CECO Environmental Corp. (NASDAQ:CECO) Stake Boosted by Essex Investment Management Co. LLC

Essex Investment Management Co. LLC increased its stake in CECO Environmental Corp. (NASDAQ:CECO) by 0.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 208,426 shares of the company’s stock after purchasing an additional 562 shares during the period. CECO Environmental accounts for 1.0% of Essex Investment Management Co. LLC’s portfolio, making the stock its 23rd largest position. Essex Investment Management Co. LLC owned approximately 0.60% of CECO Environmental worth $5,878,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CECO. Hood River Capital Management LLC bought a new stake in CECO Environmental in the second quarter valued at $15,495,000. Robeco Schweiz AG boosted its stake in CECO Environmental by 375.2% during the 2nd quarter. Robeco Schweiz AG now owns 565,255 shares of the company’s stock valued at $16,308,000 after purchasing an additional 446,305 shares during the period. Thrivent Financial for Lutherans bought a new position in CECO Environmental in the 2nd quarter worth about $11,857,000. Allspring Global Investments Holdings LLC increased its stake in shares of CECO Environmental by 651,526.7% in the second quarter. Allspring Global Investments Holdings LLC now owns 293,232 shares of the company’s stock valued at $8,460,000 after purchasing an additional 293,187 shares during the period. Finally, Driehaus Capital Management LLC increased its stake in shares of CECO Environmental by 37.4% in the second 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 period. Institutional investors and hedge funds own 68.08% of the company’s stock.

Analyst Upgrades and Downgrades

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

CECO Environmental Price Performance

Shares of CECO Environmental stock opened at $27.26 on Friday. CECO Environmental Corp. has a 52 week low of $15.27 and a 52 week high of $31.55. The company has a current ratio of 1.36, a quick ratio of 1.17 and a debt-to-equity ratio of 0.50. The company’s 50-day moving average price is $27.58 and its two-hundred day moving average price is $26.22. The stock has a market cap of $952.36 million, a PE ratio of 77.89, a price-to-earnings-growth ratio of 2.01 and a beta of 1.33.

CECO Environmental (NASDAQ:CECO) last issued its 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. The firm had revenue of $137.50 million during the quarter, compared to analysts’ expectations of $143.33 million. CECO Environmental had a net margin of 2.33% and a return on equity of 12.35%. The firm’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same period last year, the firm posted $0.15 earnings per share. As a group, sell-side analysts anticipate that CECO Environmental Corp. will post 0.93 EPS for the current fiscal year.

Insider Buying and Selling

In related 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 purchased at an average price of $28.77 per share, with a total value of $287,700.00. Following the purchase, the director now owns 62,000 shares of the company’s stock, valued at $1,783,740. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 16.90% of the company’s stock.

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.