CECO Environmental (CECE) Downgraded to Sell at Zacks Investment Research

CECO Environmental (NASDAQ:CECE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Thursday.

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. “

Several other brokerages have also issued reports on CECE. Roth Capital reissued a “neutral” rating on shares of CECO Environmental in a research note on Thursday, November 9th. Needham & Company LLC lowered CECO Environmental from a “strong-buy” rating to a “buy” rating in a research note on Thursday, November 9th. ValuEngine lowered CECO Environmental from a “buy” rating to a “hold” rating in a research note on Thursday, November 9th. Finally, TheStreet lowered CECO Environmental from a “c-” rating to a “d+” rating in a research note on Monday, November 27th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $12.00.

CECO Environmental (NASDAQ:CECE) traded down $0.20 during trading on Thursday, hitting $4.08. The company had a trading volume of 199,904 shares, compared to its average volume of 190,341. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.38 and a current ratio of 1.57. The firm has a market capitalization of $154.10, a price-to-earnings ratio of -3.29, a P/E/G ratio of 0.53 and a beta of 1.08. CECO Environmental has a one year low of $4.02 and a one year high of $12.61.

CECO Environmental (NASDAQ:CECE) last posted its quarterly earnings data on Wednesday, November 8th. The industrial products company reported $0.03 EPS for the quarter, missing the Zacks’ consensus estimate of $0.15 by ($0.12). CECO Environmental had a positive return on equity of 11.91% and a negative net margin of 11.47%. The company had revenue of $85.00 million during the quarter, compared to analyst estimates of $92.66 million. During the same period in the prior year, the firm earned $0.24 earnings per share. CECO Environmental’s revenue was down 16.3% compared to the same quarter last year. analysts predict that CECO Environmental will post 0.39 EPS for the current year.

A number of institutional investors and hedge funds have recently modified their holdings of CECE. Bank of New York Mellon Corp lifted its stake in CECO Environmental by 2.2% in the second quarter. Bank of New York Mellon Corp now owns 262,914 shares of the industrial products company’s stock valued at $2,413,000 after buying an additional 5,758 shares during the period. Wells Fargo & Company MN lifted its stake in CECO Environmental by 2.3% in the second quarter. Wells Fargo & Company MN now owns 294,104 shares of the industrial products company’s stock valued at $2,700,000 after buying an additional 6,733 shares during the period. Teachers Advisors LLC lifted its stake in CECO Environmental by 7.1% in the second quarter. Teachers Advisors LLC now owns 109,070 shares of the industrial products company’s stock valued at $1,001,000 after buying an additional 7,233 shares during the period. TIAA CREF Investment Management LLC lifted its stake in CECO Environmental by 8.2% in the second quarter. TIAA CREF Investment Management LLC now owns 231,471 shares of the industrial products company’s stock valued at $2,125,000 after buying an additional 17,640 shares during the period. Finally, Ameriprise Financial Inc. lifted its stake in CECO Environmental by 26.2% in the second quarter. Ameriprise Financial Inc. now owns 53,588 shares of the industrial products company’s stock valued at $492,000 after buying an additional 11,113 shares during the period. 65.97% of the stock is currently owned by hedge funds and other institutional investors.

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CECO Environmental Company Profile

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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