Needham & Company LLC Reaffirms Buy Rating for CECO Environmental (NASDAQ:CECO)

CECO Environmental (NASDAQ:CECO)‘s stock had its “buy” rating reiterated by research analysts at Needham & Company LLC in a research note issued to investors on Wednesday,Benzinga reports. They presently have a $33.00 price objective on the stock. Needham & Company LLC’s target price indicates a potential upside of 31.06% from the stock’s previous close.

A number of other equities research analysts also recently weighed in on CECO. Northland Securities lifted their price objective on CECO Environmental from $35.00 to $38.00 and gave the company an “outperform” rating in a report on Friday, December 20th. Craig Hallum upped their target price 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. Finally, HC Wainwright restated a “neutral” rating on shares of CECO Environmental in a research report on Wednesday. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $36.20.

CECO Environmental Stock Performance

Shares of CECO Environmental stock opened at $25.18 on Wednesday. The stock has a market cap of $880.77 million, a PE ratio of 76.31, a price-to-earnings-growth ratio of 1.39 and a beta of 1.41. The business has a fifty day simple moving average of $28.51 and a 200-day simple moving average of $28.24. The company has a quick ratio of 1.12, a current ratio of 1.30 and a debt-to-equity ratio of 0.50. CECO Environmental has a 12 month low of $18.50 and a 12 month high of $35.16.

CECO Environmental (NASDAQ:CECO) last announced its quarterly earnings results on Tuesday, February 25th. The company reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.05. The company had revenue of $158.60 million during the quarter, compared to analysts’ expectations of $156.09 million. CECO Environmental had a return on equity of 11.12% and a net margin of 2.16%. The business’s quarterly revenue was up 3.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.28 earnings per share. On average, sell-side analysts anticipate that CECO Environmental will post 0.67 EPS for the current fiscal year.

Insider Transactions at CECO Environmental

In related news, Director Richard F. Wallman bought 1,000 shares of the company’s stock in a transaction on Wednesday, February 26th. The shares were purchased at an average cost of $25.15 per share, for a total transaction of $25,150.00. Following the completion of the purchase, the director now directly owns 207,117 shares in the company, valued at $5,208,992.55. The trade was a 0.49 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 16.90% of the stock is currently owned by insiders.

Institutional Trading of CECO Environmental

A number of institutional investors have recently modified their holdings of the business. Heck Capital Advisors LLC bought a new position in shares of CECO Environmental in the 4th quarter worth $74,000. Mackenzie Financial Corp bought a new position in shares of CECO Environmental in the fourth quarter worth approximately $56,000. Gordian Capital Singapore Pte Ltd lifted its position in CECO Environmental by 86.2% during the fourth quarter. Gordian Capital Singapore Pte Ltd now owns 66,098 shares of the company’s stock valued at $1,998,000 after purchasing an additional 30,598 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in CECO Environmental by 18.8% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 88,137 shares of the company’s stock valued at $2,664,000 after purchasing an additional 13,930 shares during the period. Finally, Squarepoint Ops LLC purchased a new stake in CECO Environmental during the fourth quarter valued at approximately $949,000. 68.08% of the stock is currently owned by hedge funds and other institutional investors.

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.