Geode Capital Management LLC Has $23.63 Million Position in Energy Recovery, Inc. (NASDAQ:ERII)

Geode Capital Management LLC grew its holdings in Energy Recovery, Inc. (NASDAQ:ERII) by 4.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,358,620 shares of the industrial products company’s stock after purchasing an additional 56,306 shares during the quarter. Geode Capital Management LLC owned about 2.35% of Energy Recovery worth $23,631,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Bank of New York Mellon Corp increased its holdings in Energy Recovery by 13.0% in the second quarter. Bank of New York Mellon Corp now owns 205,786 shares of the industrial products company’s stock worth $2,735,000 after purchasing an additional 23,660 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Energy Recovery by 12.7% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,294 shares of the industrial products company’s stock valued at $283,000 after acquiring an additional 2,398 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its position in shares of Energy Recovery by 82.3% during the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 273,885 shares of the industrial products company’s stock valued at $3,640,000 after acquiring an additional 123,664 shares during the period. Hantz Financial Services Inc. bought a new position in Energy Recovery during the second quarter worth $26,000. Finally, Van ECK Associates Corp boosted its stake in Energy Recovery by 23.6% during the second quarter. Van ECK Associates Corp now owns 122,783 shares of the industrial products company’s stock worth $1,632,000 after acquiring an additional 23,449 shares in the last quarter. Institutional investors own 83.58% of the company’s stock.

Insider Buying and Selling at Energy Recovery

In other news, CEO David W. Moon sold 2,550 shares of the stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $17.97, for a total value of $45,823.50. Following the completion of the sale, the chief executive officer now owns 87,101 shares in the company, valued at $1,565,204.97. This represents a 2.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Farshad Ghasripoor sold 10,526 shares of the firm’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $17.97, for a total transaction of $189,152.22. Following the transaction, the chief technology officer now directly owns 126,961 shares in the company, valued at $2,281,489.17. The trade was a 7.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 63,406 shares of company stock worth $1,166,088. Corporate insiders own 4.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Fearnley Fonds downgraded shares of Energy Recovery from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 6th. B. Riley dropped their price target on Energy Recovery from $22.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, November 19th. Seaport Res Ptn upgraded Energy Recovery to a “strong-buy” rating in a report on Thursday, December 5th. Evercore ISI decreased their price objective on Energy Recovery from $23.00 to $20.00 and set an “outperform” rating for the company in a report on Tuesday, November 19th. Finally, Scotiabank started coverage on Energy Recovery in a research report on Thursday, December 5th. They set a “buy” rating and a $22.00 target price on the stock. Two investment analysts have rated the stock with a hold rating, three have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $20.75.

Energy Recovery Stock Performance

Shares of NASDAQ ERII opened at $14.86 on Friday. The stock has a market cap of $860.30 million, a price-to-earnings ratio of 43.71 and a beta of 1.18. Energy Recovery, Inc. has a fifty-two week low of $12.26 and a fifty-two week high of $20.27. The firm’s 50-day simple moving average is $16.88 and its 200 day simple moving average is $16.08.

Energy Recovery (NASDAQ:ERII) last posted its earnings results on Wednesday, October 30th. The industrial products company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.01. Energy Recovery had a return on equity of 8.90% and a net margin of 14.35%. The company had revenue of $38.60 million for the quarter, compared to analyst estimates of $37.37 million. During the same quarter last year, the company earned $0.17 earnings per share. The company’s revenue for the quarter was up 4.3% on a year-over-year basis. On average, sell-side analysts predict that Energy Recovery, Inc. will post 0.39 EPS for the current year.

Energy Recovery Company Profile

Energy Recovery, Inc, together with its subsidiaries, designs, manufactures, and sells energy efficiency technology solutions in the Americas, the Middle East, Africa, Asia, and Europe. The company operates through Water and Emerging Technologies segments. The company offers high and low pressure, and ultra pressure exchangers; AT and LPT hydraulic turbochargers; and high-pressure feed and circulation booster pumps for use in seawater and brackish desalination, and wastewater treatment.