Morgan Stanley reduced its holdings in shares of Energy Recovery, Inc. (NASDAQ:ERII) by 8.8% in the third quarter, according to its most recent filing with the SEC. The fund owned 203,678 shares of the industrial products company’s stock after selling 19,624 shares during the period. Morgan Stanley owned about 0.38% of Energy Recovery worth $1,824,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of ERII. Alambic Investment Management L.P. bought a new stake in shares of Energy Recovery in the 3rd quarter valued at about $166,000. Wells Fargo & Company MN raised its position in shares of Energy Recovery by 26.2% in the 3rd quarter. Wells Fargo & Company MN now owns 113,529 shares of the industrial products company’s stock worth $1,016,000 after acquiring an additional 23,583 shares in the last quarter. Jefferies Group LLC lifted its stake in shares of Energy Recovery by 150.0% during the 3rd quarter. Jefferies Group LLC now owns 27,800 shares of the industrial products company’s stock worth $249,000 after purchasing an additional 16,681 shares during the last quarter. Trigran Investments Inc. lifted its stake in shares of Energy Recovery by 188.6% during the 3rd quarter. Trigran Investments Inc. now owns 818,793 shares of the industrial products company’s stock worth $7,328,000 after purchasing an additional 535,098 shares during the last quarter. Finally, Teachers Advisors LLC boosted its position in Energy Recovery by 12.1% during the third quarter. Teachers Advisors LLC now owns 76,935 shares of the industrial products company’s stock valued at $689,000 after purchasing an additional 8,294 shares in the last quarter. 34.43% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts have issued reports on ERII shares. ValuEngine upgraded Energy Recovery from a “hold” rating to a “buy” rating in a research note on Saturday, February 2nd. JMP Securities restated a “buy” rating and issued a $13.00 price target on shares of Energy Recovery in a report on Monday, March 11th. B. Riley restated a “buy” rating on shares of Energy Recovery in a research note on Friday, December 28th. TheStreet downgraded Energy Recovery from a “b-” rating to a “c+” rating in a research report on Friday, December 28th. Finally, BidaskClub upgraded Energy Recovery from a “sell” rating to a “hold” rating in a report on Saturday, March 16th. One analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company. Energy Recovery presently has a consensus rating of “Hold” and a consensus target price of $14.33.
NASDAQ:ERII traded up $0.29 during midday trading on Friday, hitting $9.26. The company’s stock had a trading volume of 274,880 shares, compared to its average volume of 321,754. The company has a current ratio of 4.41, a quick ratio of 4.15 and a debt-to-equity ratio of 0.11. Energy Recovery, Inc. has a fifty-two week low of $6.17 and a fifty-two week high of $10.25. The company has a market cap of $485.34 million, a PE ratio of 46.30 and a beta of 4.81.
Energy Recovery (NASDAQ:ERII) last released its quarterly earnings data on Thursday, March 7th. The industrial products company reported $0.03 EPS for the quarter, beating the consensus estimate of $0.01 by $0.02. The business had revenue of $17.71 million for the quarter, compared to the consensus estimate of $15.68 million. Energy Recovery had a net margin of 36.99% and a return on equity of 10.25%. Equities research analysts predict that Energy Recovery, Inc. will post 0.26 earnings per share for the current fiscal year.
In other news, VP Rodney Clemente sold 53,036 shares of the business’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $8.85, for a total value of $469,368.60. Following the completion of the transaction, the vice president now owns 69,564 shares of the company’s stock, valued at approximately $615,641.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Emily Smith sold 10,000 shares of the firm’s stock in a transaction dated Friday, February 15th. The stock was sold at an average price of $8.00, for a total value of $80,000.00. Following the sale, the vice president now directly owns 66,776 shares in the company, valued at $534,208. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 227,078 shares of company stock worth $1,956,351. 23.80% of the stock is owned by corporate insiders.
Energy Recovery Company Profile
Energy Recovery, Inc provides energy solutions to industrial fluid flow markets under the ERI, PX, Pressure Exchanger, PX Pressure Exchanger, AT, AquaBold, VorTeq, MTeq, IsoBoost, and IsoGen names. The company operates through Water, and Oil & Gas segments. It offers pressure exchanger energy recovery devices for water desalination plants; hydraulic turbochargers for low-pressure brackish, high-pressure seawater reverse osmosis systems, and other water treatment applications; and high-pressure and circulation pumps for small- to medium-sized desalination plants.