CECO Environmental Corp. (NASDAQ:CECO) Short Interest Update

CECO Environmental Corp. (NASDAQ:CECO) was the target of a large increase in short interest in the month of October. As of October 31st, there was short interest totalling 1,830,000 shares, an increase of 21.2% from the October 15th total of 1,510,000 shares. Approximately 6.2% of the shares of the company are short sold. Based on an average trading volume of 223,900 shares, the short-interest ratio is presently 8.2 days.

Insider Buying and Selling

In other news, Director Richard F. Wallman purchased 10,000 shares of the company’s stock in a transaction on Friday, August 30th. The shares were bought at an average price of $28.77 per share, for a total transaction of $287,700.00. Following the completion of the purchase, the director now owns 62,000 shares of the company’s stock, valued at $1,783,740. This trade represents a 19.23 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 16.90% of the company’s stock.

Hedge Funds Weigh In On CECO Environmental

Hedge funds and other institutional investors have recently modified their holdings of the stock. BNP Paribas Financial Markets raised its holdings in CECO Environmental by 247.5% during the 1st quarter. BNP Paribas Financial Markets now owns 44,520 shares of the company’s stock worth $1,025,000 after buying an additional 31,707 shares during the period. Boston Partners acquired a new position in CECO Environmental in the 1st quarter worth approximately $516,000. Vanguard Group Inc. grew its position in CECO Environmental by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 1,526,395 shares of the company’s stock worth $35,138,000 after purchasing an additional 24,812 shares in the last quarter. Sei Investments Co. lifted its holdings in shares of CECO Environmental by 35.2% in the first quarter. Sei Investments Co. now owns 70,129 shares of the company’s stock valued at $1,614,000 after purchasing an additional 18,272 shares in the last quarter. Finally, Hood River Capital Management LLC purchased a new position in shares of CECO Environmental during the second quarter valued at $15,495,000. Institutional investors and hedge funds own 68.08% of the company’s stock.

CECO Environmental Price Performance

Shares of NASDAQ:CECO traded up $1.10 during trading hours on Friday, hitting $27.20. 476,477 shares of the company’s stock traded hands, compared to its average volume of 341,744. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.12 and a current ratio of 1.30. The company’s fifty day simple moving average is $26.60 and its two-hundred day simple moving average is $26.58. CECO Environmental has a 52 week low of $18.50 and a 52 week high of $31.55. The company has a market cap of $951.46 million, a price-to-earnings ratio of 82.43, a price-to-earnings-growth ratio of 2.31 and a beta of 1.35.

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

Wall Street Analyst Weigh In

Several analysts have weighed in on CECO shares. HC Wainwright reaffirmed a “buy” rating and set a $35.00 target price on shares of CECO Environmental in a research note on Wednesday, October 30th. Northland Securities increased their target price on shares of CECO Environmental from $28.00 to $35.00 and gave the company an “outperform” rating in a research report on Thursday, August 1st. Craig Hallum boosted their price target on shares of CECO Environmental from $28.00 to $34.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Needham & Company LLC decreased their price objective on shares of CECO Environmental from $35.00 to $33.00 and set a “buy” rating for the company in a report on Wednesday, October 30th. Finally, Roth Mkm raised their price objective on shares of 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 data from MarketBeat, CECO Environmental currently has a consensus rating of “Buy” and an average price target of $34.40.

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.