Zacks Research Upgrades CECO Environmental (NASDAQ:CECO) to “Strong-Buy”

CECO Environmental (NASDAQ:CECO) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Tuesday, Zacks reports.

Other analysts have also recently issued reports about the company. Weiss Ratings cut CECO Environmental from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, September 16th. Needham & Company LLC reissued a “buy” rating and set a $110.00 price objective on shares of CECO Environmental in a report on Tuesday, August 11th. Northland Securities set a $125.00 target price on shares of CECO Environmental in a research note on Thursday, August 13th. JPMorgan Chase & Co. reduced 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 note on Tuesday. Finally, TD Cowen assumed coverage on shares of CECO Environmental in a report on Wednesday, August 5th. They issued a “buy” rating and a $85.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $102.38.

CECO Environmental Trading Down 7.3%

CECO stock opened at $62.39 on Tuesday. CECO Environmental has a 1-year low of $42.82 and a 1-year high of $101.24. The firm has a market cap of $3.65 billion, a P/E ratio of -90.42 and a beta of 1.50. The business’s 50 day moving average is $72.33 and its 200-day moving average is $75.97. The company has a current ratio of 1.50, a quick ratio of 1.18 and a debt-to-equity ratio of 0.34.

CECO Environmental (NASDAQ:CECO) last issued its earnings results 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. The business had revenue of $284.96 million during the quarter, compared to analysts’ expectations of $282.21 million. CECO Environmental had a positive return on equity of 7.36% and a negative net margin of 3.39%. CECO Environmental’s quarterly revenue was up 53.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.26 EPS. Equities analysts anticipate that CECO Environmental will post 2.43 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in CECO Environmental in the second quarter valued at approximately $392,358,000. Jupiter Topco LLC bought a new position in CECO Environmental in the second quarter valued at approximately $86,194,000. Legal & General Group Plc bought a new position in CECO Environmental in the second quarter valued at approximately $40,461,000. Deutsche Bank AG bought a new position in CECO Environmental in the second quarter valued at approximately $30,475,000. Finally, Engineers Gate Manager LP grew its holdings in CECO Environmental by 6,952.1% during the 2nd 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. 68.08% of the stock is currently owned by institutional investors and hedge funds.

About CECO Environmental

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.