Bank of New York Mellon Corp Sells 5,491 Shares of Energy Recovery Inc. (ERII)
Bank of New York Mellon Corp reduced its stake in Energy Recovery Inc. (NASDAQ:ERII) by 4.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 110,836 shares of the company’s stock after selling 5,491 shares during the period. Bank of New York Mellon Corp owned about 0.21% of Energy Recovery worth $985,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ERII. Menta Capital LLC bought a new position in Energy Recovery during the first quarter valued at approximately $107,000. Alpine Partners VI LLC acquired a new position in shares of Energy Recovery during the first quarter valued at $174,000. UBS Group AG increased its position in shares of Energy Recovery by 284.5% in the first quarter. UBS Group AG now owns 95,922 shares of the company’s stock valued at $991,000 after buying an additional 70,976 shares during the period. Edmond DE Rothschild Holding S.A. acquired a new position in shares of Energy Recovery during the first quarter valued at $306,000. Finally, Bogle Investment Management L P DE acquired a new position in shares of Energy Recovery during the first quarter valued at $1,227,000. 26.13% of the stock is owned by hedge funds and other institutional investors.
Shares of Energy Recovery Inc. (NASDAQ:ERII) traded down 1.88% during mid-day trading on Friday, hitting $13.58. The stock had a trading volume of 392,415 shares. The firm has a 50 day moving average price of $14.23 and a 200 day moving average price of $11.62. The firm’s market cap is $706.89 million. Energy Recovery Inc. has a 52-week low of $2.40 and a 52-week high of $16.67.
Energy Recovery (NASDAQ:ERII) last announced its quarterly earnings data on Wednesday, August 3rd. The company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.06. The business had revenue of $13.20 million for the quarter, compared to analysts’ expectations of $10.34 million. Energy Recovery had a positive return on equity of 3.97% and a negative net margin of 3.05%. The company’s revenue for the quarter was up 25.7% compared to the same quarter last year. During the same period last year, the firm earned ($0.01) earnings per share. Equities analysts predict that Energy Recovery Inc. will post $0.67 EPS for the current year.
ERII has been the topic of several research analyst reports. Zacks Investment Research upgraded Energy Recovery from a “hold” rating to a “strong-buy” rating and set a $16.00 target price on the stock in a research note on Wednesday, September 14th. Jefferies Group upgraded Energy Recovery from a “hold” rating to a “buy” rating and boosted their target price for the stock from $8.00 to $20.00 in a research note on Tuesday, September 13th. FBR & Co restated a “buy” rating on shares of Energy Recovery in a research note on Thursday, September 8th. Iberia Capital initiated coverage on Energy Recovery in a research note on Monday, September 26th. They set an “outperform” rating and a $21.00 target price on the stock. Finally, Evercore ISI initiated coverage on Energy Recovery in a research note on Tuesday, September 27th. They set a “buy” rating and a $23.00 target price on the stock. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Energy Recovery currently has a consensus rating of “Buy” and an average price target of $17.00.
In other news, Director Alexander J. Buehler sold 24,500 shares of the stock in a transaction on Thursday, August 11th. The stock was sold at an average price of $13.05, for a total value of $319,725.00. Following the sale, the director now directly owns 60,500 shares in the company, valued at $789,525. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Alexander J. Buehler sold 5,000 shares of the stock in a transaction on Tuesday, August 9th. The shares were sold at an average price of $13.00, for a total value of $65,000.00. Following the completion of the sale, the director now owns 85,000 shares in the company, valued at $1,105,000. The disclosure for this sale can be found here. 26.70% of the stock is owned by insiders.
Energy Recovery Company Profile
Energy Recovery, Inc is an energy solutions provider to industrial fluid flow markets. The Company’s solutions convert wasted pressure energy into a reusable asset and preserve or eliminate pumping technology in hostile processing environments. It operates through two segments: Water, and Oil & Gas. Its Water Segment focuses on products sold for use in reverse osmosis water desalination.
Want to see what other hedge funds are holding ERII? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Energy Recovery Inc. (NASDAQ:ERII).
Receive News & Ratings for Energy Recovery Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Energy Recovery Inc. and related companies with MarketBeat.com's FREE daily email newsletter.