State Street Corp Has $24.65 Million Position in Energy Recovery, Inc. (NASDAQ:ERII)

State Street Corp raised its holdings in shares of Energy Recovery, Inc. (NASDAQ:ERII) by 0.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,417,326 shares of the industrial products company’s stock after purchasing an additional 2,111 shares during the quarter. State Street Corp owned approximately 2.45% of Energy Recovery worth $24,647,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company raised its position in shares of Energy Recovery by 6.4% in the second quarter. The Manufacturers Life Insurance Company now owns 22,127 shares of the industrial products company’s stock valued at $294,000 after purchasing an additional 1,330 shares during the period. Wealth Enhancement Advisory Services LLC grew its stake in Energy Recovery by 8.8% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 17,642 shares of the industrial products company’s stock valued at $307,000 after buying an additional 1,433 shares during the last quarter. Rhumbline Advisers raised its holdings in Energy Recovery by 2.0% in the 2nd quarter. Rhumbline Advisers now owns 95,559 shares of the industrial products company’s stock valued at $1,270,000 after acquiring an additional 1,893 shares during the period. Hantz Financial Services Inc. acquired a new stake in Energy Recovery during the second quarter worth approximately $26,000. Finally, AQR Capital Management LLC boosted its holdings in shares of Energy Recovery by 19.8% during the second 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. 83.58% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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

Energy Recovery Stock Performance

Shares of ERII stock opened at $15.14 on Monday. Energy Recovery, Inc. has a fifty-two week low of $12.26 and a fifty-two week high of $20.27. The stock’s fifty day moving average price is $17.22 and its two-hundred day moving average price is $16.07. The company has a market cap of $876.52 million, a PE ratio of 44.53 and a beta of 1.18.

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

Insiders Place Their Bets

In related news, SVP Rodney Clemente sold 19,618 shares of Energy Recovery stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $20.00, for a total transaction of $392,360.00. Following the sale, the senior vice president now directly owns 114,205 shares in the company, valued at $2,284,100. This trade represents a 14.66 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Arve Hanstveit sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $16.87, for a total transaction of $337,400.00. Following the completion of 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 ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 63,406 shares of company stock valued at $1,166,088. 4.10% of the stock is currently owned by insiders.

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.