Zacks: Brokerages Expect CECO Environmental Corp. (NASDAQ:CECE) Will Announce Quarterly Sales of $89.73 Million

Equities research analysts forecast that CECO Environmental Corp. (NASDAQ:CECE) will announce sales of $89.73 million for the current quarter, according to Zacks Investment Research. Three analysts have issued estimates for CECO Environmental’s earnings. The highest sales estimate is $90.90 million and the lowest is $88.90 million. CECO Environmental reported sales of $88.26 million in the same quarter last year, which suggests a positive year over year growth rate of 1.7%. The business is scheduled to report its next quarterly earnings report on Wednesday, November 6th.

On average, analysts expect that CECO Environmental will report full year sales of $352.02 million for the current fiscal year, with estimates ranging from $351.06 million to $352.60 million. For the next financial year, analysts anticipate that the company will report sales of $370.23 million, with estimates ranging from $363.70 million to $377.29 million. Zacks’ sales averages are an average based on a survey of research analysts that that provide coverage for CECO Environmental.

CECO Environmental (NASDAQ:CECE) last released its quarterly earnings data on Tuesday, August 6th. The industrial products company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.11 by ($0.03). CECO Environmental had a positive return on equity of 7.57% and a negative net margin of 1.32%. The business had revenue of $81.18 million during the quarter, compared to analysts’ expectations of $86.67 million.

CECE has been the subject of several research analyst reports. Roth Capital upgraded CECO Environmental from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $8.00 to $10.00 in a report on Tuesday, June 11th. B. Riley set a $10.00 target price on CECO Environmental and gave the company a “buy” rating in a research note on Wednesday, August 7th. Maxim Group set a $10.00 target price on CECO Environmental and gave the company a “buy” rating in a research note on Wednesday, August 7th. Zacks Investment Research cut CECO Environmental from a “buy” rating to a “hold” rating in a research note on Friday, August 9th. Finally, Needham & Company LLC restated a “buy” rating and issued a $10.00 target price on shares of CECO Environmental in a research note on Friday, August 9th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $10.00.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its stake in shares of CECO Environmental by 2.0% during the fourth quarter. BlackRock Inc. now owns 2,150,295 shares of the industrial products company’s stock valued at $14,516,000 after purchasing an additional 41,932 shares in the last quarter. Northern Trust Corp boosted its stake in shares of CECO Environmental by 0.6% during the fourth quarter. Northern Trust Corp now owns 347,637 shares of the industrial products company’s stock valued at $2,346,000 after purchasing an additional 2,048 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of CECO Environmental by 2.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,366,493 shares of the industrial products company’s stock valued at $15,974,000 after purchasing an additional 54,611 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of CECO Environmental by 6.8% during the fourth quarter. Geode Capital Management LLC now owns 307,172 shares of the industrial products company’s stock valued at $2,073,000 after purchasing an additional 19,438 shares in the last quarter. Finally, MetLife Investment Advisors LLC acquired a new stake in shares of CECO Environmental during the fourth quarter valued at about $100,000. Institutional investors own 67.92% of the company’s stock.

NASDAQ CECE traded down $0.05 on Thursday, hitting $6.97. The company’s stock had a trading volume of 91,924 shares, compared to its average volume of 114,236. CECO Environmental has a 52-week low of $6.44 and a 52-week high of $9.84. The company has a current ratio of 1.61, a quick ratio of 1.39 and a debt-to-equity ratio of 0.46. The company’s 50-day simple moving average is $8.88 and its 200 day simple moving average is $8.26. The firm has a market cap of $266.15 million, a P/E ratio of 24.03, a PEG ratio of 1.04 and a beta of 0.88.

About CECO Environmental

CECO Environmental Corp. provides industrial air quality and fluid handling systems for the energy, industrial, and other markets worldwide. The company operates through three segments: Energy Solutions, Environmental Solutions, and Fluid Handling and Filtration Solutions. The company engineers, designs, builds, and installs systems that capture, clean, and destroy airborne contaminants from industrial facilities, as well as equipment that control emissions from such facilities; and fluid handling and filtration systems.

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