CECO Environmental (NASDAQ:CECO) Trading Down 3.3% After Insider Selling

CECO Environmental Corp. (NASDAQ:CECO)’s share price fell 3.3% during trading on Wednesday after an insider sold shares in the company. The stock traded as low as $22.45 and last traded at $22.32. 4,208 shares were traded during mid-day trading, a decline of 99% from the average session volume of 282,268 shares. The stock had previously closed at $23.09.

Specifically, insider Peter K. Johansson sold 22,500 shares of the firm’s stock in a transaction on Monday, March 31st. The shares were sold at an average price of $22.80, for a total transaction of $513,000.00. Following the completion of the transaction, the insider now directly owns 62,160 shares of the company’s stock, valued at approximately $1,417,248. This trade represents a 26.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Peter K. Johansson sold 5,601 shares of the business’s stock in a transaction on Thursday, March 27th. The stock was sold at an average price of $24.15, for a total transaction of $135,264.15. Following the completion of the sale, the insider now owns 84,660 shares in the company, valued at approximately $2,044,539. The trade was a 6.21 % decrease in their position. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CECO. Northland Securities lifted their target price on CECO Environmental from $35.00 to $38.00 and gave the stock an “outperform” rating in a report on Friday, December 20th. Needham & Company LLC reaffirmed a “buy” rating and issued a $33.00 price objective on shares of CECO Environmental in a research note on Wednesday, February 26th. Craig Hallum upped their price objective on CECO Environmental from $34.00 to $40.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Finally, HC Wainwright reissued a “neutral” rating on shares of CECO Environmental in a report on Wednesday, February 26th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $36.20.

CECO Environmental Stock Performance

The firm has a market capitalization of $700.15 million, a PE ratio of 60.64, a P/E/G ratio of 1.39 and a beta of 1.43. The business has a 50-day simple moving average of $25.02 and a 200-day simple moving average of $27.60. 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 released its quarterly earnings results on Tuesday, February 25th. The company reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.05. The company had revenue of $158.60 million for the quarter, compared to analyst estimates of $156.09 million. CECO Environmental had a return on equity of 11.12% and a net margin of 2.16%. CECO Environmental’s quarterly revenue was up 3.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.28 EPS. Equities research analysts expect that CECO Environmental Corp. will post 0.67 earnings per share for the current fiscal year.

Hedge Funds Weigh In On CECO Environmental

A number of large investors have recently made changes to their positions in the company. HighTower Advisors LLC lifted its stake in CECO Environmental by 25.4% in the third quarter. HighTower Advisors LLC now owns 17,669 shares of the company’s stock worth $501,000 after purchasing an additional 3,581 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of CECO Environmental by 185.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 235,497 shares of the company’s stock worth $6,641,000 after acquiring an additional 152,893 shares during the last quarter. Barclays PLC boosted its holdings in CECO Environmental by 115.0% during the 3rd quarter. Barclays PLC now owns 63,615 shares of the company’s stock valued at $1,795,000 after acquiring an additional 34,027 shares during the period. Geode Capital Management LLC grew its position in CECO Environmental by 1.7% in the 3rd quarter. Geode Capital Management LLC now owns 689,487 shares of the company’s stock valued at $19,448,000 after acquiring an additional 11,857 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in CECO Environmental in the fourth quarter worth $7,334,000. 68.08% of the stock is 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.