CECO Environmental Corp. (NASDAQ:CECO) Short Interest Up 8.6% in September

CECO Environmental Corp. (NASDAQ:CECO) was the recipient of a significant growth in short interest in the month of September. As of September 15th, there was short interest totalling 1,650,000 shares, a growth of 8.6% from the August 31st total of 1,520,000 shares. Approximately 5.6% of the shares of the company are sold short. Based on an average daily trading volume, of 289,500 shares, the short-interest ratio is currently 5.7 days.

Insiders Place Their Bets

In other news, Director Richard F. Wallman purchased 10,000 shares of CECO Environmental stock in a transaction dated Friday, August 30th. The stock was bought 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 owns 62,000 shares in the company, valued at approximately $1,783,740. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 16.90% of the stock is owned by corporate insiders.

Institutional Trading of CECO Environmental

Hedge funds and other institutional investors have recently modified their holdings of the business. Virtu Financial LLC acquired a new position in CECO Environmental in the 4th quarter worth about $264,000. Hennessy Advisors Inc. bought a new stake in CECO Environmental during the fourth quarter worth approximately $4,153,000. Los Angeles Capital Management LLC boosted its holdings in CECO Environmental by 40.9% during the first quarter. Los Angeles Capital Management LLC now owns 50,637 shares of the company’s stock valued at $1,166,000 after acquiring an additional 14,687 shares during the period. Robeco Schweiz AG acquired a new stake in CECO Environmental in the 1st quarter valued at approximately $2,738,000. Finally, Principal Financial Group Inc. acquired a new position in shares of CECO Environmental during the first quarter worth approximately $379,000. Institutional investors and hedge funds own 68.08% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Needham & Company LLC lifted their target price on 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 increased 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. Craig Hallum boosted their price target on shares of CECO Environmental from $28.00 to $34.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. HC Wainwright increased their price objective on shares of CECO Environmental from $30.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Finally, Roth Mkm boosted their target price on CECO Environmental from $26.00 to $35.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $34.80.

CECO Environmental Price Performance

NASDAQ:CECO traded down $0.67 during trading hours on Tuesday, reaching $27.53. 30,617 shares of the company’s stock were exchanged, compared to its average volume of 266,545. The company has a quick ratio of 1.17, a current ratio of 1.36 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $961.79 million, a P/E ratio of 80.57, a price-to-earnings-growth ratio of 1.99 and a beta of 1.33. CECO Environmental has a 12 month low of $15.27 and a 12 month high of $31.55. The business’s 50-day simple moving average is $27.93 and its two-hundred day simple moving average is $25.93.

CECO Environmental (NASDAQ:CECO) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.16 by $0.04. CECO Environmental had a return on equity of 12.35% and a net margin of 2.33%. The firm had revenue of $137.50 million for the quarter, compared to analysts’ expectations of $143.33 million. During the same quarter last year, the business posted $0.15 EPS. CECO Environmental’s revenue was up 6.4% on a year-over-year basis. Sell-side analysts expect that CECO Environmental will post 0.93 EPS for the current fiscal year.

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.