CECO Environmental (NASDAQ:CECO) Shares Gap Down Following Weak Earnings

CECO Environmental Corp. (NASDAQ:CECO)’s share price gapped down prior to trading on Tuesday following a dissappointing earnings announcement. The stock had previously closed at $26.31, but opened at $22.53. CECO Environmental shares last traded at $22.07, with a volume of 141,893 shares trading hands.

The company reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.05). The firm had revenue of $135.50 million during the quarter, compared to the consensus estimate of $155.94 million. CECO Environmental had a net margin of 2.33% and a return on equity of 12.35%. CECO Environmental’s revenue was down 9.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.22 EPS.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CECO. Northland Securities raised their price objective on CECO Environmental from $28.00 to $35.00 and gave the stock an “outperform” rating in a research note on Thursday, August 1st. HC Wainwright reissued a “buy” rating and set a $35.00 price target on shares of CECO Environmental in a research report on Wednesday. Needham & Company LLC dropped their target price on CECO Environmental from $35.00 to $33.00 and set a “buy” rating for the company in a report on Wednesday. Craig Hallum upped their target price on CECO Environmental from $28.00 to $34.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Finally, Roth Mkm upped their price objective on CECO Environmental from $26.00 to $35.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, CECO Environmental currently has an average rating of “Buy” and an average price target of $34.40.

Insider Buying and Selling at CECO Environmental

In related news, Director Richard F. Wallman acquired 10,000 shares of the company’s stock in a transaction dated Friday, August 30th. The stock was bought at an average cost of $28.77 per share, with a total value 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. The trade was a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 16.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. CWM LLC increased its stake in shares of CECO Environmental by 45.3% during the second quarter. CWM LLC now owns 2,270 shares of the company’s stock valued at $65,000 after buying an additional 708 shares during the period. EntryPoint Capital LLC purchased a new position in CECO Environmental during the 1st quarter valued at $72,000. Eastern Bank bought a new position in CECO Environmental in the 3rd quarter worth $113,000. SG Americas Securities LLC purchased a new stake in shares of CECO Environmental in the 2nd quarter worth about $201,000. Finally, Kessler Investment Group LLC lifted its stake in shares of CECO Environmental by 27.8% in the 2nd quarter. Kessler Investment Group LLC now owns 7,166 shares of the company’s stock valued at $207,000 after purchasing an additional 1,560 shares during the period. Hedge funds and other institutional investors own 68.08% of the company’s stock.

CECO Environmental Trading Up 9.0 %

The stock’s fifty day simple moving average is $27.26 and its two-hundred day simple moving average is $26.48. The firm has a market cap of $859.08 million, a PE ratio of 70.26, a PEG 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.

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.