Raymond James Financial Inc. Invests $5.74 Million in Energy Recovery, Inc. (NASDAQ:ERII)

Raymond James Financial Inc. purchased a new position in Energy Recovery, Inc. (NASDAQ:ERII - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 390,516 shares of the industrial products company's stock, valued at approximately $5,741,000. Raymond James Financial Inc. owned about 0.67% of Energy Recovery at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. increased its stake in shares of Energy Recovery by 1.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 468,639 shares of the industrial products company's stock valued at $8,150,000 after purchasing an additional 7,440 shares during the period. Alpha Wave Global LP increased its position in Energy Recovery by 93.0% in the 3rd quarter. Alpha Wave Global LP now owns 1,171,586 shares of the industrial products company's stock valued at $20,374,000 after acquiring an additional 564,463 shares during the period. HighTower Advisors LLC boosted its position in Energy Recovery by 10.6% during the 3rd quarter. HighTower Advisors LLC now owns 33,239 shares of the industrial products company's stock worth $578,000 after acquiring an additional 3,176 shares during the period. Barclays PLC boosted its position in Energy Recovery by 376.6% during the 3rd quarter. Barclays PLC now owns 96,677 shares of the industrial products company's stock worth $1,681,000 after acquiring an additional 76,393 shares during the period. Finally, Geode Capital Management LLC grew its stake in shares of Energy Recovery by 4.3% in the third quarter. Geode Capital Management LLC now owns 1,358,620 shares of the industrial products company's stock worth $23,631,000 after purchasing an additional 56,306 shares in the last quarter. Institutional investors and hedge funds own 83.58% of the company's stock.

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Insider Transactions at Energy Recovery

In other Energy Recovery news, SVP Rodney Clemente sold 21,444 shares of the firm's stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $15.42, for a total value of $330,666.48. Following the sale, the senior vice president now owns 111,109 shares of the company's stock, valued at $1,713,300.78. This trade represents a 16.18 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Arve Hanstveit sold 50,000 shares of the stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $16.34, for a total transaction of $817,000.00. Following the completion of the sale, the director now directly owns 693,182 shares of the company's stock, valued at approximately $11,326,593.88. This trade represents a 6.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.10% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

ERII has been the topic of a number of recent analyst reports. Scotiabank began coverage on shares of Energy Recovery in a research note on Thursday, December 5th. They set a "buy" rating and a $22.00 price objective on the stock. Seaport Res Ptn upgraded shares of Energy Recovery to a "strong-buy" rating in a report on Thursday, December 5th. Two analysts have rated the stock with a hold rating, three have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $20.75.

Energy Recovery Trading Down 1.4 %

ERII stock traded down $0.23 on Friday, hitting $15.95. 272,105 shares of the company's stock traded hands, compared to its average volume of 397,785. The stock has a market cap of $876.53 million, a price-to-earnings ratio of 46.91 and a beta of 1.21. Energy Recovery, Inc. has a 1-year low of $12.26 and a 1-year high of $20.27. The stock has a fifty day moving average of $15.30 and a 200-day moving average of $16.18.

Energy Recovery (NASDAQ:ERII - Get Free Report) last issued 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). The company had revenue of $67.08 million during the quarter, compared to analyst estimates of $67.39 million. Energy Recovery had a return on equity of 8.90% and a net margin of 14.35%. On average, equities research analysts anticipate that Energy Recovery, Inc. will post 0.36 earnings per share for the current fiscal year.

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.