Jane Street Group LLC Lowers Stock Position in Energy Recovery, Inc. (NASDAQ:ERII)

Jane Street Group LLC decreased its holdings in shares of Energy Recovery, Inc. (NASDAQ:ERII - Free Report) by 65.6% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 31,089 shares of the industrial products company's stock after selling 59,314 shares during the period. Jane Street Group LLC owned approximately 0.05% of Energy Recovery worth $541,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Bank of New York Mellon Corp increased its position in shares of Energy Recovery by 13.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 205,786 shares of the industrial products company's stock valued at $2,735,000 after acquiring an additional 23,660 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Energy Recovery by 12.7% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,294 shares of the industrial products company's stock valued at $283,000 after purchasing an additional 2,398 shares during the period. Van ECK Associates Corp lifted its holdings in shares of Energy Recovery by 23.6% during the second quarter. Van ECK Associates Corp now owns 122,783 shares of the industrial products company's stock worth $1,632,000 after purchasing an additional 23,449 shares during the period. Rhumbline Advisers boosted its position in Energy Recovery by 2.0% in the second quarter. Rhumbline Advisers now owns 95,559 shares of the industrial products company's stock valued at $1,270,000 after buying an additional 1,893 shares during the last quarter. Finally, Candriam S.C.A. increased its holdings in Energy Recovery by 11.9% in the 2nd 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. Institutional investors and hedge funds own 83.58% of the company's stock.

Energy Recovery Price Performance

ERII stock traded up $0.28 during mid-day trading on Monday, reaching $15.34. 248,439 shares of the company's stock were exchanged, compared to its average volume of 252,980. Energy Recovery, Inc. has a 12-month low of $12.26 and a 12-month high of $20.27. The stock's 50 day moving average is $16.50 and its 200 day moving average is $16.21. The company has a market cap of $888.09 million, a price-to-earnings ratio of 45.12 and a beta of 1.18.

Energy Recovery (NASDAQ:ERII - Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.14 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 $38.60 million during the quarter, compared to analyst estimates of $37.37 million. During the same quarter in the previous year, the firm earned $0.17 EPS. The firm's revenue was up 4.3% compared to the same quarter last year. On average, research analysts forecast that Energy Recovery, Inc. will post 0.39 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Arve Hanstveit sold 20,000 shares of the business's stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $16.87, for a total transaction of $337,400.00. Following the transaction, the director now directly owns 743,182 shares in the company, valued at approximately $12,537,480.34. The trade was a 2.62 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CTO Farshad Ghasripoor sold 10,526 shares of the 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 completion of the sale, the chief technology officer now owns 126,961 shares of the company's stock, valued at approximately $2,281,489.17. The trade was a 7.66 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 63,406 shares of company stock worth $1,166,088. Corporate insiders own 4.10% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have commented on ERII. Seaport Res Ptn upgraded shares of Energy Recovery to a "strong-buy" rating in a research note on Thursday, December 5th. Fearnley Fonds lowered shares of Energy Recovery from a "strong-buy" rating to a "hold" rating in a report on Wednesday, November 6th. Scotiabank assumed coverage on Energy Recovery in a research note on Thursday, December 5th. They set a "buy" rating and a $22.00 price objective for the company. B. Riley lowered their target price on Energy Recovery from $22.00 to $20.00 and set a "buy" rating on the stock in a research note on Tuesday, November 19th. Finally, Evercore ISI reduced their price target on Energy Recovery from $23.00 to $20.00 and set an "outperform" rating for the company in a research report on Tuesday, November 19th. Two investment analysts have rated the stock with a hold rating, three have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $20.75.

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.