of 1.50. The company has a quick ratio of 1.18, a current ratio of 1.50 and a debt-to-equity ratio of 0.34. The company’s fifty day simple moving average is $68.65 and its 200 day simple moving average is $71.93.

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

Institutional Investors Weigh In On CECO Environmental

Several institutional investors have recently made changes to their positions in CECO. Amundi increased its holdings in shares of CECO Environmental by 17.8% during the second quarter. Amundi now owns 198,106 shares of the company’s stock valued at $17,976,000 after acquiring an additional 29,907 shares in the last quarter. Jupiter Topco LLC acquired a new position in shares of CECO Environmental during the second quarter worth approximately $86,194,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of CECO Environmental in the second quarter valued at $1,184,000. Bank of America Corp DE bought a new position in shares of CECO Environmental in the second quarter valued at $21,188,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of CECO Environmental by 39.7% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 84,269 shares of the company’s stock valued at $7,647,000 after buying an additional 23,959 shares in the last quarter. 68.08% of the stock is currently owned by institutional investors.

CECO Environmental Company Profile

CECO Environmental Corp. (NASDAQ:CECO) is an industrial technology company that designs and supplies environmental and engineered equipment for industrial processes. Its solutions help customers control air pollution, manage industrial emissions, improve process efficiency and handle fluids in demanding operating environments.

The company’s product and service offerings include air pollution control systems, industrial ventilation and filtration equipment, scrubbers, fans, dust collection systems, thermal and heat-transfer equipment, pumps and other fluid-handling technologies.