CECO Environmental (NASDAQ:CECO) Shares Gap Down After Earnings Miss

CECO Environmental Corp. (NASDAQ:CECO)’s share price gapped down before the market opened on Tuesday following a dissappointing earnings announcement. The stock had previously closed at $26.31, but opened at $22.53. CECO Environmental shares last traded at $22.07, with a volume of 141,893 shares changing hands.

The company reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.08). CECO Environmental had a net margin of 2.33% and a return on equity of 12.35%. The firm had revenue of $135.50 million during the quarter, compared to the consensus estimate of $155.94 million. During the same period in the previous year, the firm earned $0.22 earnings per share. The business’s quarterly revenue was down 9.3% on a year-over-year basis.

Analysts Set New Price Targets

CECO has been the topic of a number of recent research reports. Needham & Company LLC raised their price objective on shares of CECO Environmental from $34.00 to $35.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Northland Securities lifted their price target on CECO Environmental from $28.00 to $35.00 and gave the company an “outperform” rating in a research note on Thursday, August 1st. Roth Mkm increased their price objective on CECO Environmental from $26.00 to $35.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Craig Hallum lifted their target price on 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 upped their price target on CECO Environmental from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $34.80.

Insider Activity

In other CECO Environmental news, Director Richard F. Wallman purchased 10,000 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The shares were acquired at an average cost of $28.77 per share, for a total transaction of $287,700.00. Following the completion of the acquisition, the director now owns 62,000 shares of the company’s stock, valued at $1,783,740. The trade was a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 16.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Van ECK Associates Corp increased its stake in shares of CECO Environmental by 466.4% during the 3rd quarter. Van ECK Associates Corp now owns 379,877 shares of the company’s stock worth $10,082,000 after purchasing an additional 312,803 shares during the last quarter. Private Advisor Group LLC increased its position in CECO Environmental by 5.8% in the third quarter. Private Advisor Group LLC now owns 16,065 shares of the company’s stock worth $453,000 after buying an additional 885 shares during the last quarter. Eastern Bank bought a new stake in shares of CECO Environmental in the third quarter valued at $113,000. Allspring Global Investments Holdings LLC lifted its position 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 valued at $13,663,000 after buying an additional 191,286 shares during the last quarter. Finally, Essex Investment Management Co. LLC grew its stake in shares of CECO Environmental by 0.3% during the 3rd quarter. Essex Investment Management Co. LLC now owns 208,426 shares of the company’s stock worth $5,878,000 after acquiring an additional 562 shares during the period. 68.08% of the stock is currently owned by hedge funds and other institutional investors.

CECO Environmental Trading Down 14.3 %

The firm has a fifty day moving average of $27.32 and a two-hundred day moving average of $26.49. The company has a market cap of $788.16 million, a PE ratio of 64.46, a price-to-earnings-growth ratio of 2.01 and a beta of 1.33. The company has a current ratio of 1.36, a quick ratio of 1.17 and a debt-to-equity ratio of 0.50.

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.