Short Interest in CECO Environmental Corp. (NASDAQ:CECO) Declines By 5.8%

CECO Environmental Corp. (NASDAQ:CECO) was the target of a large decline in short interest during the month of March. As of March 31st, there was short interest totalling 1,140,000 shares, a decline of 5.8% from the March 15th total of 1,210,000 shares. Currently, 3.9% of the shares of the stock are short sold. Based on an average trading volume of 244,100 shares, the days-to-cover ratio is currently 4.7 days.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on CECO. Northland Securities lifted their price target on CECO Environmental from $27.00 to $28.00 and gave the company an “outperform” rating in a report on Wednesday, March 6th. HC Wainwright lifted their price target on CECO Environmental from $22.00 to $30.00 and gave the company a “buy” rating in a report on Wednesday, March 6th. Roth Mkm lifted their price target on CECO Environmental from $22.00 to $25.00 and gave the company a “buy” rating in a report on Wednesday, March 6th. Finally, Needham & Company LLC lifted their price target on CECO Environmental from $22.00 to $23.00 and gave the company a “buy” rating in a report on Wednesday, March 6th. Four investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $26.50.

Insider Buying and Selling

In related news, Director Laurie Siegel bought 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The shares were acquired at an average cost of $19.87 per share, for a total transaction of $49,675.00. Following the acquisition, the director now directly owns 7,906 shares of the company’s stock, valued at approximately $157,092.22. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 15.80% of the company’s stock.

Institutional Trading of CECO Environmental

A number of institutional investors have recently bought and sold shares of CECO. Boothbay Fund Management LLC acquired a new stake in CECO Environmental during the first quarter valued at $193,000. Two Sigma Investments LP acquired a new stake in shares of CECO Environmental in the first quarter worth about $4,141,000. Two Sigma Advisers LP acquired a new stake in shares of CECO Environmental in the first quarter worth about $5,201,000. Cubist Systematic Strategies LLC acquired a new stake in shares of CECO Environmental in the first quarter worth about $2,363,000. Finally, Schonfeld Strategic Advisors LLC acquired a new stake in shares of CECO Environmental in the first quarter worth about $306,000. Institutional investors and hedge funds own 68.08% of the company’s stock.

CECO Environmental Price Performance

CECO opened at $23.44 on Wednesday. The stock has a market cap of $817.35 million, a price-to-earnings ratio of 63.35, a PEG ratio of 1.59 and a beta of 1.23. CECO Environmental has a 1 year low of $10.68 and a 1 year high of $24.43. The company has a current ratio of 1.39, a quick ratio of 1.22 and a debt-to-equity ratio of 0.53. The stock has a fifty day moving average price of $21.93 and a 200 day moving average price of $19.79.

CECO Environmental (NASDAQ:CECO) last released its quarterly earnings data on Tuesday, March 5th. The company reported $0.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.03. The firm had revenue of $153.71 million during the quarter, compared to analysts’ expectations of $149.10 million. CECO Environmental had a return on equity of 11.57% and a net margin of 2.37%. During the same quarter last year, the firm earned $0.21 earnings per share. Analysts forecast that CECO Environmental will post 0.96 EPS for the current fiscal year.

About CECO Environmental

CECO Environmental Corp. provides critical solutions in industrial air quality, industrial water treatment, and energy transition solutions worldwide. It operates in two segments: Engineered Systems and Industrial Process Solutions. The company engineers, designs, manufactures, and installs non-metallic expansion joints and flow control products, including rubber expansion joints, ducting expansion joints, and industrial pinch and duck bill valves; membrane-based industrial water and wastewater treatment systems; and provides dust and fume extraction solutions comprising consultation, design, manufacturing, installation, and service, as well as water and wastewater treatment solutions.