JPMorgan Chase & Co. Raises Holdings in Energy Recovery, Inc. (NASDAQ:ERII)

JPMorgan Chase & Co. lifted its stake in Energy Recovery, Inc. (NASDAQ:ERII) by 66.6% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 274,893 shares of the industrial products company’s stock after purchasing an additional 109,847 shares during the quarter. JPMorgan Chase & Co. owned about 0.47% of Energy Recovery worth $4,780,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of ERII. CWM LLC increased its stake in Energy Recovery by 5,032.5% during the 3rd quarter. CWM LLC now owns 4,260 shares of the industrial products company’s stock valued at $74,000 after purchasing an additional 4,177 shares in the last quarter. Pinnacle Associates Ltd. acquired a new position in shares of Energy Recovery in the 3rd quarter valued at $193,000. AXA S.A. purchased a new position in Energy Recovery in the 2nd quarter worth $149,000. AQR Capital Management LLC lifted its position in Energy Recovery by 19.8% during the 2nd quarter. AQR Capital Management LLC now owns 11,998 shares of the industrial products company’s stock worth $159,000 after acquiring an additional 1,986 shares during the period. Finally, Acadian Asset Management LLC acquired a new stake in Energy Recovery during the 2nd quarter worth about $214,000. 83.58% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, SVP Rodney Clemente sold 4,207 shares of Energy Recovery stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $20.06, for a total value of $84,392.42. Following the sale, the senior vice president now owns 106,367 shares in the company, valued at $2,133,722.02. This trade represents a 3.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Arve Hanstveit sold 20,000 shares of the company’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $16.87, for a total transaction of $337,400.00. Following the transaction, the director now owns 743,182 shares of the company’s stock, valued at approximately $12,537,480.34. This trade represents a 2.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 63,406 shares of company stock worth $1,166,088 over the last three months. 4.10% of the stock is currently owned by corporate insiders.

Energy Recovery Stock Performance

Shares of Energy Recovery stock opened at $14.77 on Friday. The firm has a 50-day simple moving average of $15.73 and a two-hundred day simple moving average of $16.26. Energy Recovery, Inc. has a fifty-two week low of $12.26 and a fifty-two week high of $20.27. The company has a market cap of $855.04 million, a P/E ratio of 43.44 and a beta of 1.18.

Energy Recovery (NASDAQ:ERII) last announced its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.01. The firm had revenue of $38.60 million during the quarter, compared to analyst estimates of $37.37 million. Energy Recovery had a return on equity of 8.90% and a net margin of 14.35%. Energy Recovery’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.17 EPS. Equities research analysts forecast that Energy Recovery, Inc. will post 0.36 EPS for the current year.

Analyst Upgrades and Downgrades

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

About Energy Recovery

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.