Craig Hallum Forecasts Strong Price Appreciation for CECO Environmental (NASDAQ:CECO) Stock

CECO Environmental (NASDAQ:CECO) had its price target raised by stock analysts at Craig Hallum from $34.00 to $40.00 in a research note issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Craig Hallum’s price objective points to a potential upside of 24.38% from the stock’s previous close.

Other equities research analysts have also issued reports about the stock. Needham & Company LLC dropped their price objective on shares of CECO Environmental from $35.00 to $33.00 and set a “buy” rating on the stock in a report on Wednesday, October 30th. HC Wainwright restated a “buy” rating and issued a $35.00 price target on shares of CECO Environmental in a report on Wednesday, October 30th. Finally, Northland Securities increased their price objective on CECO Environmental from $35.00 to $38.00 and gave the stock an “outperform” rating in a report on Friday, December 20th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $36.20.

CECO Environmental Stock Performance

CECO stock opened at $32.16 on Monday. CECO Environmental has a 1-year low of $18.50 and a 1-year high of $35.16. The company has a current ratio of 1.30, a quick ratio of 1.12 and a debt-to-equity ratio of 0.50. The firm has a market cap of $1.12 billion, a PE ratio of 97.46, a P/E/G ratio of 2.92 and a beta of 1.43. The business’s 50-day moving average price is $29.56 and its two-hundred day moving average price is $28.40.

CECO Environmental (NASDAQ:CECO) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.05). The business had revenue of $135.50 million during the quarter, compared to analyst estimates of $155.94 million. CECO Environmental had a net margin of 2.16% and a return on equity of 11.12%. CECO Environmental’s revenue for the quarter was down 9.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.22 earnings per share. As a group, research analysts forecast that CECO Environmental will post 0.79 earnings per share for the current year.

Hedge Funds Weigh In On CECO Environmental

Hedge funds have recently modified their holdings of the stock. First Horizon Advisors Inc. raised its holdings in CECO Environmental by 71.6% during the third quarter. First Horizon Advisors Inc. now owns 1,416 shares of the company’s stock worth $40,000 after acquiring an additional 591 shares in the last quarter. Quest Partners LLC acquired a new position in shares of CECO Environmental during the 3rd quarter worth approximately $69,000. Morse Asset Management Inc bought a new stake in shares of CECO Environmental during the 3rd quarter worth approximately $76,000. Eastern Bank acquired a new stake in shares of CECO Environmental in the 3rd quarter valued at approximately $113,000. Finally, Arizona State Retirement System bought a new position in shares of CECO Environmental in the second quarter valued at $239,000. Institutional investors own 68.08% of the company’s stock.

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.