CECO Environmental (NASDAQ:CECO) Sets New 52-Week High – Here’s Why

CECO Environmental Corp. (NASDAQ:CECO) hit a new 52-week high on Tuesday . The company traded as high as $63.77 and last traded at $61.21, with a volume of 554350 shares trading hands. The stock had previously closed at $60.96.

Analyst Ratings Changes

Several equities research analysts recently issued reports on CECO shares. Zacks Research upgraded CECO Environmental from a “strong sell” rating to a “hold” rating in a 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. Needham & Company LLC increased their price target on shares of CECO Environmental from $52.00 to $57.00 and gave the stock a “buy” rating in a research report on Wednesday, October 29th. Finally, Northland Securities set a $60.00 price objective on shares of CECO Environmental in a report on Monday, October 20th. Seven research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $53.60.

CECO Environmental Stock Up 0.4%

The business has a 50-day simple moving average of $52.15 and a 200-day simple moving average of $43.79. The company has a market cap of $2.18 billion, a price-to-earnings ratio of 43.41 and a beta of 1.37. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.13 and a current ratio of 1.33.

CECO Environmental (NASDAQ:CECO) last posted its quarterly earnings results on Tuesday, October 28th. The company reported $0.26 EPS for the quarter, topping 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 analysts’ expectations of $190.36 million. During the same quarter in the previous year, the business posted $0.14 EPS. The firm’s revenue was up 45.8% on a year-over-year basis. On average, equities analysts anticipate that CECO Environmental Corp. will post 0.67 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Todd R. Gleason sold 101,899 shares of the stock in a transaction on Friday, September 19th. The stock was sold at an average price of $49.32, for a total value of $5,025,658.68. Following the transaction, the chief executive officer owned 410,835 shares of the company’s stock, valued at $20,262,382.20. This represents a 19.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders sold a total of 300,000 shares of company stock valued at $15,104,854 over the last 90 days. Corporate insiders own 16.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CECO. Hood River Capital Management LLC increased its holdings in shares of CECO Environmental by 0.7% in the 2nd quarter. Hood River Capital Management LLC now owns 1,941,741 shares of the company’s stock valued at $54,971,000 after acquiring an additional 14,073 shares during the last quarter. Vanguard Group Inc. boosted its holdings in CECO Environmental by 1.0% in the third quarter. Vanguard Group Inc. now owns 1,770,756 shares of the company’s stock valued at $90,663,000 after purchasing an additional 16,708 shares in the last quarter. American Century Companies Inc. increased its stake in CECO Environmental by 16,844.6% in the third quarter. American Century Companies Inc. now owns 1,257,796 shares of the company’s stock valued at $64,399,000 after purchasing an additional 1,250,373 shares during the last quarter. King Luther Capital Management Corp raised its holdings in CECO Environmental by 4.6% during the second quarter. King Luther Capital Management Corp now owns 1,177,461 shares of the company’s stock worth $33,334,000 after purchasing an additional 51,357 shares in the last quarter. Finally, William Blair Investment Management LLC lifted its position in shares of CECO Environmental by 4.9% during the 2nd quarter. William Blair Investment Management LLC now owns 945,897 shares of the company’s stock worth $26,778,000 after buying an additional 44,310 shares during the last quarter. 68.08% of the stock is owned by institutional investors and hedge funds.

CECO Environmental Company Profile

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.