Hennessy Advisors Inc. Sells 42,600 Shares of CECO Environmental Corp. (NASDAQ:CECO)

Hennessy Advisors Inc. lowered its stake in shares of CECO Environmental Corp. (NASDAQ:CECO) by 20.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 162,200 shares of the company’s stock after selling 42,600 shares during the quarter. Hennessy Advisors Inc. owned about 0.47% of CECO Environmental worth $3,734,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Great Lakes Advisors LLC bought a new position in shares of CECO Environmental during the 4th quarter worth about $2,720,000. Los Angeles Capital Management LLC acquired a new stake in shares of CECO Environmental during the 4th quarter worth approximately $729,000. Wellington Management Group LLP increased its position in shares of CECO Environmental by 271.2% during the third quarter. Wellington Management Group LLP now owns 629,146 shares of the company’s stock valued at $10,047,000 after purchasing an additional 459,646 shares during the period. Guyasuta Investment Advisors Inc. acquired a new position in shares of CECO Environmental in the fourth quarter valued at $203,000. Finally, Russell Investments Group Ltd. lifted its position in CECO Environmental by 28.3% in the fourth quarter. Russell Investments Group Ltd. now owns 448,248 shares of the company’s stock worth $9,090,000 after purchasing an additional 98,951 shares during the period. 68.08% of the stock is currently owned by institutional investors and hedge funds.

CECO Environmental Price Performance

NASDAQ CECO traded up $0.75 during trading hours on Thursday, reaching $27.20. 357,939 shares of the company’s stock were exchanged, compared to its average volume of 261,081. The firm has a fifty day moving average of $24.43 and a 200-day moving average of $22.19. CECO Environmental Corp. has a one year low of $11.46 and a one year high of $27.23. The stock has a market cap of $950.37 million, a PE ratio of 77.71, a price-to-earnings-growth ratio of 1.86 and a beta of 1.35. The company has a current ratio of 1.38, a quick ratio of 1.19 and a debt-to-equity ratio of 0.53.

CECO Environmental (NASDAQ:CECO) last announced its earnings results on Tuesday, April 30th. The company reported $0.11 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.11. The company had revenue of $126.30 million during the quarter, compared to analyst estimates of $135.82 million. CECO Environmental had a return on equity of 11.57% and a net margin of 2.23%. The firm’s quarterly revenue was up 12.2% compared to the same quarter last year. During the same period last year, the company posted $0.10 earnings per share. On average, equities research analysts predict that CECO Environmental Corp. will post 0.94 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. HC Wainwright reissued a “buy” rating and issued a $30.00 price target on shares of CECO Environmental in a report on Wednesday, May 1st. Roth Mkm raised their price target on shares of CECO Environmental from $22.00 to $25.00 and gave the stock a “buy” rating in a research note on Wednesday, March 6th. Needham & Company LLC increased their target price on CECO Environmental from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Wednesday, May 1st. Northland Securities boosted their price target on CECO Environmental from $27.00 to $28.00 and gave the company an “outperform” rating in a research note on Wednesday, March 6th. Finally, Craig Hallum increased their price objective on CECO Environmental from $25.00 to $28.00 and gave the stock a “buy” rating in a research note on Wednesday, May 1st. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, CECO Environmental presently has a consensus rating of “Buy” and a consensus target price of $27.40.

Insiders Place Their Bets

In related news, Director Richard F. Wallman acquired 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The stock was purchased at an average price of $21.95 per share, for a total transaction of $109,750.00. Following the transaction, the director now directly owns 191,853 shares of the company’s stock, valued at approximately $4,211,173.35. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other CECO Environmental news, Director Richard F. Wallman purchased 4,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 21st. The stock was acquired at an average cost of $24.50 per share, with a total value of $98,000.00. Following the completion of the purchase, the director now directly owns 205,319 shares in the company, valued at approximately $5,030,315.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Richard F. Wallman acquired 5,000 shares of CECO Environmental stock in a transaction on Wednesday, May 1st. The stock was acquired at an average cost of $21.95 per share, for a total transaction of $109,750.00. Following the completion of the purchase, the director now owns 191,853 shares of the company’s stock, valued at approximately $4,211,173.35. The disclosure for this purchase can be found here. Insiders own 16.90% of the company’s stock.

CECO Environmental Company 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.