Wells Fargo & Company MN Grows Stake in Energy Recovery, Inc. (NASDAQ:ERII)

Wells Fargo & Company MN increased its stake in Energy Recovery, Inc. (NASDAQ:ERII) by 9.7% in the 4th quarter, HoldingsChannel reports. The fund owned 57,652 shares of the industrial products company’s stock after acquiring an additional 5,115 shares during the period. Wells Fargo & Company MN’s holdings in Energy Recovery were worth $847,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ERII. Raymond James Financial Inc. purchased a new position in Energy Recovery in the fourth quarter worth about $5,741,000. KLP Kapitalforvaltning AS purchased a new position in shares of Energy Recovery during the fourth quarter valued at approximately $4,670,000. Duff & Phelps Investment Management Co. purchased a new position in shares of Energy Recovery during the fourth quarter valued at approximately $3,798,000. Baillie Gifford & Co. boosted its position in shares of Energy Recovery by 27.8% during the fourth quarter. Baillie Gifford & Co. now owns 1,119,841 shares of the industrial products company’s stock valued at $16,462,000 after buying an additional 243,653 shares during the period. Finally, Trexquant Investment LP purchased a new position in shares of Energy Recovery during the fourth quarter valued at approximately $1,792,000. Hedge funds and other institutional investors own 83.58% of the company’s stock.

Insider Activity

In other news, SVP Rodney Clemente sold 21,444 shares of Energy Recovery stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $15.42, for a total transaction of $330,666.48. Following the completion of the sale, the senior vice president now owns 111,109 shares of the company’s stock, valued at approximately $1,713,300.78. The trade was a 16.18 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, 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 value 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 position. The disclosure for this sale can be found here. Insiders own 4.10% of the company’s stock.

Analyst Upgrades and Downgrades

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

Energy Recovery Stock Performance

Energy Recovery stock opened at $15.45 on Thursday. The company has a 50 day moving average price of $15.43 and a 200-day moving average price of $15.83. Energy Recovery, Inc. has a fifty-two week low of $12.26 and a fifty-two week high of $20.27. The company has a market capitalization of $845.98 million, a PE ratio of 45.44 and a beta of 1.05.

Energy Recovery (NASDAQ:ERII) last posted its quarterly earnings results on Wednesday, February 26th. The industrial products company reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.01). Energy Recovery had a net margin of 14.35% and a return on equity of 8.90%. The company had revenue of $67.08 million for the quarter, compared to the consensus estimate of $67.39 million. On average, analysts forecast that Energy Recovery, Inc. will post 0.36 earnings per share for the current year.

About Energy Recovery

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.