Roth Capital Has Negative Forecast for CECO FY2024 Earnings

CECO Environmental Corp. (NASDAQ:CECO) – Research analysts at Roth Capital reduced their FY2024 earnings per share estimates for CECO Environmental in a report released on Friday, January 17th. Roth Capital analyst G. Sweeney now anticipates that the company will earn $0.69 per share for the year, down from their previous forecast of $0.76. The consensus estimate for CECO Environmental’s current full-year earnings is $0.79 per share. Roth Capital also issued estimates for CECO Environmental’s Q4 2024 earnings at $0.24 EPS, Q3 2025 earnings at $0.34 EPS and Q4 2025 earnings at $0.43 EPS.

Several other brokerages have also recently weighed in on CECO. Craig Hallum raised their target price on CECO Environmental from $34.00 to $40.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Needham & Company LLC dropped their price target on CECO Environmental from $35.00 to $33.00 and set a “buy” rating on the stock in a research report on Wednesday, October 30th. Northland Securities increased their price target on shares of CECO Environmental from $35.00 to $38.00 and gave the stock an “outperform” rating in a research report on Friday, December 20th. Finally, HC Wainwright downgraded shares of CECO Environmental from a “buy” rating to a “neutral” rating in a research report on Friday. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $36.20.

CECO Environmental Price Performance

Shares of NASDAQ:CECO opened at $29.60 on Monday. The firm has a market capitalization of $1.04 billion, a P/E ratio of 89.70, a PEG ratio of 1.68 and a beta of 1.43. The company has a current ratio of 1.30, a quick ratio of 1.12 and a debt-to-equity ratio of 0.50. CECO Environmental has a 52 week low of $18.50 and a 52 week high of $35.16. The firm’s 50 day moving average is $30.71 and its two-hundred day moving average is $28.62.

CECO Environmental (NASDAQ:CECO) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.05). CECO Environmental had a net margin of 2.16% and a return on equity of 11.12%. The business had revenue of $135.50 million for the quarter, compared to the consensus estimate of $155.94 million. During the same period in the prior year, the company earned $0.22 EPS. CECO Environmental’s quarterly revenue was down 9.3% on a year-over-year basis.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. FMR LLC lifted its holdings in CECO Environmental by 23.5% in the third quarter. FMR LLC now owns 786,308 shares of the company’s stock valued at $22,174,000 after buying an additional 149,777 shares during the period. Geode Capital Management LLC grew its position in shares of CECO Environmental by 1.7% in the 3rd quarter. Geode Capital Management LLC now owns 689,487 shares of the company’s stock valued at $19,448,000 after acquiring an additional 11,857 shares during the period. Driehaus Capital Management LLC lifted its stake in CECO Environmental by 37.4% in the 2nd quarter. Driehaus Capital Management LLC now owns 586,249 shares of the company’s stock valued at $16,913,000 after purchasing an additional 159,485 shares during the last quarter. Hood River Capital Management LLC bought a new stake in CECO Environmental in the second quarter valued at approximately $15,495,000. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of CECO Environmental by 65.2% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 484,518 shares of the company’s stock worth $13,663,000 after acquiring an additional 191,286 shares during the last quarter. 68.08% of the stock is owned by institutional investors and hedge funds.

About CECO Environmental

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.