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

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

CECO has been the subject of several other research reports. Craig Hallum boosted their price target on shares of CECO Environmental from $25.00 to $28.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. HC Wainwright reaffirmed a “buy” rating and issued a $30.00 price objective on shares of CECO Environmental in a research report on Wednesday, May 1st. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, CECO Environmental presently has an average rating of “Buy” and an average target price of $30.20.

CECO Environmental Stock Performance

Shares of CECO Environmental stock opened at $28.11 on Wednesday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.38 and a quick ratio of 1.19. The firm has a market cap of $982.16 million, a P/E ratio of 80.31, a P/E/G ratio of 2.15 and a beta of 1.37. The firm has a 50 day simple moving average of $26.72 and a 200 day simple moving average of $23.67. CECO Environmental has a fifty-two week low of $11.46 and a fifty-two week high of $31.55.

CECO Environmental (NASDAQ:CECO) last released its earnings results on Tuesday, July 30th. The company reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.04. CECO Environmental had a net margin of 2.23% and a return on equity of 11.57%. The firm had revenue of $137.50 million during the quarter, compared to analyst estimates of $143.33 million. During the same quarter in the previous year, the business earned $0.15 EPS. The business’s quarterly revenue was up 6.4% compared to the same quarter last year. Sell-side analysts predict that CECO Environmental will post 0.93 earnings per share for the current fiscal year.

Insider Transactions at CECO Environmental

In other news, Director Richard F. Wallman acquired 4,000 shares of the stock in a transaction dated Tuesday, May 21st. The shares were bought at an average cost of $24.50 per share, for a total transaction of $98,000.00. Following the purchase, the director now directly owns 205,319 shares of the company’s stock, valued at $5,030,315.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 16.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of CECO Environmental by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 1,526,395 shares of the company’s stock worth $35,138,000 after purchasing an additional 24,812 shares during the last quarter. First Eagle Investment Management LLC grew its stake in CECO Environmental by 22.7% in the 1st quarter. First Eagle Investment Management LLC now owns 592,864 shares of the company’s stock valued at $13,648,000 after buying an additional 109,500 shares during the last quarter. Russell Investments Group Ltd. grew its stake in CECO Environmental by 28.3% in the 4th quarter. Russell Investments Group Ltd. now owns 448,248 shares of the company’s stock valued at $9,090,000 after buying an additional 98,951 shares during the last quarter. Silvercrest Asset Management Group LLC grew its stake in CECO Environmental by 4.5% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 338,640 shares of the company’s stock valued at $7,795,000 after buying an additional 14,690 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its stake in CECO Environmental by 651,526.7% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 293,232 shares of the company’s stock valued at $8,460,000 after buying an additional 293,187 shares during the last quarter. 68.08% of the stock is currently owned by institutional investors and hedge funds.

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.