Research Analysts Set Expectations for CECO FY2024 Earnings

CECO Environmental Corp. (NASDAQ:CECO) – Equities researchers at Northland Capmk lowered their FY2024 earnings estimates for shares of CECO Environmental in a report issued on Wednesday, January 22nd. Northland Capmk analyst B. Brooks now anticipates that the company will post earnings of $0.62 per share for the year, down from their previous forecast of $0.83. The consensus estimate for CECO Environmental’s current full-year earnings is $0.74 per share. Northland Capmk also issued estimates for CECO Environmental’s Q4 2024 earnings at $0.17 EPS.

CECO Environmental (NASDAQ:CECO) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.05). CECO Environmental had a net margin of 2.16% and a return on equity of 11.12%. The firm had revenue of $135.50 million for the quarter, compared to the consensus estimate of $155.94 million. During the same period in the previous year, the company posted $0.22 earnings per share. CECO Environmental’s quarterly revenue was down 9.3% on a year-over-year basis.

Several other equities research analysts have also issued reports on CECO. Craig Hallum raised their price objective on CECO Environmental from $34.00 to $40.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Needham & Company LLC dropped their price objective on shares of CECO Environmental from $35.00 to $33.00 and set a “buy” rating for the company in a research note on Wednesday, October 30th. HC Wainwright lowered shares of CECO Environmental from a “buy” rating to a “neutral” rating in a report on Friday, January 17th. Finally, Northland Securities lifted their price target on shares of CECO Environmental from $35.00 to $38.00 and gave the stock an “outperform” rating in a research note on Friday, December 20th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, CECO Environmental presently has an average rating of “Moderate Buy” and an average price target of $36.20.

CECO Environmental Stock Up 2.9 %

Shares of NASDAQ:CECO opened at $30.43 on Friday. The company has a 50-day moving average price of $31.07 and a 200 day moving average price of $28.66. The company has a current ratio of 1.30, a quick ratio of 1.12 and a debt-to-equity ratio of 0.50. CECO Environmental has a 12 month low of $18.50 and a 12 month high of $35.16. The company has a market cap of $1.06 billion, a price-to-earnings ratio of 92.21, a PEG ratio of 1.78 and a beta of 1.43.

Hedge Funds Weigh In On CECO Environmental

Several institutional investors have recently made changes to their positions in the company. Heck Capital Advisors LLC purchased a new position in CECO Environmental during the 4th quarter valued at about $74,000. Principal Financial Group Inc. increased its holdings in CECO Environmental by 17.6% during the third quarter. Principal Financial Group Inc. now owns 22,246 shares of the company’s stock valued at $627,000 after buying an additional 3,330 shares during the period. Barclays PLC raised its stake in CECO Environmental by 115.0% in the third quarter. Barclays PLC now owns 63,615 shares of the company’s stock worth $1,795,000 after buying an additional 34,027 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of CECO Environmental by 1.7% in the 3rd quarter. Geode Capital Management LLC now owns 689,487 shares of the company’s stock valued at $19,448,000 after acquiring an additional 11,857 shares during the period. Finally, Gordian Capital Singapore Pte Ltd boosted its position in CECO Environmental by 153.9% during the third quarter. Gordian Capital Singapore Pte Ltd now owns 35,500 shares of the company’s stock valued at $1,001,000 after purchasing an additional 21,517 shares in the last quarter. Hedge funds and other institutional investors own 68.08% of the company’s stock.

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.