Fmr LLC Has $58.66 Million Stake in Energy Recovery, Inc. (NASDAQ:ERII)

Fmr LLC cut its stake in shares of Energy Recovery, Inc. (NASDAQ:ERII) by 2.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,373,407 shares of the industrial products company’s stock after selling 91,857 shares during the quarter. Fmr LLC owned approximately 5.83% of Energy Recovery worth $58,664,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Hantz Financial Services Inc. acquired a new position in shares of Energy Recovery in the second quarter worth approximately $26,000. CWM LLC raised its holdings 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 worth $74,000 after purchasing an additional 4,177 shares during the last quarter. AXA S.A. acquired a new position in shares of Energy Recovery in the 2nd quarter worth approximately $149,000. AQR Capital Management LLC boosted its stake in shares of Energy Recovery by 19.8% in the 2nd quarter. AQR Capital Management LLC now owns 11,998 shares of the industrial products company’s stock valued at $159,000 after purchasing an additional 1,986 shares during the last quarter. Finally, Pinnacle Associates Ltd. acquired a new stake in shares of Energy Recovery during the third quarter worth $193,000. Institutional investors own 83.58% of the company’s stock.

Energy Recovery Stock Performance

ERII stock opened at $16.26 on Friday. The stock’s 50 day simple moving average is $17.55 and its 200 day simple moving average is $15.85. The company has a market cap of $941.29 million, a P/E ratio of 47.82 and a beta of 1.18. Energy Recovery, Inc. has a fifty-two week low of $12.26 and a fifty-two week high of $20.27.

Energy Recovery (NASDAQ:ERII) last issued its earnings results on Wednesday, October 30th. The industrial products company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 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 $38.60 million for the quarter, compared to analyst estimates of $37.37 million. During the same period in the prior year, the firm earned $0.17 earnings per share. Energy Recovery’s revenue for the quarter was up 4.3% on a year-over-year basis. Equities analysts predict that Energy Recovery, Inc. will post 0.41 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other news, CEO David W. Moon sold 2,550 shares of the stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $17.97, for a total value of $45,823.50. Following the completion of the sale, the chief executive officer now directly owns 87,101 shares of the company’s stock, valued at $1,565,204.97. This represents a 2.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Rodney Clemente sold 6,505 shares of the company’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $17.98, for a total value of $116,959.90. Following the sale, the senior vice president now owns 133,823 shares of the company’s stock, valued at $2,406,137.54. This trade represents a 4.64 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 43,406 shares of company stock worth $828,688. Insiders own 4.10% of the company’s stock.

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.