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 report issued on Monday. They currently have $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 upped their price target on CECO Environmental Corp. from $10.00 to $13.00 and gave the company a buy rating in a report on Wednesday, August 10th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. CECO Environmental Corp. has an average rating of Buy and an average price target of $10.93.
CECO Environmental Corp. (NASDAQ:CECE) opened at 10.93 on Monday. CECO Environmental Corp. has a 52-week low of $5.60 and a 52-week high of $11.75. The company’s 50-day moving average price is $10.76 and its 200 day moving average price is $8.39. The firm’s market capitalization is $371.19 million.
CECO Environmental Corp. (NASDAQ:CECE) last posted its quarterly earnings results on Tuesday, August 9th. The company reported $0.21 EPS for the quarter, beating the consensus estimate of $0.18 by $0.03. The firm earned $112.30 million during the quarter, compared to analysts’ expectations of $107.03 million. CECO Environmental Corp. had a positive return on equity of 11.06% and a negative net margin of 0.18%. The company’s revenue for the quarter was up 29.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.32 EPS. Equities research analysts predict that CECO Environmental Corp. will post $0.80 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Friday, September 16th will be issued a dividend of $0.066 per share. The ex-dividend date of this dividend is Wednesday, September 14th. This represents a $0.26 dividend on an annualized basis and a yield of 2.42%. CECO Environmental Corp.’s dividend payout ratio is -520.00%.
A number of large investors have recently added to or reduced their stakes in the stock. Bank of Montreal Can acquired a new stake in CECO Environmental Corp. during the second quarter worth $106,000. BlackRock Advisors LLC raised its position in shares of CECO Environmental Corp. by 1.6% in the second quarter. BlackRock Advisors LLC now owns 12,757 shares of the company’s stock worth $111,000 after buying an additional 195 shares during the last quarter. Van Hulzen Asset Management LLC purchased a new position in shares of CECO Environmental Corp. during the second quarter worth approximately $126,000. Connors Investor Services Inc. purchased a new position in shares of CECO Environmental Corp. during the second quarter worth approximately $131,000. Finally, American International Group Inc. raised its position in shares of CECO Environmental Corp. by 1.6% in the second quarter. American International Group Inc. now owns 16,851 shares of the company’s stock worth $147,000 after buying an additional 258 shares during the last quarter. 53.82% of the stock is owned by hedge funds and other institutional investors.
CECO Environmental Corp. Company Profile
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.
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