CECO Environmental (NASDAQ:CECO) Shares Gap Up After Earnings Beat

CECO Environmental Corp. (NASDAQ:CECO) shares gapped up before the market opened on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $22.65, but opened at $24.35. CECO Environmental shares last traded at $24.26, with a volume of 56,859 shares.

The company reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.05. The firm had revenue of $158.60 million during the quarter, compared to analyst estimates of $156.09 million. CECO Environmental had a net margin of 2.16% and a return on equity of 11.12%. CECO Environmental’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.28 earnings per share.

Analysts Set New Price Targets

Several research firms have issued reports on CECO. Northland Securities boosted their price objective on shares of CECO Environmental from $35.00 to $38.00 and gave the company an “outperform” rating in a research report on Friday, December 20th. Craig Hallum raised their price target on CECO Environmental from $34.00 to $40.00 and gave the company a “buy” rating in a research note on Monday, January 6th. HC Wainwright lowered shares of CECO Environmental from a “buy” rating to a “neutral” rating in a research note on Friday, January 17th. Finally, Needham & Company LLC dropped their target price on shares of CECO Environmental from $35.00 to $33.00 and set a “buy” rating on the stock in a report on Wednesday, October 30th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $36.20.

Institutional Investors Weigh In On CECO Environmental

A number of institutional investors have recently added to or reduced their stakes in the stock. Mackenzie Financial Corp purchased a new stake in shares of CECO Environmental during the fourth quarter valued at about $56,000. Gordian Capital Singapore Pte Ltd raised its stake in shares of CECO Environmental by 86.2% during the 4th quarter. Gordian Capital Singapore Pte Ltd now owns 66,098 shares of the company’s stock worth $1,998,000 after acquiring an additional 30,598 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in CECO Environmental by 18.8% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 88,137 shares of the company’s stock valued at $2,664,000 after acquiring an additional 13,930 shares during the last quarter. Squarepoint Ops LLC purchased a new position in CECO Environmental in the fourth quarter worth $949,000. Finally, State of Wyoming increased its position in shares of CECO Environmental by 21.7% during the fourth quarter. State of Wyoming now owns 27,156 shares of the company’s stock worth $821,000 after purchasing an additional 4,844 shares in the last quarter. Institutional investors own 68.08% of the company’s stock.

CECO Environmental Trading Up 10.6 %

The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.12 and a current ratio of 1.30. The stock has a market capitalization of $876.01 million, a PE ratio of 73.53, a P/E/G ratio of 1.39 and a beta of 1.41. The company has a 50 day moving average of $28.82 and a two-hundred day moving average of $28.31.

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.