CECO Environmental (NASDAQ:CECO) Shares Gap Up Following Earnings Beat

CECO Environmental Corp. (NASDAQ:CECO) shares gapped up prior to trading on Tuesday after the company announced better than expected quarterly earnings. 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.

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

Analysts Set New Price Targets

A number of research firms have recently commented on CECO. Craig Hallum lifted their price target on shares of 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 stock an “outperform” rating in a research report on Friday, December 20th. HC Wainwright restated a “neutral” rating on shares of CECO Environmental in a report on Wednesday. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $33.00 price objective on shares of CECO Environmental in a research note on Wednesday. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $36.20.

Hedge Funds Weigh In On CECO Environmental

Large investors have recently bought and sold shares of the stock. Capital International Investors grew its position in CECO Environmental by 12.1% in the 4th quarter. Capital International Investors now owns 1,971,334 shares of the company’s stock worth $59,593,000 after purchasing an additional 212,476 shares during the last quarter. Hood River Capital Management LLC lifted its stake in shares of CECO Environmental by 63.0% in the fourth quarter. Hood River Capital Management LLC now owns 1,740,740 shares of the company’s stock valued at $52,623,000 after buying an additional 673,050 shares during the period. Vanguard Group Inc. grew its position in CECO Environmental by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 1,648,674 shares of the company’s stock worth $49,839,000 after buying an additional 9,023 shares in the last quarter. King Luther Capital Management Corp increased its stake in CECO Environmental by 2.3% during the fourth quarter. King Luther Capital Management Corp now owns 1,033,789 shares of the company’s stock valued at $31,251,000 after acquiring an additional 23,239 shares during the period. Finally, Royce & Associates LP raised its holdings in CECO Environmental by 27.2% in the 4th quarter. Royce & Associates LP now owns 915,212 shares of the company’s stock valued at $27,667,000 after acquiring an additional 195,425 shares in the last quarter. 68.08% of the stock is currently owned by institutional investors and hedge funds.

CECO Environmental Price Performance

The company has a market cap of $857.69 million, a P/E ratio of 74.31, a P/E/G ratio of 1.39 and a beta of 1.41. The stock has a 50-day simple moving average of $28.60 and a 200 day simple moving average of $28.26. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.12 and a current ratio of 1.30.

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.