CECO Environmental Corp. (NASDAQ:CECO) Short Interest Update

CECO Environmental Corp. (NASDAQ:CECO) saw a large increase in short interest during the month of November. As of November 30th, there was short interest totalling 1,930,000 shares, an increase of 9.7% from the November 15th total of 1,760,000 shares. Based on an average trading volume of 276,500 shares, the days-to-cover ratio is currently 7.0 days. Approximately 6.5% of the shares of the company are short sold.

CECO Environmental Stock Performance

Shares of CECO opened at $31.80 on Tuesday. 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 $1.11 billion, a price-to-earnings ratio of 96.36, a price-to-earnings-growth ratio of 2.92 and a beta of 1.41. CECO Environmental has a 52-week low of $18.50 and a 52-week high of $35.16. The stock’s 50-day simple moving average is $28.38 and its 200 day simple moving average is $27.69.

CECO Environmental (NASDAQ:CECO) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.05). The firm had revenue of $135.50 million during the quarter, compared to the consensus estimate of $155.94 million. CECO Environmental had a net margin of 2.16% and a return on equity of 11.12%. CECO Environmental’s revenue was down 9.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.22 earnings per share. Research analysts forecast that CECO Environmental will post 0.79 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Hood River Capital Management LLC purchased a new stake in shares of CECO Environmental in the second quarter worth $15,495,000. Charles Schwab Investment Management Inc. increased its stake in CECO Environmental by 185.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 235,497 shares of the company’s stock worth $6,641,000 after acquiring an additional 152,893 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in shares of CECO Environmental by 51.2% in the 2nd quarter. Assenagon Asset Management S.A. now owns 101,585 shares of the company’s stock valued at $2,931,000 after acquiring an additional 34,412 shares in the last quarter. Robeco Schweiz AG boosted its position in shares of CECO Environmental by 375.2% during the 2nd quarter. Robeco Schweiz AG now owns 565,255 shares of the company’s stock valued at $16,308,000 after acquiring an additional 446,305 shares during the last quarter. Finally, First Eagle Investment Management LLC grew its holdings in shares of CECO Environmental by 10.9% during the second quarter. First Eagle Investment Management LLC now owns 657,764 shares of the company’s stock worth $18,976,000 after purchasing an additional 64,900 shares in the last quarter. 68.08% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Needham & Company LLC dropped their price objective 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. HC Wainwright restated a “buy” rating and set a $35.00 price target on shares of CECO Environmental in a research note on Wednesday, October 30th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, CECO Environmental currently has a consensus rating of “Buy” and an average price target of $34.40.

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.