Principal Financial Group Inc. Buys 3,330 Shares of CECO Environmental Corp. (NASDAQ:CECO)

Principal Financial Group Inc. boosted its stake in shares of CECO Environmental Corp. (NASDAQ:CECO) by 17.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 22,246 shares of the company’s stock after acquiring an additional 3,330 shares during the period. Principal Financial Group Inc.’s holdings in CECO Environmental were worth $627,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Essex Investment Management Co. LLC lifted its position in CECO Environmental by 0.3% during the third quarter. Essex Investment Management Co. LLC now owns 208,426 shares of the company’s stock worth $5,878,000 after purchasing an additional 562 shares during the period. CWM LLC lifted its holdings in shares of CECO Environmental by 45.3% during the 2nd quarter. CWM LLC now owns 2,270 shares of the company’s stock worth $65,000 after acquiring an additional 708 shares during the period. Private Advisor Group LLC boosted its position in shares of CECO Environmental by 5.8% during the 3rd quarter. Private Advisor Group LLC now owns 16,065 shares of the company’s stock worth $453,000 after acquiring an additional 885 shares in the last quarter. Kessler Investment Group LLC increased its stake in CECO Environmental by 27.8% in the second quarter. Kessler Investment Group LLC now owns 7,166 shares of the company’s stock valued at $207,000 after acquiring an additional 1,560 shares during the last quarter. Finally, EntryPoint Capital LLC acquired a new position in CECO Environmental during the first quarter valued at approximately $72,000. 68.08% of the stock is owned by institutional investors and hedge funds.

CECO Environmental Price Performance

Shares of CECO opened at $31.36 on Friday. The business has a 50-day simple moving average of $26.92 and a two-hundred day simple moving average of $26.83. CECO Environmental Corp. has a 12-month low of $18.50 and a 12-month high of $31.55. The stock has a market cap of $1.10 billion, a PE ratio of 95.03, a PEG ratio of 2.56 and a beta of 1.35. The company has a quick ratio of 1.12, a current ratio of 1.30 and a debt-to-equity ratio of 0.50.

CECO Environmental (NASDAQ:CECO) last released its quarterly earnings data 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 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 analyst estimates of $155.94 million. During the same period in the prior year, the company earned $0.22 EPS. The business’s quarterly revenue was down 9.3% compared to the same quarter last year. Analysts anticipate that CECO Environmental Corp. will post 0.79 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CECO. Needham & Company LLC reduced their target price on CECO Environmental from $35.00 to $33.00 and set a “buy” rating on the stock in a report on Wednesday, October 30th. Craig Hallum raised their price objective on CECO Environmental from $28.00 to $34.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Northland Securities boosted their target price on CECO Environmental from $28.00 to $35.00 and gave the stock an “outperform” rating in a research note on Thursday, August 1st. Roth Mkm raised their price target on shares of CECO Environmental from $26.00 to $35.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Finally, HC Wainwright reaffirmed a “buy” rating and set a $35.00 price target on shares of CECO Environmental in a report on Wednesday, October 30th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $34.40.

Insider Activity

In related news, Director Richard F. Wallman purchased 10,000 shares of CECO Environmental stock in a transaction on Friday, August 30th. The shares were purchased at an average price of $28.77 per share, for a total transaction of $287,700.00. Following the transaction, the director now owns 62,000 shares of the company’s stock, valued at approximately $1,783,740. This represents a 19.23 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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.