Geode Capital Management LLC Acquires 11,857 Shares of CECO Environmental Corp. (NASDAQ:CECO)

Geode Capital Management LLC boosted its holdings in CECO Environmental Corp. (NASDAQ:CECO) by 1.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 689,487 shares of the company’s stock after purchasing an additional 11,857 shares during the period. Geode Capital Management LLC’s holdings in CECO Environmental were worth $19,448,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Essex Investment Management Co. LLC boosted its stake in shares of CECO Environmental by 0.3% during the third quarter. Essex Investment Management Co. LLC now owns 208,426 shares of the company’s stock valued at $5,878,000 after purchasing an additional 562 shares during the period. First Horizon Advisors Inc. raised its holdings in CECO Environmental by 71.6% during the 3rd quarter. First Horizon Advisors Inc. now owns 1,416 shares of the company’s stock valued at $40,000 after buying an additional 591 shares during the last quarter. Private Advisor Group LLC boosted its position in CECO Environmental by 5.8% during the 3rd quarter. Private Advisor Group LLC now owns 16,065 shares of the company’s stock valued at $453,000 after buying an additional 885 shares during the period. Principal Financial Group Inc. grew its holdings in CECO Environmental by 14.8% in the 2nd quarter. Principal Financial Group Inc. now owns 18,916 shares of the company’s stock worth $546,000 after acquiring an additional 2,439 shares during the last quarter. Finally, Quest Partners LLC purchased a new position in shares of CECO Environmental in the third quarter valued at about $69,000. 68.08% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on CECO shares. Needham & Company LLC reduced their price target on CECO Environmental from $35.00 to $33.00 and set a “buy” rating on the stock in a report on Wednesday, October 30th. Northland Securities boosted their target price on CECO Environmental from $35.00 to $38.00 and gave the company an “outperform” rating in a research note on Friday, December 20th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $35.00 price target on shares of CECO Environmental in a research note on Wednesday, October 30th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, CECO Environmental presently has an average rating of “Buy” and an average target price of $35.00.

CECO Environmental Stock Performance

Shares of CECO Environmental stock opened at $29.47 on Friday. CECO Environmental Corp. has a 1 year low of $18.50 and a 1 year high of $35.16. The firm’s 50-day moving average is $28.82 and its 200 day moving average is $28.02. The stock has a market cap of $1.03 billion, a price-to-earnings ratio of 89.31, a PEG ratio of 2.92 and a beta of 1.41. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.30 and a quick ratio of 1.12.

CECO Environmental (NASDAQ:CECO) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.05). The business had revenue of $135.50 million during the quarter, compared to analysts’ expectations of $155.94 million. CECO Environmental had a return on equity of 11.12% and a net margin of 2.16%. The firm’s revenue for the quarter was down 9.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.22 EPS. Sell-side analysts anticipate that CECO Environmental Corp. will post 0.79 EPS for the current fiscal year.

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.