Energy Recovery, Inc. (NASDAQ:ERII) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. decreased its holdings in Energy Recovery, Inc. (NASDAQ:ERII) by 7.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 28,230 shares of the industrial products company’s stock after selling 2,132 shares during the quarter. Corebridge Financial Inc.’s holdings in Energy Recovery were worth $415,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the business. Vanguard Group Inc. increased its holdings in Energy Recovery by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 3,252,378 shares of the industrial products company’s stock worth $47,810,000 after acquiring an additional 43,290 shares in the last quarter. Fox Run Management L.L.C. purchased a new position in Energy Recovery in the 4th quarter valued at about $305,000. KLP Kapitalforvaltning AS acquired a new stake in Energy Recovery in the 4th quarter worth about $4,670,000. Intech Investment Management LLC purchased a new stake in Energy Recovery during the 4th quarter worth approximately $388,000. Finally, Candriam S.C.A. raised its holdings in shares of Energy Recovery by 7.1% during the fourth quarter. Candriam S.C.A. now owns 162,976 shares of the industrial products company’s stock valued at $2,396,000 after acquiring an additional 10,744 shares during the last quarter. 83.58% of the stock is owned by institutional investors and hedge funds.

Energy Recovery Stock Up 6.1 %

ERII stock opened at $15.19 on Thursday. The stock has a market cap of $834.77 million, a price-to-earnings ratio of 44.68 and a beta of 1.05. Energy Recovery, Inc. has a 52-week low of $12.26 and a 52-week high of $20.27. The business has a fifty day moving average of $15.43 and a two-hundred day moving average of $16.10.

Energy Recovery (NASDAQ:ERII) last announced its earnings results on Wednesday, February 26th. The industrial products company reported $0.41 earnings per share (EPS) 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 during the quarter, compared to analysts’ expectations of $67.39 million. As a group, sell-side analysts anticipate that Energy Recovery, Inc. will post 0.36 EPS for the current year.

Analysts Set New Price Targets

Separately, StockNews.com upgraded Energy Recovery from a “hold” rating to a “buy” rating in a research report on Saturday, March 29th. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Energy Recovery has a consensus rating of “Buy” and a consensus target price of $20.75.

Insider Activity at Energy Recovery

In other news, Director Arve Hanstveit sold 50,000 shares of the company’s stock in a transaction on Tuesday, March 11th. The stock was 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. This represents a 6.73 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Rodney Clemente sold 21,444 shares of Energy Recovery 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 transaction, the senior vice president now owns 111,109 shares of the company’s stock, valued at approximately $1,713,300.78. This trade represents a 16.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 4.10% of the company’s stock.

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.