State Street Corp Raises Position in CECO Environmental Corp. (NASDAQ:CECO)

State Street Corp increased its stake in CECO Environmental Corp. (NASDAQ:CECO) by 0.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 659,315 shares of the company’s stock after purchasing an additional 855 shares during the quarter. State Street Corp owned approximately 1.88% of CECO Environmental worth $18,593,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of CECO. SageView Advisory Group LLC increased its position in CECO Environmental by 89.4% in the third quarter. SageView Advisory Group LLC now owns 28,840 shares of the company’s stock worth $813,000 after buying an additional 13,615 shares in the last quarter. Morse Asset Management Inc purchased a new stake in CECO Environmental in the 3rd quarter worth approximately $76,000. HighTower Advisors LLC raised its stake in CECO Environmental by 25.4% during the 3rd quarter. HighTower Advisors LLC now owns 17,669 shares of the company’s stock worth $501,000 after acquiring an additional 3,581 shares during the period. Centiva Capital LP purchased a new position in CECO Environmental during the third quarter valued at approximately $287,000. Finally, Fred Alger Management LLC boosted its position in shares of CECO Environmental by 135.9% in the third quarter. Fred Alger Management LLC now owns 312,810 shares of the company’s stock worth $8,821,000 after purchasing an additional 180,221 shares during the period. 68.08% of the stock is currently owned by hedge funds and other institutional investors.

CECO Environmental Stock Down 2.5 %

CECO opened at $28.75 on Tuesday. The company has a market capitalization of $1.01 billion, a PE ratio of 87.12, a price-to-earnings-growth ratio of 2.92 and a beta of 1.41. The firm has a 50-day simple moving average of $28.57 and a two-hundred day simple moving average of $27.84. The company has a quick ratio of 1.12, a current ratio of 1.30 and a debt-to-equity ratio of 0.50. CECO Environmental Corp. has a 52 week low of $18.50 and a 52 week high of $35.16.

CECO Environmental (NASDAQ:CECO) last released 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 firm had revenue of $135.50 million for the quarter, compared to analysts’ expectations of $155.94 million. CECO Environmental had a net margin of 2.16% and a return on equity of 11.12%. The business’s quarterly revenue was down 9.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.22 EPS. Analysts forecast that CECO Environmental Corp. will post 0.79 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CECO. Northland Securities lifted their target price on shares of CECO Environmental from $35.00 to $38.00 and gave the company an “outperform” rating in a research note on Friday. Needham & Company LLC dropped their price objective on CECO Environmental from $35.00 to $33.00 and set a “buy” rating for the company in a research note on Wednesday, October 30th. Finally, HC Wainwright reissued a “buy” rating and set a $35.00 target price 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.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $35.00.

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.