Jennison Associates LLC Decreases Stock Holdings in Energy Recovery, Inc. (NASDAQ:ERII)

Jennison Associates LLC lessened its holdings in Energy Recovery, Inc. (NASDAQ:ERII) by 53.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 703,218 shares of the industrial products company’s stock after selling 818,677 shares during the quarter. Jennison Associates LLC owned approximately 1.24% of Energy Recovery worth $13,249,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Millburn Ridgefield Corp acquired a new stake in shares of Energy Recovery in the third quarter valued at about $29,000. Catalyst Capital Advisors LLC purchased a new stake in shares of Energy Recovery during the third quarter worth about $29,000. Clear Street Markets LLC acquired a new position in shares of Energy Recovery in the third quarter valued at approximately $33,000. Sentry Investment Management LLC purchased a new position in shares of Energy Recovery during the fourth quarter valued at approximately $117,000. Finally, Commonwealth Equity Services LLC grew its stake in Energy Recovery by 7.3% in the 3rd quarter. Commonwealth Equity Services LLC now owns 12,223 shares of the industrial products company’s stock worth $259,000 after acquiring an additional 830 shares during the period. 83.58% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Evercore ISI cut their price target on shares of Energy Recovery from $26.00 to $24.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 28th.

Energy Recovery Trading Up 1.5 %

ERII stock opened at $14.19 on Friday. The company has a market cap of $813.51 million, a PE ratio of 38.35 and a beta of 1.27. The stock has a 50-day moving average price of $14.98 and a two-hundred day moving average price of $16.80. Energy Recovery, Inc. has a 12-month low of $13.41 and a 12-month high of $30.76.

Energy Recovery (NASDAQ:ERII) last issued its earnings results on Wednesday, February 21st. The industrial products company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.02). The firm had revenue of $57.19 million for the quarter, compared to analysts’ expectations of $63.57 million. Energy Recovery had a return on equity of 11.99% and a net margin of 16.75%. The firm’s revenue for the quarter was up 35.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.24 EPS. Equities analysts forecast that Energy Recovery, Inc. will post 0.42 EPS for the current fiscal year.

Insider Buying and Selling at Energy Recovery

In other news, CEO David W. Moon bought 10,750 shares of Energy Recovery stock in a transaction dated Tuesday, February 27th. The shares were acquired at an average cost of $15.51 per share, with a total value of $166,732.50. Following the completion of the transaction, the chief executive officer now owns 19,250 shares in the company, valued at approximately $298,567.50. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director Arve Hanstveit sold 50,000 shares of Energy Recovery stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $15.49, for a total value of $774,500.00. Following the completion of the transaction, the director now directly owns 807,055 shares in the company, valued at $12,501,281.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO David W. Moon acquired 10,750 shares of the business’s stock in a transaction on Tuesday, February 27th. The shares were purchased at an average price of $15.51 per share, for a total transaction of $166,732.50. Following the purchase, the chief executive officer now directly owns 19,250 shares of the company’s stock, valued at $298,567.50. The disclosure for this purchase can be found here. Insiders sold 96,457 shares of company stock valued at $1,519,283 over the last 90 days. 4.70% of the stock is owned by corporate insiders.

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.