CECO Environmental Corp. (CECE) Upgraded by Zacks Investment Research 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 issued to investors on Monday morning. Zacks Investment Research currently has $12.00 price target 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 objective on shares of CECO Environmental Corp. from $10.00 to $13.00 and gave the stock a buy rating in a report on Wednesday, August 10th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company presently has an average rating of Buy and an average price target of $10.93.
Shares of CECO Environmental Corp. (NASDAQ:CECE) opened at 10.74 on Monday. CECO Environmental Corp. has a 12-month low of $5.60 and a 12-month high of $11.75. The firm’s market capitalization is $364.74 million. The firm has a 50-day moving average of $10.62 and a 200 day moving average of $8.33.
CECO Environmental Corp. (NASDAQ:CECE) last issued its earnings results on Tuesday, August 9th. The company reported $0.21 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.03. The business had revenue of $112.30 million for the quarter, compared to analyst estimates of $107.03 million. CECO Environmental Corp. had a negative net margin of 0.18% and a positive return on equity of 11.06%. CECO Environmental Corp.’s revenue was up 29.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.32 earnings per share. On average, equities research analysts expect that CECO Environmental Corp. will post $0.80 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Friday, September 16th will be issued a $0.066 dividend. The ex-dividend date is Wednesday, September 14th. This represents a $0.26 annualized dividend and a dividend yield of 2.46%. CECO Environmental Corp.’s dividend payout ratio is currently -520.00%.
Several hedge funds have recently made changes to their positions in CECE. Bank of Montreal Can purchased a new stake in shares of CECO Environmental Corp. during the second quarter valued at approximately $106,000. BlackRock Advisors LLC increased its stake 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 valued at $111,000 after buying an additional 195 shares in the last quarter. Metropolitan Life Insurance Co. NY increased its stake in shares of CECO Environmental Corp. by 8.9% in the first quarter. Metropolitan Life Insurance Co. NY now owns 19,034 shares of the company’s stock valued at $118,000 after buying an additional 1,561 shares in the last quarter. IFP Advisors Inc increased its stake in shares of CECO Environmental Corp. by 285,714.3% in the first quarter. IFP Advisors Inc now owns 20,007 shares of the company’s stock valued at $124,000 after buying an additional 20,000 shares in the last quarter. Finally, Van Hulzen Asset Management LLC purchased a new stake in shares of CECO Environmental Corp. during the second quarter valued at approximately $126,000. Institutional investors own 53.92% 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.
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