Raymond James Financial Inc. Makes New $5.74 Million Investment in Energy Recovery, Inc. (NASDAQ:ERII)

Raymond James Financial Inc. purchased a new stake in shares of Energy Recovery, Inc. (NASDAQ:ERII) during the 4th quarter, HoldingsChannel.com reports. The firm purchased 390,516 shares of the industrial products company’s stock, valued at approximately $5,741,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Avanza Fonder AB purchased a new position in Energy Recovery during the fourth quarter valued at approximately $107,000. Inspire Investing LLC boosted its holdings in Energy Recovery by 14.8% in the 4th quarter. Inspire Investing LLC now owns 27,801 shares of the industrial products company’s stock valued at $409,000 after purchasing an additional 3,594 shares during the period. Manchester Capital Management LLC boosted its holdings in Energy Recovery by 2.9% in the 4th quarter. Manchester Capital Management LLC now owns 29,174 shares of the industrial products company’s stock valued at $429,000 after purchasing an additional 830 shares during the period. Keene & Associates Inc. grew its position in shares of Energy Recovery by 15.5% during the 4th 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 increased its holdings in shares of Energy Recovery by 10.6% in the third quarter. HighTower Advisors LLC now owns 33,239 shares of the industrial products company’s stock worth $578,000 after purchasing an additional 3,176 shares during the period. 83.58% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Energy Recovery

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

Energy Recovery Stock Performance

NASDAQ ERII opened at $16.83 on Tuesday. Energy Recovery, Inc. has a 52-week low of $12.26 and a 52-week high of $20.27. The company has a fifty day moving average of $15.17 and a 200-day moving average of $16.16. The company has a market capitalization of $924.89 million, a P/E ratio of 49.50 and a beta of 1.21.

Energy Recovery (NASDAQ:ERII) last released its quarterly earnings results on Wednesday, February 26th. The industrial products company reported $0.41 earnings per share 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 firm had revenue of $67.08 million for the quarter, compared to analysts’ expectations of $67.39 million. As a group, analysts forecast that Energy Recovery, Inc. will post 0.36 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Scotiabank initiated coverage on Energy Recovery in a research note on Thursday, December 5th. They set a “buy” rating and a $22.00 price objective for the company. Seaport Res Ptn upgraded Energy Recovery to a “strong-buy” rating in a research 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 issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $20.75.

Energy Recovery 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.