CECO Environmental (CECE) Upgraded to Hold by Zacks Investment Research

Zacks Investment Research upgraded shares of CECO Environmental (NASDAQ:CECE) from a sell rating to a hold rating in a research note released on Tuesday.

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. “

CECE has been the subject of several other reports. ValuEngine downgraded shares of CECO Environmental from a buy rating to a hold rating in a report on Thursday, November 9th. TheStreet downgraded shares of CECO Environmental from a c- rating to a d+ rating in a report on Monday, November 27th. Needham & Company LLC downgraded shares of CECO Environmental from a strong-buy rating to a buy rating in a report on Thursday, November 9th. Finally, Roth Capital reissued a neutral rating on shares of CECO Environmental in a report on Thursday, November 9th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company’s stock. CECO Environmental currently has an average rating of Hold and a consensus target price of $12.00.

Shares of CECO Environmental (NASDAQ:CECE) traded up $0.09 during mid-day trading on Tuesday, reaching $5.24. 151,700 shares of the company traded hands, compared to its average volume of 178,443. CECO Environmental has a 12-month low of $4.68 and a 12-month high of $14.39. The company has a market cap of $178.74, a P/E ratio of -4.16, a P/E/G ratio of 0.63 and a beta of 1.31. The company has a quick ratio of 1.38, a current ratio of 1.57 and a debt-to-equity ratio of 0.54.

CECO Environmental (NASDAQ:CECE) last announced its quarterly earnings results on Wednesday, November 8th. The industrial products company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.12). CECO Environmental had a negative net margin of 11.47% and a positive return on equity of 11.91%. The firm had revenue of $85.00 million for the quarter, compared to the consensus estimate of $92.66 million. During the same period in the prior year, the business earned $0.24 earnings per share. The company’s revenue for the quarter was down 16.3% on a year-over-year basis. equities research analysts predict that CECO Environmental will post 0.39 earnings per share for the current year.

Several hedge funds and other institutional investors have recently made changes to their positions in CECE. Rhumbline Advisers raised its stake in shares of CECO Environmental by 3.6% in the second quarter. Rhumbline Advisers now owns 35,403 shares of the industrial products company’s stock worth $325,000 after acquiring an additional 1,240 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of CECO Environmental by 2.2% in the second quarter. Bank of New York Mellon Corp now owns 262,914 shares of the industrial products company’s stock worth $2,413,000 after acquiring an additional 5,758 shares during the last quarter. Victory Capital Management Inc. raised its stake in shares of CECO Environmental by 4.8% in the second quarter. Victory Capital Management Inc. now owns 132,215 shares of the industrial products company’s stock worth $1,214,000 after acquiring an additional 6,025 shares during the last quarter. American Century Companies Inc. raised its stake in shares of CECO Environmental by 1.7% in the second quarter. American Century Companies Inc. now owns 116,459 shares of the industrial products company’s stock worth $1,069,000 after acquiring an additional 1,952 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of CECO Environmental by 3.6% in the second quarter. JPMorgan Chase & Co. now owns 1,240,508 shares of the industrial products company’s stock worth $11,388,000 after acquiring an additional 42,772 shares during the last quarter. 67.49% of the stock is owned by institutional investors.

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About CECO Environmental

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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