Wellington Management Group LLP Cuts Holdings in CECO Environmental Corp. (NASDAQ:CECO)

Wellington Management Group LLP lessened its position in shares of CECO Environmental Corp. (NASDAQ:CECO) by 30.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 349,467 shares of the company’s stock after selling 156,079 shares during the period. Wellington Management Group LLP’s holdings in CECO Environmental were worth $9,855,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. First Horizon Advisors Inc. lifted its stake in shares of CECO Environmental by 71.6% in the 3rd quarter. First Horizon Advisors Inc. now owns 1,416 shares of the company’s stock valued at $40,000 after purchasing an additional 591 shares in the last quarter. CWM LLC lifted its position in CECO Environmental by 45.3% during the second quarter. CWM LLC now owns 2,270 shares of the company’s stock valued at $65,000 after buying an additional 708 shares in the last quarter. Quest Partners LLC acquired a new position in CECO Environmental during the third quarter valued at approximately $69,000. Morse Asset Management Inc acquired a new stake in shares of CECO Environmental in the third quarter worth $76,000. Finally, Eastern Bank purchased a new position in shares of CECO Environmental in the 3rd quarter valued at $113,000. 68.08% of the stock is currently owned by institutional investors and hedge funds.

CECO Environmental Price Performance

Shares of CECO stock opened at $32.11 on Monday. CECO Environmental Corp. has a twelve month low of $18.50 and a twelve month high of $35.16. The company has a market capitalization of $1.12 billion, a PE ratio of 97.30, a price-to-earnings-growth ratio of 2.92 and a beta of 1.41. The company has a current ratio of 1.30, a quick ratio of 1.12 and a debt-to-equity ratio of 0.50. The firm has a fifty day simple moving average of $28.30 and a 200-day simple moving average of $27.64.

CECO Environmental (NASDAQ:CECO) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.14 earnings per share 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 during the quarter, compared to analysts’ expectations of $155.94 million. During the same period in the previous year, the company earned $0.22 earnings per share. The business’s quarterly revenue was down 9.3% on a year-over-year basis. Equities research analysts anticipate that CECO Environmental Corp. will post 0.79 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CECO has been the subject of a number of research reports. HC Wainwright reaffirmed a “buy” rating and set a $35.00 price target on shares of CECO Environmental in a research report on Wednesday, October 30th. Needham & Company LLC decreased their target price on CECO Environmental from $35.00 to $33.00 and set a “buy” rating for the company in a research report on Wednesday, October 30th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, CECO Environmental has an average rating of “Buy” and a consensus target price of $34.40.

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.