CECO Environmental Corp. (NASDAQ:CECE) Rating Lowered to Market Perform at William Blair

CECO Environmental Corp. (NASDAQ:CECE) was downgraded by stock analysts at William Blair from an “outperform” rating to a “market perform” rating in a research note issued to investors on Friday, The Fly reports.

Several other research firms also recently commented on CECE. BidaskClub downgraded CECO Environmental Corp. from a “hold” rating to a “sell” rating in a report on Wednesday, July 19th. Needham & Company LLC upgraded CECO Environmental Corp. from a “buy” rating to a “strong-buy” rating and raised their price objective for the stock from $9.51 to $13.00 in a report on Thursday, July 6th. Finally, Zacks Investment Research upgraded CECO Environmental Corp. from a “sell” rating to a “hold” rating in a report on Tuesday, July 18th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $13.25.

Shares of CECO Environmental Corp. (NASDAQ:CECE) opened at 8.13 on Friday. The company’s market capitalization is $280.17 million. The company’s 50 day moving average price is $9.62 and its 200 day moving average price is $10.52. CECO Environmental Corp. has a 52-week low of $8.07 and a 52-week high of $14.88.

CECO Environmental Corp. (NASDAQ:CECE) last issued its quarterly earnings results on Wednesday, August 9th. The industrial products company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.19 by $0.11. The business had revenue of $93.90 million during the quarter, compared to analysts’ expectations of $99.09 million. CECO Environmental Corp. had a positive return on equity of 14.37% and a negative net margin of 10.27%. The company’s quarterly revenue was down 16.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.21 earnings per share. On average, analysts predict that CECO Environmental Corp. will post $0.71 EPS for the current year.

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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Trigran Investments Inc. increased its position in CECO Environmental Corp. by 26.1% in the second quarter. Trigran Investments Inc. now owns 2,084,082 shares of the industrial products company’s stock valued at $19,132,000 after buying an additional 431,432 shares during the last quarter. King Luther Capital Management Corp increased its position in CECO Environmental Corp. by 6.1% in the second quarter. King Luther Capital Management Corp now owns 1,841,429 shares of the industrial products company’s stock valued at $16,904,000 after buying an additional 105,800 shares during the last quarter. Dimensional Fund Advisors LP increased its position in CECO Environmental Corp. by 20.4% in the first quarter. Dimensional Fund Advisors LP now owns 1,649,009 shares of the industrial products company’s stock valued at $17,331,000 after buying an additional 279,323 shares during the last quarter. JPMorgan Chase & Co. increased its position in CECO Environmental Corp. by 3.6% in the second quarter. JPMorgan Chase & Co. now owns 1,240,508 shares of the industrial products company’s stock valued at $11,388,000 after buying an additional 42,772 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in CECO Environmental Corp. by 13.9% in the first quarter. Vanguard Group Inc. now owns 1,203,960 shares of the industrial products company’s stock valued at $12,654,000 after buying an additional 146,895 shares during the last quarter. Institutional investors own 68.94% of the company’s stock.

About CECO Environmental Corp.

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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