Zacks Investment Research upgraded shares of CECO Environmental Corp. (NASDAQ:CECE) from a hold rating to a strong-buy rating in a report published on Tuesday. They currently have $16.00 price target on the stock.
According to Zacks, “CECO ENVIRONMENTAL CORP. manufactures and sells, primarily in the United States, of fiber bed mist eliminators to the chemical, printing, plating, power generation, food processing, waste incineration and textile industries. “
A number of other equities research analysts have also recently issued reports on CECE. TheStreet upgraded CECO Environmental Corp. from a hold rating to a buy rating in a research note on Friday, November 11th. Seaport Global Securities cut CECO Environmental Corp. from a buy rating to a neutral rating and set a $13.00 target price on the stock. in a research note on Thursday, November 17th. Finally, Jefferies Group reiterated a hold rating and issued a $11.00 target price on shares of CECO Environmental Corp. in a research note on Friday, November 18th. Three analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of Buy and a consensus target price of $12.83.
Shares of CECO Environmental Corp. (NASDAQ:CECE) traded down 1.18% during mid-day trading on Tuesday, reaching $14.19. 130,677 shares of the company’s stock were exchanged. The stock has a market capitalization of $482.60 million, a PE ratio of 48.76 and a beta of 1.75. CECO Environmental Corp. has a 1-year low of $5.60 and a 1-year high of $14.88. The company’s 50 day moving average is $13.98 and its 200 day moving average is $11.11.
CECO Environmental Corp. (NASDAQ:CECE) last posted its earnings results on Tuesday, November 8th. The company reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.21 by $0.03. The company had revenue of $101.60 million for the quarter, compared to analysts’ expectations of $110.44 million. CECO Environmental Corp. had a return on equity of 11.22% and a net margin of 2.35%. The firm’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same period last year, the business posted $0.27 earnings per share. Equities research analysts anticipate that CECO Environmental Corp. will post $0.84 EPS for the current fiscal year.
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The company also recently announced a quarterly dividend, which was paid on Friday, December 30th. Investors of record on Friday, December 16th were issued a dividend of $0.066 per share. This represents a $0.26 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date was Wednesday, December 14th. CECO Environmental Corp.’s payout ratio is currently 89.66%.
In related news, CEO Jeffrey Lang sold 40,000 shares of CECO Environmental Corp. stock in a transaction dated Thursday, December 22nd. The stock was sold at an average price of $14.37, for a total transaction of $574,800.00. Following the transaction, the chief executive officer now directly owns 171,029 shares of the company’s stock, valued at $2,457,686.73. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 15.20% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Kirr Marbach & Co. LLC IN raised its position in CECO Environmental Corp. by 2.4% in the second quarter. Kirr Marbach & Co. LLC IN now owns 19,435 shares of the company’s stock worth $170,000 after buying an additional 450 shares during the last quarter. Green Square Capital LLC raised its position in CECO Environmental Corp. by 13.8% in the second quarter. Green Square Capital LLC now owns 65,822 shares of the company’s stock worth $575,000 after buying an additional 8,000 shares during the last quarter. Bank of New York Mellon Corp raised its position in CECO Environmental Corp. by 2.4% in the second quarter. Bank of New York Mellon Corp now owns 237,765 shares of the company’s stock worth $2,078,000 after buying an additional 5,611 shares during the last quarter. Wall Street Access Asset Management LLC raised its position in CECO Environmental Corp. by 1.9% in the second quarter. Wall Street Access Asset Management LLC now owns 172,699 shares of the company’s stock worth $1,509,000 after buying an additional 3,200 shares during the last quarter. Finally, Victory Capital Management Inc. purchased a new position in CECO Environmental Corp. during the second quarter worth about $726,000. 56.17% of the stock is currently owned by hedge funds and other institutional investors.
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 focuses 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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