Energy Recovery (NASDAQ:ERII) Cut to Hold at Zacks Investment Research

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Energy Recovery (NASDAQ:ERII) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday, Zacks.com reports.

According to Zacks, “Based in San Leandro, California, ENERGY RECOVERY, INC. is a leading global developer and manufacturer of highly efficient energy recovery devices utilized in the water desalination industry. Energy Recovery, Inc. operates primarily in the sea water reverse osmosis segment of the desalination industry.ERI manufactures ultra-high efficiency recovery products and technology, specifically the ERI PX Pressure Exchanger, that are among the enabling technologies driving the rapid growth in seawater reverse osmosis desalination, and are helping to make desalination affordable worldwide. “

Separately, Raymond James boosted their price objective on shares of Energy Recovery from $21.00 to $23.00 and gave the company an “outperform” rating in a research report on Friday, May 7th. Two research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Energy Recovery has a consensus rating of “Buy” and an average price target of $17.50.

Shares of ERII traded up $0.63 during midday trading on Thursday, hitting $20.78. The company had a trading volume of 660,022 shares, compared to its average volume of 450,649. The firm has a 50 day moving average price of $19.24. The stock has a market cap of $1.19 billion, a PE ratio of 35.83 and a beta of 1.26. Energy Recovery has a 52 week low of $6.69 and a 52 week high of $22.42.

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Energy Recovery (NASDAQ:ERII) last released its earnings results on Thursday, May 6th. The industrial products company reported $0.12 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.08 by $0.04. The company had revenue of $28.94 million during the quarter, compared to the consensus estimate of $30.00 million. Energy Recovery had a net margin of 25.82% and a return on equity of 20.30%. Equities analysts predict that Energy Recovery will post 0.2 EPS for the current fiscal year.

In other Energy Recovery news, major shareholder As Arvarius sold 1,000,000 shares of the business’s stock in a transaction dated Thursday, May 6th. The shares were sold at an average price of $19.50, for a total transaction of $19,500,000.00. Following the completion of the transaction, the insider now directly owns 6,532,490 shares of the company’s stock, valued at approximately $127,383,555. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Arve Hanstveit sold 14,374 shares of the company’s stock in a transaction that occurred on Thursday, April 29th. The stock was sold at an average price of $22.16, for a total transaction of $318,527.84. Following the completion of the sale, the director now directly owns 924,733 shares of the company’s stock, valued at $20,492,083.28. The disclosure for this sale can be found here. Insiders have sold a total of 1,048,800 shares of company stock valued at $20,450,900 over the last three months. 17.40% of the stock is currently owned by company insiders.

A number of hedge funds have recently added to or reduced their stakes in the stock. Monarch Partners Asset Management LLC lifted its stake in Energy Recovery by 1.0% during the first quarter. Monarch Partners Asset Management LLC now owns 79,719 shares of the industrial products company’s stock valued at $1,462,000 after purchasing an additional 795 shares during the last quarter. LPL Financial LLC lifted its stake in Energy Recovery by 4.0% during the fourth quarter. LPL Financial LLC now owns 26,241 shares of the industrial products company’s stock valued at $358,000 after purchasing an additional 1,000 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in Energy Recovery by 5.6% during the fourth quarter. The Manufacturers Life Insurance Company now owns 24,904 shares of the industrial products company’s stock valued at $340,000 after purchasing an additional 1,315 shares during the last quarter. Pinnacle Associates Ltd. lifted its stake in Energy Recovery by 9.7% during the first quarter. Pinnacle Associates Ltd. now owns 15,850 shares of the industrial products company’s stock valued at $291,000 after purchasing an additional 1,400 shares during the last quarter. Finally, Swiss National Bank lifted its stake in Energy Recovery by 1.7% during the first quarter. Swiss National Bank now owns 89,800 shares of the industrial products company’s stock valued at $1,647,000 after purchasing an additional 1,500 shares during the last quarter. 46.61% of the stock is owned by institutional investors and hedge funds.

Energy Recovery Company Profile

Energy Recovery, Inc, together with its subsidiaries, designs, manufactures, and sells various solutions for industrial fluid-flow markets worldwide. The company operates through Water, and Oil & Gas segments. It designs, engineers, manufactures, and supplies various energy recovery devices (ERDs), including positive displacement isobaric ERDs and centrifugal-type ERDs, such as our hydraulic turbochargers; and high-pressure feed and circulation pumps.

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