Energy Recovery, Inc. (NASDAQ:ERII) Shares Sold by Redmond Asset Management LLC

Redmond Asset Management LLC lowered its holdings in Energy Recovery, Inc. (NASDAQ:ERII) by 3.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 236,660 shares of the industrial products company’s stock after selling 8,257 shares during the quarter. Redmond Asset Management LLC owned 0.41% of Energy Recovery worth $3,479,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the business. Manchester Capital Management LLC boosted its holdings in Energy Recovery by 2.9% in the fourth quarter. Manchester Capital Management LLC now owns 29,174 shares of the industrial products company’s stock valued at $429,000 after purchasing an additional 830 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Energy Recovery by 8.8% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 17,642 shares of the industrial products company’s stock valued at $307,000 after buying an additional 1,433 shares during the period. Nordea Investment Management AB boosted its stake in shares of Energy Recovery by 1.3% in the fourth quarter. Nordea Investment Management AB now owns 125,719 shares of the industrial products company’s stock worth $1,859,000 after buying an additional 1,618 shares during the last quarter. Van ECK Associates Corp grew its holdings in Energy Recovery by 1.9% during the fourth quarter. Van ECK Associates Corp now owns 97,985 shares of the industrial products company’s stock worth $1,440,000 after acquiring an additional 1,808 shares during the period. Finally, HighTower Advisors LLC raised its position in Energy Recovery by 10.6% during the third quarter. HighTower Advisors LLC now owns 33,239 shares of the industrial products company’s stock valued at $578,000 after acquiring an additional 3,176 shares in the last quarter. Hedge funds and other institutional investors own 83.58% of the company’s stock.

Energy Recovery Stock Down 5.4 %

ERII stock opened at $14.65 on Friday. Energy Recovery, Inc. has a 52 week low of $12.26 and a 52 week high of $20.27. The firm has a 50-day simple moving average of $14.83 and a 200-day simple moving average of $16.32. The stock has a market capitalization of $848.09 million, a P/E ratio of 43.09 and a beta of 1.18.

Insider Activity at Energy Recovery

In other Energy Recovery news, Director Arve Hanstveit sold 20,000 shares of the stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $16.87, for a total transaction of $337,400.00. Following the completion of the transaction, the director now owns 743,182 shares of the company’s stock, valued at $12,537,480.34. This represents a 2.62 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.10% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on ERII shares. Evercore ISI lowered their price objective on Energy Recovery from $23.00 to $20.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 19th. Fearnley Fonds lowered shares of Energy Recovery from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 6th. Scotiabank began coverage on shares of Energy Recovery in a report on Thursday, December 5th. They issued a “buy” rating and a $22.00 price objective for the company. B. Riley lowered their target price on shares of 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, Seaport Res Ptn upgraded Energy Recovery to a “strong-buy” rating in a research report on Thursday, December 5th. Two equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus 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.