Foundry Partners LLC Trims Stake in CECO Environmental Corp. (NASDAQ:CECO)

Foundry Partners LLC lowered its position in shares of CECO Environmental Corp. (NASDAQ:CECO) by 22.2% in the third quarter, HoldingsChannel.com reports. The fund owned 91,040 shares of the company’s stock after selling 25,940 shares during the quarter. Foundry Partners LLC’s holdings in CECO Environmental were worth $2,567,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of CECO. Vanguard Group Inc. increased its position in shares of CECO Environmental by 1.7% during the first quarter. Vanguard Group Inc. now owns 1,526,395 shares of the company’s stock worth $35,138,000 after acquiring an additional 24,812 shares during the period. First Eagle Investment Management LLC boosted its holdings in shares of CECO Environmental by 10.9% in the 2nd quarter. First Eagle Investment Management LLC now owns 657,764 shares of the company’s stock valued at $18,976,000 after purchasing an additional 64,900 shares during the last quarter. Driehaus Capital Management LLC lifted its holdings in shares of CECO Environmental by 37.4% during the 2nd quarter. Driehaus Capital Management LLC now owns 586,249 shares of the company’s stock valued at $16,913,000 after acquiring an additional 159,485 shares in the last quarter. Robeco Schweiz AG lifted its holdings in CECO Environmental by 375.2% in the 2nd quarter. Robeco Schweiz AG now owns 565,255 shares of the company’s stock worth $16,308,000 after buying an additional 446,305 shares in the last quarter. Finally, Hood River Capital Management LLC bought a new stake in shares of CECO Environmental in the 2nd quarter worth about $15,495,000. Institutional investors and hedge funds own 68.08% of the company’s stock.

CECO Environmental Price Performance

Shares of CECO stock opened at $30.20 on Friday. The stock has a fifty day simple moving average of $26.85 and a two-hundred day simple moving average of $26.75. The company has a current ratio of 1.30, a quick ratio of 1.12 and a debt-to-equity ratio of 0.50. CECO Environmental Corp. has a twelve month low of $18.50 and a twelve month high of $31.55. The stock has a market capitalization of $1.06 billion, a price-to-earnings ratio of 91.52, a P/E/G ratio of 2.52 and a beta of 1.35.

CECO Environmental (NASDAQ:CECO) last posted its 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). The business had revenue of $135.50 million for the quarter, compared to analyst estimates of $155.94 million. CECO Environmental had a return on equity of 11.12% and a net margin of 2.16%. CECO Environmental’s revenue was down 9.3% compared to the same quarter last year. During the same period last year, the business earned $0.22 EPS. On average, analysts predict that CECO Environmental Corp. will post 0.79 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Richard F. Wallman purchased 10,000 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The stock was acquired at an average cost 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 approximately $1,783,740. This trade represents a 19.23 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 16.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on CECO shares. Needham & Company LLC reduced their target price 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. Roth Mkm boosted their target price on shares of CECO Environmental from $26.00 to $35.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Northland Securities upped their price target on shares of CECO Environmental from $28.00 to $35.00 and gave the company an “outperform” rating in a report on Thursday, August 1st. Craig Hallum upped 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. Finally, HC Wainwright restated a “buy” rating and issued a $35.00 price target 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 company presently has an average rating of “Buy” and an average target price of $34.40.

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.