Diamond Hill Capital Management Inc. Sells 30,398 Shares of Energy Recovery, Inc. (NASDAQ:ERII)

Diamond Hill Capital Management Inc. lowered its stake in Energy Recovery, Inc. (NASDAQ:ERII) by 1.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,101,074 shares of the industrial products company’s stock after selling 30,398 shares during the period. Diamond Hill Capital Management Inc.’s holdings in Energy Recovery were worth $27,923,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Federated Hermes Inc. bought a new stake in shares of Energy Recovery during the 2nd quarter valued at about $472,000. Acadian Asset Management LLC purchased a new stake in Energy Recovery in the second quarter worth about $214,000. Candriam S.C.A. lifted its holdings in Energy Recovery by 11.9% in the second quarter. Candriam S.C.A. now owns 121,892 shares of the industrial products company’s stock worth $1,620,000 after buying an additional 12,976 shares during the period. Roubaix Capital LLC bought a new stake in Energy Recovery during the 2nd quarter valued at approximately $1,841,000. Finally, Rhumbline Advisers grew its holdings in shares of Energy Recovery by 2.0% during the 2nd quarter. Rhumbline Advisers now owns 95,559 shares of the industrial products company’s stock worth $1,270,000 after acquiring an additional 1,893 shares during the period. 83.58% of the stock is owned by hedge funds and other institutional investors.

Energy Recovery Stock Performance

Shares of ERII opened at $16.03 on Friday. Energy Recovery, Inc. has a fifty-two week low of $12.26 and a fifty-two week high of $24.35. The firm’s 50-day simple moving average is $15.76 and its two-hundred day simple moving average is $14.67. The stock has a market cap of $925.25 million, a PE ratio of 47.15 and a beta of 1.22.

Energy Recovery (NASDAQ:ERII) last posted its quarterly earnings results on Wednesday, July 31st. The industrial products company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.10. Energy Recovery had a return on equity of 9.88% and a net margin of 15.40%. The company had revenue of $27.20 million for the quarter, compared to the consensus estimate of $23.36 million. Equities research analysts predict that Energy Recovery, Inc. will post 0.37 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on ERII. StockNews.com upgraded Energy Recovery from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Raymond James raised Energy Recovery from an “outperform” rating to a “strong-buy” rating and set a $21.00 price objective for the company in a research report on Tuesday, July 9th.

Insider Transactions at Energy Recovery

In related news, CEO David W. Moon purchased 3,000 shares of the stock in a transaction dated Monday, August 5th. The stock was purchased at an average price of $16.00 per share, with a total value of $48,000.00. Following the transaction, the chief executive officer now directly owns 32,750 shares in the company, valued at $524,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Energy Recovery news, insider William Yeung sold 2,012 shares of Energy Recovery stock in a transaction on Monday, July 29th. The stock was sold at an average price of $14.63, for a total value of $29,435.56. Following the completion of the sale, the insider now owns 85,291 shares of the company’s stock, valued at approximately $1,247,807.33. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO David W. Moon acquired 3,000 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were acquired at an average cost of $16.00 per share, for a total transaction of $48,000.00. Following the completion of the transaction, the chief executive officer now directly owns 32,750 shares of the company’s stock, valued at $524,000. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 8,444 shares of company stock valued at $123,536. 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.