Zacks Investment Research Upgrades CECO Environmental Corp. (CECE) to “Buy”
Zacks Investment Research upgraded shares of CECO Environmental Corp. (NASDAQ:CECE) from a hold rating to a buy rating in a research note published on Monday morning. Zacks Investment Research currently has $12.00 target price on the stock.
According to Zacks, “CECO ENVIRONMENTAL CORP. manufactures and sells, primarily in the United States, of fiber bed mist eliminators to the chemical, printing, plating, power generation, food processing, waste incineration and textile industries. “
Separately, Needham & Company LLC boosted their price objective on CECO Environmental Corp. from $10.00 to $13.00 and gave the stock a buy rating in a report on Wednesday, August 10th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company has an average rating of Buy and a consensus price target of $10.93.
CECO Environmental Corp. (NASDAQ:CECE) opened at 10.93 on Monday. The firm has a 50-day moving average price of $10.76 and a 200-day moving average price of $8.39. CECO Environmental Corp. has a 12 month low of $5.60 and a 12 month high of $11.75. The company’s market capitalization is $371.19 million.
CECO Environmental Corp. (NASDAQ:CECE) last issued its quarterly earnings data on Tuesday, August 9th. The company reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.18 by $0.03. CECO Environmental Corp. had a positive return on equity of 11.06% and a negative net margin of 0.18%. The company earned $112.30 million during the quarter, compared to analysts’ expectations of $107.03 million. During the same quarter in the previous year, the company posted $0.32 earnings per share. The business’s revenue was up 29.1% on a year-over-year basis. On average, equities analysts anticipate that CECO Environmental Corp. will post $0.80 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Friday, September 16th will be paid a $0.066 dividend. This represents a $0.26 annualized dividend and a dividend yield of 2.42%. The ex-dividend date of this dividend is Wednesday, September 14th. CECO Environmental Corp.’s dividend payout ratio (DPR) is currently -520.00%.
Several large investors have recently modified their holdings of CECE. Bank of Montreal Can purchased a new position in shares of CECO Environmental Corp. during the second quarter valued at approximately $106,000. Kirr Marbach & Co. LLC IN increased its position in shares of CECO Environmental Corp. by 2.4% in the second quarter. Kirr Marbach & Co. LLC IN now owns 19,435 shares of the company’s stock valued at $170,000 after buying an additional 450 shares in the last quarter. Manchester Capital Management LLC increased its position in shares of CECO Environmental Corp. by 30.0% in the second quarter. Manchester Capital Management LLC now owns 66,733 shares of the company’s stock valued at $583,000 after buying an additional 15,384 shares in the last quarter. Punch & Associates Investment Management Inc. increased its position in shares of CECO Environmental Corp. by 13.1% in the second quarter. Punch & Associates Investment Management Inc. now owns 854,688 shares of the company’s stock valued at $7,470,000 after buying an additional 98,754 shares in the last quarter. Finally, Foundry Partners LLC increased its position in shares of CECO Environmental Corp. by 0.3% in the second quarter. Foundry Partners LLC now owns 464,740 shares of the company’s stock valued at $4,062,000 after buying an additional 1,275 shares in the last quarter. Institutional investors and hedge funds own 53.82% of the company’s stock.
About CECO Environmental Corp.
CECO Environmental Corp. is a provider of engineered technologies to the environmental, energy, and fluid handling and filtration industrial segments. The Company focuses on engineering, designing, building and installing systems that capture, clean and destroy airborne contaminants from industrial facilities, as well as equipment that controls emissions from such facilities, and fluid handling and filtration systems.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for CECO Environmental Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CECO Environmental Corp. and related companies with MarketBeat.com's FREE daily email newsletter.