Pinnacle Associates Ltd. Buys New Shares in Energy Recovery, Inc. (NASDAQ:ERII)

Pinnacle Associates Ltd. purchased a new stake in shares of Energy Recovery, Inc. (NASDAQ:ERII) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 10,225 shares of the industrial products company’s stock, valued at approximately $193,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of ERII. Vanguard Group Inc. increased its holdings in Energy Recovery by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 3,009,429 shares of the industrial products company’s stock valued at $47,519,000 after purchasing an additional 53,720 shares during the period. Raymond James & Associates lifted its holdings in Energy Recovery by 10.1% in the third quarter. Raymond James & Associates now owns 450,909 shares of the industrial products company’s stock worth $7,841,000 after buying an additional 41,286 shares during the period. Anchor Capital Management Company LLC grew its holdings in shares of Energy Recovery by 18.2% during the 2nd quarter. Anchor Capital Management Company LLC now owns 420,081 shares of the industrial products company’s stock worth $5,583,000 after acquiring an additional 64,581 shares during the period. Millennium Management LLC raised its position in shares of Energy Recovery by 130.3% in the 2nd quarter. Millennium Management LLC now owns 356,595 shares of the industrial products company’s stock worth $4,739,000 after acquiring an additional 201,770 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in shares of Energy Recovery by 82.3% in the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 273,885 shares of the industrial products company’s stock worth $3,640,000 after acquiring an additional 123,664 shares in the last quarter. 83.58% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. StockNews.com upgraded Energy Recovery from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Raymond James upgraded shares of Energy Recovery from an “outperform” rating to a “strong-buy” rating and set a $21.00 target price on the stock in a report on Tuesday, July 9th.

Energy Recovery Stock Performance

Shares of Energy Recovery stock opened at $18.52 on Tuesday. The company has a 50-day simple moving average of $17.18 and a two-hundred day simple moving average of $15.35. Energy Recovery, Inc. has a 52-week low of $12.26 and a 52-week high of $19.94. The stock has a market capitalization of $1.07 billion, a PE ratio of 54.47 and a beta of 1.22.

Energy Recovery (NASDAQ:ERII) last posted its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.01. The firm had revenue of $38.60 million during the quarter, compared to analysts’ expectations of $37.37 million. Energy Recovery had a return on equity of 8.90% and a net margin of 14.35%. The company’s revenue was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.17 earnings per share. As a group, equities research analysts forecast that Energy Recovery, Inc. will post 0.37 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CTO Farshad Ghasripoor sold 10,526 shares of the firm’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $17.97, for a total transaction of $189,152.22. Following the sale, the chief technology officer now owns 126,961 shares of the company’s stock, valued at $2,281,489.17. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, CTO Farshad Ghasripoor sold 10,526 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $17.97, for a total transaction of $189,152.22. Following the completion of the transaction, the chief technology officer now directly owns 126,961 shares of the company’s stock, valued at $2,281,489.17. The trade was a 0.00 % 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, SVP Rodney Clemente sold 6,505 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $17.98, for a total transaction of $116,959.90. Following the completion of the sale, the senior vice president now owns 133,823 shares in the company, valued at $2,406,137.54. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 19,581 shares of company stock valued at $351,936. 4.10% of the stock is owned by insiders.

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.