Maxim Group Reaffirms Their Buy Rating on Ceco Environmental (CECE)

By Carrie Williams

In a report released yesterday, Tate Sullivan from Maxim Group maintained a Buy rating on Ceco Environmental (CECEResearch Report), with a price target of $10.00. The company’s shares closed last Monday at $7.71.

According to TipRanks.com, Sullivan is a 1-star analyst with an average return of -2.5% and a 53.5% success rate. Sullivan covers the Basic Materials sector, focusing on stocks such as Natural Gas Services Group, Recon Technology, and Mistras Group.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Ceco Environmental with a $9.75 average price target, which is a 23.7% upside from current levels. In a report released today, H.C. Wainwright also maintained a Buy rating on the stock with a $9.00 price target.

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Based on Ceco Environmental’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $5.52 million. In comparison, last year the company had a GAAP net loss of $12.92 million.

Based on the recent corporate insider activity of 20 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CECE in relation to earlier this year.

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CECO Environmental Corp. engages in the provision of engineering technology and solutions. It offers services in the field of environment, energy, fluid handling, and filtration. The firm operates through the following segments: Energy Solutions, Industrial Solutions, Fluid Handling Solutions, and Corporate and Other.