Bank of New York Mellon Corp Sells 1,653 Shares of Energy Recovery, Inc. (NASDAQ:ERII)

Bank of New York Mellon Corp lowered its position in shares of Energy Recovery, Inc. (NASDAQ:ERII) by 1.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 162,366 shares of the industrial products company’s stock after selling 1,653 shares during the period. Bank of New York Mellon Corp owned about 0.28% of Energy Recovery worth $2,387,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its stake in Energy Recovery by 4.3% during the third quarter. Geode Capital Management LLC now owns 1,358,620 shares of the industrial products company’s stock worth $23,631,000 after purchasing an additional 56,306 shares during the last quarter. Barclays PLC lifted its stake in Energy Recovery by 376.6% during the third quarter. Barclays PLC now owns 96,677 shares of the industrial products company’s stock worth $1,681,000 after purchasing an additional 76,393 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Energy Recovery by 66.6% during the third quarter. JPMorgan Chase & Co. now owns 274,893 shares of the industrial products company’s stock worth $4,780,000 after purchasing an additional 109,847 shares during the last quarter. Alpha Wave Global LP lifted its stake in Energy Recovery by 93.0% during the third quarter. Alpha Wave Global LP now owns 1,171,586 shares of the industrial products company’s stock worth $20,374,000 after purchasing an additional 564,463 shares during the last quarter. Finally, SG Americas Securities LLC lifted its stake in shares of Energy Recovery by 552.4% in the 4th quarter. SG Americas Securities LLC now owns 106,301 shares of the industrial products company’s stock valued at $1,563,000 after acquiring an additional 90,008 shares during the last quarter. Institutional investors own 83.58% of the company’s stock.

Insider Activity at Energy Recovery

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

Energy Recovery Price Performance

Shares of NASDAQ:ERII opened at $16.11 on Friday. Energy Recovery, Inc. has a 1 year low of $12.26 and a 1 year high of $20.27. The company has a market cap of $885.33 million, a PE ratio of 47.38 and a beta of 1.21. The stock’s 50-day moving average is $15.12 and its 200 day moving average is $16.14.

Energy Recovery (NASDAQ:ERII) last announced its quarterly earnings results on Wednesday, February 26th. The industrial products company reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.01). Energy Recovery had a net margin of 14.35% and a return on equity of 8.90%. The business had revenue of $67.08 million for the quarter, compared to analysts’ expectations of $67.39 million. Analysts expect that Energy Recovery, Inc. will post 0.36 EPS for the current fiscal year.

Wall Street Analyst Weigh In

ERII has been the subject of a number of recent research reports. Seaport Res Ptn raised Energy Recovery to a “strong-buy” rating in a research note on Thursday, December 5th. Scotiabank initiated coverage on Energy Recovery in a research note 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 assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target 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.