Rhumbline Advisers Decreases Stock Holdings in Energy Recovery, Inc. (NASDAQ:ERII)

Rhumbline Advisers decreased its holdings in shares of Energy Recovery, Inc. (NASDAQ:ERII) by 16.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 77,344 shares of the industrial products company’s stock after selling 15,463 shares during the period. Rhumbline Advisers owned about 0.13% of Energy Recovery worth $1,137,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Geode Capital Management LLC lifted its position in shares of Energy Recovery by 4.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,358,620 shares of the industrial products company’s stock valued at $23,631,000 after buying an additional 56,306 shares in the last quarter. KBC Group NV lifted its position in shares of Energy Recovery by 0.4% during the 4th quarter. KBC Group NV now owns 1,242,889 shares of the industrial products company’s stock valued at $18,270,000 after buying an additional 4,670 shares in the last quarter. Alpha Wave Global LP lifted its position in shares of Energy Recovery by 93.0% during the 3rd quarter. Alpha Wave Global LP now owns 1,171,586 shares of the industrial products company’s stock valued at $20,374,000 after buying an additional 564,463 shares in the last quarter. Baillie Gifford & Co. purchased a new position in shares of Energy Recovery during the 3rd quarter valued at approximately $15,237,000. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Energy Recovery by 1.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 468,639 shares of the industrial products company’s stock valued at $8,150,000 after buying an additional 7,440 shares in the last quarter. Hedge funds and other institutional investors own 83.58% of the company’s stock.

Energy Recovery Stock Up 2.6 %

NASDAQ ERII opened at $15.61 on Thursday. Energy Recovery, Inc. has a 52 week low of $12.26 and a 52 week high of $20.27. The business’s fifty day simple moving average is $14.79 and its 200-day simple moving average is $16.23. The firm has a market cap of $903.73 million, a PE ratio of 45.91 and a beta of 1.18.

Energy Recovery (NASDAQ:ERII) last posted its quarterly earnings results on Wednesday, February 26th. The industrial products company reported $0.41 EPS for the quarter, missing the consensus estimate of $0.42 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 $67.08 million for the quarter, compared to analysts’ expectations of $67.39 million. Research analysts expect that Energy Recovery, Inc. will post 0.36 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Fearnley Fonds lowered Energy Recovery from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 6th. Scotiabank initiated coverage on Energy Recovery in a report on Thursday, December 5th. They issued a “buy” rating and a $22.00 price objective on the stock. B. Riley decreased their price objective on Energy Recovery from $22.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, November 19th. Evercore ISI decreased their price objective on Energy Recovery from $23.00 to $20.00 and set an “outperform” rating on the stock in a report on Tuesday, November 19th. Finally, Seaport Res Ptn upgraded Energy Recovery to a “strong-buy” rating in a report on Thursday, December 5th. Two equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $20.75.

Insider Transactions at Energy Recovery

In related news, SVP Rodney Clemente sold 21,444 shares of the firm’s stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $15.42, for a total transaction of $330,666.48. Following the completion of the sale, the senior vice president now directly owns 111,109 shares of the company’s stock, valued at approximately $1,713,300.78. This trade represents a 16.18 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Arve Hanstveit sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $16.87, for a total value of $337,400.00. Following the sale, the director now directly owns 743,182 shares of the company’s stock, valued at $12,537,480.34. The trade was a 2.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 4.10% of the company’s stock.

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.