Short Interest in CECO Environmental Corp. (NASDAQ:CECO) Drops By 9.6%

by · The Cerbat Gem

CECO Environmental Corp. (NASDAQ:CECO – Get Free Report) was the target of a large drop in short interest in October. As of October 15th, there was short interest totalling 1,510,000 shares, a drop of 9.6% from the September 30th total of 1,670,000 shares. Based on an average daily trading volume, of 204,300 shares, the short-interest ratio is currently 7.4 days. Currently, 5.1% of the shares of the stock are short sold.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CECO. Northland Securities upped their price objective 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. Needham & Company LLC dropped their price objective on shares of CECO Environmental from $35.00 to $33.00 and set a “buy” rating on the stock in a research note on Wednesday. Roth Mkm upped 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 raised their price objective 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 reissued a “buy” rating and set a $35.00 price target on shares of CECO Environmental in a research report on Wednesday. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $34.40.

View Our Latest Analysis on CECO

CECO Environmental Stock Performance

Shares of CECO traded up $2.01 during trading hours on Wednesday, reaching $24.57. 383,224 shares of the company traded hands, compared to its average volume of 261,127. The stock has a market capitalization of $858.38 million, a P/E ratio of 69.94, a P/E/G ratio of 2.01 and a beta of 1.33. The company has a quick ratio of 1.17, a current ratio of 1.36 and a debt-to-equity ratio of 0.50. CECO Environmental has a 12-month low of $15.65 and a 12-month high of $31.55. The business has a fifty day moving average price of $27.32 and a 200-day moving average price of $26.49.

CECO Environmental (NASDAQ:CECO – Get Free Report) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.08). The company had revenue of $135.50 million for the quarter, compared to analysts’ expectations of $155.94 million. CECO Environmental had a net margin of 2.33% and a return on equity of 12.35%. CECO Environmental’s quarterly revenue was down 9.3% compared to the same quarter last year. During the same period last year, the firm earned $0.22 earnings per share. Equities analysts anticipate that CECO Environmental will post 0.93 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Richard F. Wallman purchased 10,000 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The shares were bought at an average cost of $28.77 per share, for a total transaction of $287,700.00. Following the acquisition, the director now owns 62,000 shares of the company’s stock, valued at approximately $1,783,740. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 16.90% of the company’s stock.

Institutional Investors Weigh In On CECO Environmental

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in CECO Environmental by 1.7% in the first quarter. Vanguard Group Inc. now owns 1,526,395 shares of the company’s stock valued at $35,138,000 after purchasing an additional 24,812 shares during the last quarter. First Eagle Investment Management LLC boosted its holdings in CECO Environmental by 10.9% in the second quarter. First Eagle Investment Management LLC now owns 657,764 shares of the company’s stock valued at $18,976,000 after purchasing an additional 64,900 shares during the last quarter. Driehaus Capital Management LLC boosted its holdings in 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 last quarter. Robeco Schweiz AG boosted its holdings in CECO Environmental by 375.2% in the second 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 last quarter. Finally, Hood River Capital Management LLC purchased a new stake in CECO Environmental in the second quarter valued at $15,495,000. 68.08% of the stock is owned by hedge funds and other institutional investors.

About CECO Environmental

(Get Free Report)

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.

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