Needham & Company LLC Boosts CECO Environmental (NASDAQ:CECO) Price Target to $35.00

CECO Environmental (NASDAQ:CECO) had its target price raised by Needham & Company LLC from $34.00 to $35.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price objective indicates a potential upside of 24.51% from the stock’s current price.

Other research analysts have also recently issued research reports about the company. HC Wainwright reiterated a “buy” rating and set a $30.00 price objective on shares of CECO Environmental in a research note on Wednesday, May 1st. Craig Hallum lifted their price objective on CECO Environmental from $25.00 to $28.00 and gave the company a “buy” rating in a research note on Wednesday, May 1st. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $30.20.

CECO Environmental Trading Down 6.3 %

NASDAQ CECO opened at $28.11 on Wednesday. CECO Environmental has a fifty-two week low of $11.46 and a fifty-two week high of $31.55. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.19 and a current ratio of 1.38. The stock has a 50 day simple moving average of $26.72 and a two-hundred day simple moving average of $23.67. The stock has a market cap of $982.16 million, a P/E ratio of 80.31, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37.

CECO Environmental (NASDAQ:CECO) last released its quarterly earnings data on Tuesday, July 30th. The company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.04. The business had revenue of $137.50 million during the quarter, compared to analysts’ expectations of $143.33 million. CECO Environmental had a return on equity of 11.57% and a net margin of 2.23%. The business’s revenue was up 6.4% on a year-over-year basis. During the same quarter last year, the business posted $0.15 EPS. On average, analysts forecast that CECO Environmental will post 0.93 earnings per share for the current year.

Insider Activity at CECO Environmental

In other news, Director Richard F. Wallman acquired 4,000 shares of CECO Environmental stock in a transaction that occurred on Tuesday, May 21st. The stock was bought at an average price of $24.50 per share, for a total transaction of $98,000.00. Following the completion of the transaction, the director now owns 205,319 shares in the company, valued at $5,030,315.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 16.90% of the stock is owned by company insiders.

Institutional Trading of CECO Environmental

Several hedge funds have recently bought and sold shares of the stock. Principal Financial Group Inc. grew its holdings in CECO Environmental by 14.8% during the second quarter. Principal Financial Group Inc. now owns 18,916 shares of the company’s stock valued at $546,000 after purchasing an additional 2,439 shares during the period. Panagora Asset Management Inc. boosted its stake in shares of CECO Environmental by 21.5% in the second quarter. Panagora Asset Management Inc. now owns 18,818 shares of the company’s stock worth $543,000 after acquiring an additional 3,332 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd boosted its stake in shares of CECO Environmental by 15.7% in the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 71,073 shares of the company’s stock worth $2,050,000 after acquiring an additional 9,633 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in shares of CECO Environmental by 651,526.7% in the second quarter. Allspring Global Investments Holdings LLC now owns 293,232 shares of the company’s stock worth $8,460,000 after acquiring an additional 293,187 shares during the period. Finally, Kessler Investment Group LLC lifted its position in shares of CECO Environmental by 27.8% in the second quarter. Kessler Investment Group LLC now owns 7,166 shares of the company’s stock worth $207,000 after buying an additional 1,560 shares in the last quarter. Institutional investors own 68.08% of the company’s stock.

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.