Principal Financial Group Inc. Grows Position in CECO Environmental Corp. (NASDAQ:CECO)

Principal Financial Group Inc. grew its stake in CECO Environmental Corp. (NASDAQ:CECO) by 17.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,246 shares of the company’s stock after buying an additional 3,330 shares during the quarter. Principal Financial Group Inc.’s holdings in CECO Environmental were worth $627,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Arizona State Retirement System purchased a new stake in CECO Environmental in the 2nd quarter worth approximately $239,000. American Century Companies Inc. boosted its position in shares of CECO Environmental by 15.3% in the second quarter. American Century Companies Inc. now owns 38,397 shares of the company’s stock worth $1,108,000 after purchasing an additional 5,107 shares during the period. Robeco Schweiz AG increased its stake in shares of CECO Environmental by 375.2% in the second quarter. Robeco Schweiz AG now owns 565,255 shares of the company’s stock worth $16,308,000 after purchasing an additional 446,305 shares in the last quarter. First Eagle Investment Management LLC raised its position in shares of CECO Environmental by 10.9% during the 2nd quarter. First Eagle Investment Management LLC now owns 657,764 shares of the company’s stock valued at $18,976,000 after purchasing an additional 64,900 shares during the period. Finally, Sei Investments Co. lifted its stake in shares of CECO Environmental by 41.3% during the 2nd quarter. Sei Investments Co. now owns 99,089 shares of the company’s stock valued at $2,859,000 after buying an additional 28,960 shares in the last quarter. Institutional investors own 68.08% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on CECO shares. HC Wainwright reiterated a “buy” rating and issued a $35.00 price target on shares of CECO Environmental in a research note on Wednesday, October 30th. Northland Securities increased their target price on CECO Environmental from $35.00 to $38.00 and gave the stock an “outperform” rating in a research report on Friday, December 20th. Finally, Needham & Company LLC decreased their target price on CECO Environmental from $35.00 to $33.00 and set a “buy” rating on the stock in a research note on Wednesday, October 30th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $35.00.

CECO Environmental Stock Performance

Shares of NASDAQ CECO opened at $31.61 on Monday. The company has a market cap of $1.11 billion, a P/E ratio of 95.79, a P/E/G ratio of 2.92 and a beta of 1.43. CECO Environmental Corp. has a 52-week low of $18.50 and a 52-week high of $35.16. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.12 and a current ratio of 1.30. The firm’s fifty day moving average is $29.24 and its two-hundred day moving average is $28.29.

CECO Environmental (NASDAQ:CECO) last issued its earnings results on Tuesday, October 29th. The company reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.05). CECO Environmental had a return on equity of 11.12% and a net margin of 2.16%. The firm had revenue of $135.50 million during the quarter, compared to the consensus estimate of $155.94 million. During the same period last year, the firm posted $0.22 earnings per share. The company’s revenue for the quarter was down 9.3% compared to the same quarter last year. As a group, analysts anticipate that CECO Environmental Corp. will post 0.79 EPS for the current fiscal year.

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.