Needham & Company LLC Raises CECO Environmental (NASDAQ:CECO) Price Target to $26.00

CECO Environmental (NASDAQ:CECO) had its price objective boosted by Needham & Company LLC from $23.00 to $26.00 in a research report sent to investors on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages have also issued reports on CECO. Northland Securities lifted their price target on shares of CECO Environmental from $27.00 to $28.00 and gave the stock an outperform rating in a research note on Wednesday, March 6th. HC Wainwright upped their target price on shares of CECO Environmental from $22.00 to $30.00 and gave the company a buy rating in a research note on Wednesday, March 6th. Finally, Roth Mkm upped their price objective on CECO Environmental from $22.00 to $25.00 and gave the company a buy rating in a research note on Wednesday, March 6th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, CECO Environmental presently has an average rating of Buy and a consensus price target of $27.40.

CECO Environmental Stock Performance

CECO Environmental stock opened at $22.45 on Wednesday. CECO Environmental has a 12-month low of $10.68 and a 12-month high of $25.82. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.38 and a quick ratio of 1.22. The company has a market capitalization of $784.40 million, a price-to-earnings ratio of 64.14, a price-to-earnings-growth ratio of 1.57 and a beta of 1.24. The firm’s fifty day moving average price is $22.70 and its 200 day moving average price is $20.36.

CECO Environmental (NASDAQ:CECO) last released its quarterly earnings results on Tuesday, April 30th. The company reported $0.11 EPS for the quarter, hitting the consensus estimate of $0.11. CECO Environmental had a return on equity of 11.57% and a net margin of 2.23%. The business had revenue of $126.30 million for the quarter, compared to analysts’ expectations of $135.82 million. During the same quarter in the previous year, the firm posted $0.10 earnings per share. The company’s revenue was up 12.2% compared to the same quarter last year. On average, research analysts forecast that CECO Environmental will post 0.94 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Laurie Siegel purchased 2,500 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were acquired at an average cost of $19.87 per share, for a total transaction of $49,675.00. Following the transaction, the director now owns 7,906 shares of the company’s stock, valued at $157,092.22. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Director Richard F. Wallman bought 5,000 shares of CECO Environmental stock in a transaction on Wednesday, May 1st. The stock was purchased at an average cost of $21.95 per share, with a total value of $109,750.00. Following the purchase, the director now directly owns 191,853 shares of the company’s stock, valued at approximately $4,211,173.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Laurie Siegel purchased 2,500 shares of the company’s stock in a transaction on Wednesday, March 6th. The stock was purchased at an average price of $19.87 per share, for a total transaction of $49,675.00. Following the purchase, the director now directly owns 7,906 shares of the company’s stock, valued at approximately $157,092.22. The disclosure for this purchase can be found here. 16.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On CECO Environmental

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CECO. Wellington Management Group LLP grew its stake in shares of CECO Environmental by 271.2% in the third quarter. Wellington Management Group LLP now owns 629,146 shares of the company’s stock worth $10,047,000 after purchasing an additional 459,646 shares in the last quarter. First Eagle Investment Management LLC acquired a new position in CECO Environmental during the 3rd quarter valued at about $7,037,000. Loomis Sayles & Co. L P bought a new stake in shares of CECO Environmental during the 3rd quarter worth about $6,891,000. RK Capital Management LLC lifted its stake in shares of CECO Environmental by 36.6% in the 3rd quarter. RK Capital Management LLC now owns 884,347 shares of the company’s stock worth $14,123,000 after acquiring an additional 237,093 shares during the period. Finally, Hennessy Advisors Inc. acquired a new stake in shares of CECO Environmental in the 4th quarter worth approximately $4,153,000. 68.08% of the stock is owned by 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.