Raymond James Financial Inc. Makes New Investment in Energy Recovery, Inc. (NASDAQ:ERII)

Raymond James Financial Inc. acquired a new stake in Energy Recovery, Inc. (NASDAQ:ERII) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 390,516 shares of the industrial products company’s stock, valued at approximately $5,741,000. Raymond James Financial Inc. owned 0.67% of Energy Recovery as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Avanza Fonder AB acquired a new stake in shares of Energy Recovery in the 4th quarter worth about $107,000. Inspire Investing LLC increased its holdings in Energy Recovery by 14.8% during the 4th quarter. Inspire Investing LLC now owns 27,801 shares of the industrial products company’s stock worth $409,000 after purchasing an additional 3,594 shares in the last quarter. Manchester Capital Management LLC raised its stake in shares of Energy Recovery by 2.9% in the fourth quarter. Manchester Capital Management LLC now owns 29,174 shares of the industrial products company’s stock worth $429,000 after purchasing an additional 830 shares during the last quarter. Keene & Associates Inc. lifted its holdings in shares of Energy Recovery by 15.5% in the fourth quarter. Keene & Associates Inc. now owns 32,604 shares of the industrial products company’s stock valued at $479,000 after purchasing an additional 4,375 shares in the last quarter. Finally, HighTower Advisors LLC boosted its position in shares of Energy Recovery by 10.6% during the third quarter. HighTower Advisors LLC now owns 33,239 shares of the industrial products company’s stock valued at $578,000 after buying an additional 3,176 shares during the last quarter. Institutional investors own 83.58% of the company’s stock.

Insider Buying and Selling at Energy Recovery

In other news, SVP Rodney Clemente sold 21,444 shares of Energy Recovery stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $15.42, for a total value of $330,666.48. Following the completion of the transaction, the senior vice president now owns 111,109 shares in the company, valued at $1,713,300.78. This trade represents a 16.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Arve Hanstveit sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $16.34, for a total transaction of $817,000.00. Following the completion of the sale, the director now directly owns 693,182 shares in the company, valued at approximately $11,326,593.88. This trade represents a 6.73 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 4.10% of the company’s stock.

Energy Recovery Stock Performance

Shares of ERII stock opened at $16.83 on Tuesday. The firm has a market cap of $924.89 million, a price-to-earnings ratio of 49.50 and a beta of 1.21. Energy Recovery, Inc. has a 52 week low of $12.26 and a 52 week high of $20.27. The firm’s 50-day simple moving average is $15.17 and its two-hundred day simple moving average is $16.16.

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 analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $67.39 million. Analysts forecast that Energy Recovery, Inc. will post 0.36 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on ERII shares. Seaport Res Ptn raised Energy Recovery to a “strong-buy” rating in a research report on Thursday, December 5th. Scotiabank began coverage on shares of Energy Recovery in a report on Thursday, December 5th. They issued a “buy” rating and a $22.00 target price for the company. Two analysts have rated the stock with a hold rating, three have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $20.75.

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.