CECO Environmental (NASDAQ:CECO – Get Free Report) had its price target lowered by research analysts at JPMorgan Chase & Co. from $130.00 to $110.00 in a research note issued on Tuesday, Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 65.84% from the stock’s previous close.
Other analysts have also issued reports about the company. Needham & Company LLC reissued a “buy” rating and set a $110.00 price target on shares of CECO Environmental in a research note on Tuesday, August 11th. Northland Securities set a $125.00 price target on CECO Environmental in a report on Thursday, August 13th. TD Cowen initiated coverage on CECO Environmental in a research note on Wednesday, August 5th. They issued a “buy” rating and a $85.00 price objective for the company. Zacks Research downgraded CECO Environmental from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 11th. Finally, Weiss Ratings lowered shares of CECO Environmental from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, September 16th. Eight analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $102.38.
Read Our Latest Research Report on CECO Environmental
CECO Environmental Stock Performance
CECO Environmental (NASDAQ:CECO – Get Free Report) last released its quarterly earnings results on Monday, August 10th. The company reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.21. The business had revenue of $284.96 million for the quarter, compared to analyst estimates of $282.21 million. CECO Environmental had a negative net margin of 3.39% and a positive return on equity of 7.36%. CECO Environmental’s revenue for the quarter was up 53.7% compared to the same quarter last year. During the same period last year, the firm earned $0.26 earnings per share. On average, research analysts expect that CECO Environmental will post 2.43 EPS for the current fiscal year.
Hedge Funds Weigh In On CECO Environmental
Several institutional investors have recently modified their holdings of CECO. BlackRock Inc. purchased a new stake in CECO Environmental during the 2nd quarter valued at $392,358,000. Jupiter Topco LLC purchased a new position in shares of CECO Environmental in the second quarter worth $86,194,000. Legal & General Group Plc purchased a new position in shares of CECO Environmental in the second quarter worth $40,461,000. Deutsche Bank AG purchased a new position in shares of CECO Environmental in the second quarter worth $30,475,000. Finally, Engineers Gate Manager LP lifted its holdings in shares of CECO Environmental by 6,952.1% during the second quarter. Engineers Gate Manager LP now owns 243,155 shares of the company’s stock valued at $22,064,000 after purchasing an additional 239,707 shares in the last quarter. 68.08% of the stock is owned by institutional investors.
About CECO Environmental
CECO Environmental Corp. (NASDAQ: CECO) is an environmental technology company that provides engineered solutions for industrial air quality, fluid handling, and water and wastewater treatment. Its systems are designed to help customers control emissions, improve process efficiency, protect workers, and comply with environmental regulations.
The company offers products and services including air pollution control equipment, industrial ventilation systems, filtration and separation technologies, thermal processing solutions, pumps and other fluid-handling equipment, and water and wastewater treatment systems.
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