Fuel Tech (NASDAQ:FTEK) Lowered to Strong Sell at Zacks Investment Research

Zacks Investment Research lowered shares of Fuel Tech (NASDAQ:FTEK) from a hold rating to a strong sell rating in a research report sent to investors on Monday, Zacks.com reports.

According to Zacks, “Fuel Tech is a leading technology company engaged in the worldwide development, commercialization and application of state-of-the-art proprietary technologies for air pollution control, process optimization, and advanced engineering services. These technologies enable customers to produce both energy and processed materials in a cost-effective and environmentally sustainable manner. The Company’s nitrogen oxide reduction technologies include the NOxOUT, NOxOUT CASCADE, NOxOUT ULTRA, Rich Reagent Injection and NOxOUT-SCR processes. These technologies have established Fuel Tech as a leader in post-combustion NOx control systems, with installations on worldwide, where coal, municipal waste, biomass, and other fuels are utilized. The Company’s FUEL CHEM technology revolves around the unique application of chemicals to improve the efficiency and reliability of combustion units by controlling slagging, fouling, corrosion and opacity. “

A number of other brokerages have also issued reports on FTEK. HC Wainwright reissued a buy rating and issued a $1.75 target price on shares of Fuel Tech in a research report on Thursday, August 15th. ValuEngine raised Fuel Tech from a hold rating to a buy rating in a research report on Friday, September 6th. Finally, TheStreet lowered Fuel Tech from a c- rating to a d+ rating in a research report on Thursday, July 25th.

Fuel Tech stock traded up $0.03 during midday trading on Monday, reaching $0.98. The stock had a trading volume of 43,847 shares, compared to its average volume of 154,581. The firm’s fifty day simple moving average is $0.99 and its 200-day simple moving average is $1.25. Fuel Tech has a 1-year low of $0.80 and a 1-year high of $3.06. The company has a quick ratio of 4.27, a current ratio of 4.32 and a debt-to-equity ratio of 0.02.

Fuel Tech (NASDAQ:FTEK) last announced its earnings results on Wednesday, November 13th. The industrial products company reported ($0.05) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.03) by ($0.02). Fuel Tech had a negative net margin of 6.20% and a negative return on equity of 2.19%. The firm had revenue of $6.45 million during the quarter, compared to analyst estimates of $10.22 million. On average, analysts predict that Fuel Tech will post -0.05 earnings per share for the current fiscal year.

Several large investors have recently bought and sold shares of FTEK. River & Mercantile Asset Management LLP acquired a new position in shares of Fuel Tech during the 2nd quarter worth approximately $594,000. Grace & White Inc. NY increased its position in shares of Fuel Tech by 21.6% during the 3rd quarter. Grace & White Inc. NY now owns 1,807,455 shares of the industrial products company’s stock worth $1,783,000 after purchasing an additional 320,656 shares during the last quarter. Acadian Asset Management LLC increased its position in shares of Fuel Tech by 1,347.4% during the 2nd quarter. Acadian Asset Management LLC now owns 155,583 shares of the industrial products company’s stock worth $218,000 after purchasing an additional 144,834 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of Fuel Tech by 12.7% during the 2nd quarter. Renaissance Technologies LLC now owns 1,101,138 shares of the industrial products company’s stock worth $1,542,000 after purchasing an additional 123,892 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of Fuel Tech by 12.5% during the 2nd quarter. Vanguard Group Inc. now owns 497,934 shares of the industrial products company’s stock worth $697,000 after acquiring an additional 55,215 shares during the period. 26.12% of the stock is currently owned by hedge funds and other institutional investors.

About Fuel Tech

Fuel Tech, Inc provides boiler optimization, efficiency improvement, and air pollution reduction and control solutions to utility and industrial customers worldwide. It operates through Air Pollution Control Technology and FUEL CHEM Technology segments. The Air Pollution Control Technology segment offers technologies to reduce nitrogen oxide (NOx) emissions in flue gas from boilers, incinerators, furnaces, and other stationary combustion sources by low and ultra-low NOx burners; over-fire air systems; NOxOUT and HERT selective non-catalytic reduction systems; advanced selective catalytic reduction systems; NOxOUT CASCADE and NOxOUT-SCR processes; ULTRA technology; ammonia injection grid and graduated straightening grid systems; and flue gas conditioning systems.

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