Roth Capital Has Negative Estimate for CECO FY2024 Earnings

CECO Environmental Corp. (NASDAQ:CECO) – Equities researchers at Roth Capital decreased their FY2024 earnings estimates for CECO Environmental in a research report issued to clients and investors on Wednesday, October 30th. Roth Capital analyst G. Sweeney now forecasts that the company will post earnings of $0.76 per share for the year, down from their prior forecast of $0.89. The consensus estimate for CECO Environmental’s current full-year earnings is $0.93 per share. Roth Capital also issued estimates for CECO Environmental’s FY2025 earnings at $1.06 EPS and FY2026 earnings at $1.39 EPS.

CECO has been the subject of several other reports. Northland Securities boosted their target price on shares of CECO Environmental from $28.00 to $35.00 and gave the company an “outperform” rating in a research report on Thursday, August 1st. Needham & Company LLC cut their target price on shares of CECO Environmental from $35.00 to $33.00 and set a “buy” rating for the company in a research report on Wednesday. Roth Mkm boosted their target price on shares of CECO Environmental from $26.00 to $35.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Craig Hallum boosted their target price on shares of CECO Environmental from $28.00 to $34.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Finally, HC Wainwright restated a “buy” rating and set a $35.00 target price on shares of CECO Environmental in a research report on Wednesday. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $34.40.

CECO Environmental Stock Performance

Shares of CECO stock opened at $23.80 on Thursday. The company has a 50 day moving average price of $27.18 and a 200-day moving average price of $26.46. CECO Environmental has a 52 week low of $15.65 and a 52 week high of $31.55. The firm has a market capitalization of $832.07 million, a PE ratio of 72.12, a P/E/G ratio of 2.01 and a beta of 1.33. The company has a quick ratio of 1.17, a current ratio of 1.36 and a debt-to-equity ratio of 0.50.

CECO Environmental (NASDAQ:CECO) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.05). CECO Environmental had a return on equity of 12.35% and a net margin of 2.33%. The company had revenue of $135.50 million during the quarter, compared to the consensus estimate of $155.94 million. During the same quarter in the prior year, the firm earned $0.22 earnings per share. The business’s revenue was down 9.3% compared to the same quarter last year.

Insider Buying and Selling at CECO Environmental

In other news, Director Richard F. Wallman purchased 10,000 shares of the stock in a transaction on Friday, August 30th. The shares were acquired at an average price of $28.77 per share, with a total value of $287,700.00. Following the completion of the acquisition, the director now directly owns 62,000 shares of the company’s stock, valued at $1,783,740. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 16.90% of the company’s stock.

Hedge Funds Weigh In On CECO Environmental

Several hedge funds have recently modified their holdings of CECO. Principal Financial Group Inc. purchased a new position in shares of CECO Environmental in the first quarter worth $379,000. Precision Wealth Strategies LLC purchased a new stake in CECO Environmental during the first quarter valued at $255,000. BNP Paribas Financial Markets raised its stake in CECO Environmental by 247.5% during the first quarter. BNP Paribas Financial Markets now owns 44,520 shares of the company’s stock valued at $1,025,000 after purchasing an additional 31,707 shares in the last quarter. Essex Investment Management Co. LLC raised its stake in CECO Environmental by 1.6% during the first quarter. Essex Investment Management Co. LLC now owns 205,982 shares of the company’s stock valued at $4,742,000 after purchasing an additional 3,147 shares in the last quarter. Finally, Oppenheimer & Co. Inc. purchased a new stake in CECO Environmental during the first quarter valued at $366,000. Hedge funds and other 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.