CECO Environmental Corp. (NASDAQ:CECE) was upgraded by Needham & Company LLC from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Thursday, MarketBeat.com reports. The brokerage currently has a $13.00 price objective on the industrial products company’s stock, up from their prior price objective of $9.51. Needham & Company LLC’s price target would suggest a potential upside of 27.33% from the stock’s previous close.
Other equities research analysts also recently issued research reports about the stock. TheStreet downgraded shares of CECO Environmental Corp. from a “b-” rating to a “c-” rating in a research report on Thursday, March 9th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $11.00 target price on shares of CECO Environmental Corp. in a research report on Thursday, March 16th. Three investment analysts have rated the stock with a hold rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $13.25.
CECO Environmental Corp. (NASDAQ:CECE) traded down 0.78% during trading on Thursday, reaching $10.13. The company had a trading volume of 15,375 shares. The firm’s market capitalization is $349.09 million. CECO Environmental Corp. has a 12-month low of $8.73 and a 12-month high of $14.88. The firm’s 50 day moving average price is $9.40 and its 200 day moving average price is $11.39.
CECO Environmental Corp. (NASDAQ:CECE) last posted its earnings results on Wednesday, May 10th. The industrial products company reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.02. CECO Environmental Corp. had a negative net margin of 10.15% and a positive return on equity of 15.78%. The business had revenue of $92.70 million during the quarter, compared to the consensus estimate of $97.10 million. During the same quarter in the previous year, the firm posted $0.18 EPS. The firm’s revenue was down 10.2% on a year-over-year basis. Equities research analysts forecast that CECO Environmental Corp. will post $0.83 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, June 30th. Stockholders of record on Friday, June 16th were paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 2.94%. The ex-dividend date was Wednesday, June 14th. CECO Environmental Corp.’s dividend payout ratio is presently -25.00%.
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Several hedge funds and other institutional investors have recently modified their holdings of CECE. Renaissance Technologies LLC boosted its position in shares of CECO Environmental Corp. by 68.3% in the fourth quarter. Renaissance Technologies LLC now owns 290,183 shares of the industrial products company’s stock valued at $4,048,000 after buying an additional 117,800 shares in the last quarter. Boston Partners boosted its position in shares of CECO Environmental Corp. by 27.9% in the first quarter. Boston Partners now owns 848,552 shares of the industrial products company’s stock valued at $8,918,000 after buying an additional 185,100 shares in the last quarter. A.R.T. Advisors LLC acquired a new position in shares of CECO Environmental Corp. during the fourth quarter valued at $153,000. AQR Capital Management LLC boosted its position in shares of CECO Environmental Corp. by 162.1% in the fourth quarter. AQR Capital Management LLC now owns 35,863 shares of the industrial products company’s stock valued at $500,000 after buying an additional 22,179 shares in the last quarter. Finally, Barings LLC boosted its position in shares of CECO Environmental Corp. by 67.1% in the fourth quarter. Barings LLC now owns 26,156 shares of the industrial products company’s stock valued at $365,000 after buying an additional 10,500 shares in the last quarter. Institutional investors and hedge funds own 68.89% 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 is focused 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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