CECO Environmental (NASDAQ:CECO) Shares Gap Up After Better-Than-Expected Earnings

CECO Environmental Corp. (NASDAQ:CECO) shares gapped up prior to trading on Tuesday following a better than expected earnings announcement. The stock had previously closed at $22.65, but opened at $24.35. CECO Environmental shares last traded at $24.26, with a volume of 56,859 shares trading hands.

The company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.05. CECO Environmental had a net margin of 2.16% and a return on equity of 11.12%. The company had revenue of $158.60 million for the quarter, compared to analysts’ expectations of $156.09 million. During the same quarter in the previous year, the company earned $0.28 earnings per share. CECO Environmental’s quarterly revenue was up 3.2% on a year-over-year basis.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on CECO. Craig Hallum lifted their price target on CECO Environmental from $34.00 to $40.00 and gave the company a “buy” rating in a research report on Monday, January 6th. Northland Securities boosted their target price on shares of CECO Environmental from $35.00 to $38.00 and gave the company an “outperform” rating in a report on Friday, December 20th. Needham & Company LLC reduced their target price on shares of CECO Environmental from $35.00 to $33.00 and set a “buy” rating on the stock in a research report on Wednesday, October 30th. Finally, HC Wainwright cut shares of CECO Environmental from a “buy” rating to a “neutral” rating in a research report on Friday, January 17th. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $36.20.

Institutional Investors Weigh In On CECO Environmental

A number of institutional investors have recently modified their holdings of the stock. Private Advisor Group LLC raised its position in shares of CECO Environmental by 5.8% in the 3rd quarter. Private Advisor Group LLC now owns 16,065 shares of the company’s stock worth $453,000 after purchasing an additional 885 shares during the last quarter. Van ECK Associates Corp raised its holdings in CECO Environmental by 466.4% in the third quarter. Van ECK Associates Corp now owns 379,877 shares of the company’s stock worth $10,082,000 after buying an additional 312,803 shares during the last quarter. Principal Financial Group Inc. raised its holdings in CECO Environmental by 17.6% in the third quarter. Principal Financial Group Inc. now owns 22,246 shares of the company’s stock worth $627,000 after buying an additional 3,330 shares during the last quarter. Quest Partners LLC bought a new position in shares of CECO Environmental in the third quarter worth approximately $69,000. Finally, First Horizon Advisors Inc. grew its holdings in shares of CECO Environmental by 71.6% during the third quarter. First Horizon Advisors Inc. now owns 1,416 shares of the company’s stock valued at $40,000 after buying an additional 591 shares during the last quarter. 68.08% of the stock is owned by hedge funds and other institutional investors.

CECO Environmental Stock Up 8.2 %

The company has a market cap of $857.34 million, a P/E ratio of 74.27, a P/E/G ratio of 1.39 and a beta of 1.41. The company’s 50-day moving average is $28.69 and its two-hundred day moving average is $28.29. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.30 and a quick ratio of 1.12.

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.