Needham & Company LLC Reaffirms Buy Rating for CECO Environmental (NASDAQ:CECO)

Needham & Company LLC reaffirmed their buy rating on shares of CECO Environmental (NASDAQ:CECO) in a research note issued to investors on Wednesday morning,Benzinga reports. The firm currently has a $33.00 price objective on the stock.

A number of other research firms also recently commented on CECO. HC Wainwright reissued a “neutral” rating on shares of CECO Environmental in a research report on Wednesday. Craig Hallum increased their price objective on shares of CECO Environmental from $34.00 to $40.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Finally, Northland Securities boosted their price objective on shares of CECO Environmental from $35.00 to $38.00 and gave the stock an “outperform” rating in a research note on Friday, December 20th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $36.20.

CECO Environmental Stock Performance

CECO Environmental stock opened at $24.52 on Wednesday. CECO Environmental has a fifty-two week low of $18.50 and a fifty-two week high of $35.16. The company has a market capitalization of $857.69 million, a PE ratio of 74.31, a P/E/G ratio of 1.39 and a beta of 1.41. The company has a 50 day moving average price of $28.60 and a 200-day moving average price of $28.26. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.12 and a current ratio of 1.30.

CECO Environmental (NASDAQ:CECO) last issued its earnings results on Tuesday, February 25th. The company reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.05. CECO Environmental had a return on equity of 11.12% and a net margin of 2.16%. The business had revenue of $158.60 million during the quarter, compared to analyst estimates of $156.09 million. During the same period in the previous year, the company posted $0.28 EPS. CECO Environmental’s revenue was up 3.2% on a year-over-year basis. As a group, equities analysts forecast that CECO Environmental will post 0.67 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Capital International Investors lifted its position in CECO Environmental by 12.1% during the fourth quarter. Capital International Investors now owns 1,971,334 shares of the company’s stock valued at $59,593,000 after acquiring an additional 212,476 shares during the last quarter. Hood River Capital Management LLC increased its position in shares of CECO Environmental by 63.0% during the fourth quarter. Hood River Capital Management LLC now owns 1,740,740 shares of the company’s stock worth $52,623,000 after purchasing an additional 673,050 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of CECO Environmental by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 1,648,674 shares of the company’s stock valued at $49,839,000 after purchasing an additional 9,023 shares during the last quarter. King Luther Capital Management Corp boosted its position in shares of CECO Environmental by 2.3% in the 4th quarter. King Luther Capital Management Corp now owns 1,033,789 shares of the company’s stock worth $31,251,000 after purchasing an additional 23,239 shares in the last quarter. Finally, Royce & Associates LP grew its stake in CECO Environmental by 27.2% during the 4th quarter. Royce & Associates LP now owns 915,212 shares of the company’s stock worth $27,667,000 after buying an additional 195,425 shares during the last quarter. Hedge funds and other institutional investors own 68.08% of the company’s stock.

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.