King Luther Capital Management Corp Boosts Holdings in CECO Environmental Corp. $CECO

King Luther Capital Management Corp increased its position in CECO Environmental Corp. (NASDAQ:CECO) by 4.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,177,461 shares of the company’s stock after purchasing an additional 51,357 shares during the quarter. King Luther Capital Management Corp owned 3.33% of CECO Environmental worth $33,334,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Granahan Investment Management LLC purchased a new position in CECO Environmental in the 1st quarter valued at about $7,237,000. Wellington Management Group LLP lifted its stake in shares of CECO Environmental by 74.6% in the first quarter. Wellington Management Group LLP now owns 541,980 shares of the company’s stock worth $12,357,000 after acquiring an additional 231,613 shares in the last quarter. CSM Advisors LLC purchased a new position in CECO Environmental in the second quarter valued at about $5,248,000. Pier Capital LLC acquired a new stake in CECO Environmental during the 2nd quarter valued at approximately $3,226,000. Finally, Nuveen LLC acquired a new stake in CECO Environmental during the 1st quarter valued at approximately $1,818,000. Hedge funds and other institutional investors own 68.08% of the company’s stock.

CECO Environmental Trading Down 0.6%

NASDAQ CECO opened at $53.30 on Friday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.13 and a current ratio of 1.33. CECO Environmental Corp. has a one year low of $17.57 and a one year high of $56.19. The company has a 50-day simple moving average of $49.87 and a 200-day simple moving average of $38.53. The firm has a market capitalization of $1.90 billion, a PE ratio of 37.80, a price-to-earnings-growth ratio of 3.25 and a beta of 1.27.

CECO Environmental (NASDAQ:CECO) last issued its earnings results on Wednesday, October 29th. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.01. The firm had revenue of $197.60 million for the quarter, compared to analysts’ expectations of $190.36 million. CECO Environmental had a net margin of 7.22% and a return on equity of 10.84%. CECO Environmental’s revenue was up 45.8% on a year-over-year basis. During the same quarter last year, the company posted $0.14 earnings per share. On average, equities analysts forecast that CECO Environmental Corp. will post 0.67 earnings per share for the current year.

Analysts Set New Price Targets

CECO has been the subject of several research analyst reports. Citigroup reiterated an “outperform” rating on shares of CECO Environmental in a research note on Wednesday, July 30th. Lake Street Capital reissued a “buy” rating and set a $56.00 price objective on shares of CECO Environmental in a report on Wednesday, July 30th. Zacks Research cut shares of CECO Environmental from a “hold” rating to a “strong sell” rating in a research report on Monday, October 6th. HC Wainwright lifted their price target on CECO Environmental from $33.00 to $55.00 and gave the stock a “buy” rating in a research note on Wednesday, July 30th. Finally, Needham & Company LLC upped their price objective on CECO Environmental from $52.00 to $57.00 and gave the company a “buy” rating in a research note on Wednesday, October 29th. Seven investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $53.60.

Insiders Place Their Bets

In related news, Director Richard F. Wallman acquired 3,000 shares of the stock in a transaction that occurred on Friday, August 29th. The stock was purchased at an average cost of $44.25 per share, for a total transaction of $132,750.00. Following the purchase, the director directly owned 219,909 shares in the company, valued at $9,730,973.25. This represents a 1.38% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Todd R. Gleason sold 101,899 shares of the company’s stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $49.32, for a total transaction of $5,025,658.68. Following the transaction, the chief executive officer owned 410,835 shares of the company’s stock, valued at $20,262,382.20. This represents a 19.87% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have purchased 7,500 shares of company stock valued at $339,915 and have sold 300,000 shares valued at $15,104,854. 18.40% of the stock is owned by corporate insiders.

CECO Environmental Profile

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.