Legal & General Group Plc Buys New Position in Energy Recovery, Inc. $ERII

Legal & General Group Plc bought a new stake in Energy Recovery, Inc. (NASDAQ:ERII) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor bought 2,059,764 shares of the industrial products company’s stock, valued at approximately $18,579,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of ERII. The Manufacturers Life Insurance Company acquired a new stake in shares of Energy Recovery during the second quarter worth about $132,000. Cullen Capital Management LLC acquired a new position in shares of Energy Recovery in the second quarter valued at approximately $166,000. Quantbot Technologies LP purchased a new stake in Energy Recovery during the 2nd quarter worth approximately $33,000. Great Lakes Advisors LLC purchased a new stake in Energy Recovery during the 2nd quarter worth approximately $218,000. Finally, BlackRock Inc. purchased a new stake in Energy Recovery during the 2nd quarter worth approximately $57,225,000. 83.58% of the stock is currently owned by hedge funds and other institutional investors.

Energy Recovery Stock Performance

Shares of NASDAQ:ERII opened at $7.77 on Monday. Energy Recovery, Inc. has a 52 week low of $7.51 and a 52 week high of $18.32. The company’s 50 day moving average is $8.47 and its two-hundred day moving average is $9.81. The company has a market cap of $400.47 million, a PE ratio of 27.75 and a beta of 0.91.

Energy Recovery (NASDAQ:ERII) last released its quarterly earnings data on Wednesday, August 5th. The industrial products company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.01). The firm had revenue of $12.00 million for the quarter, compared to analysts’ expectations of $18.36 million. Energy Recovery had a return on equity of 8.25% and a net margin of 12.72%. As a group, equities research analysts expect that Energy Recovery, Inc. will post -0.17 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have commented on ERII. Weiss Ratings cut shares of Energy Recovery from a “sell (d+)” rating to a “sell (d)” rating in a research report on Wednesday, August 19th. Seaport Research Partners reaffirmed a “buy” rating and set a $12.00 price objective on shares of Energy Recovery in a research report on Wednesday, May 13th. Freedom Capital cut Energy Recovery from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 11th. B. Riley Financial lowered their target price on Energy Recovery from $10.00 to $8.00 and set a “neutral” rating for the company in a research note on Thursday, August 6th. Finally, Wall Street Zen downgraded Energy Recovery from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $13.50.

Insiders Place Their Bets

In other Energy Recovery news, SVP Rodney Clemente sold 5,387 shares of the firm’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $8.56, for a total value of $46,112.72. Following the sale, the senior vice president directly owned 108,301 shares in the company, valued at $927,056.56. This trade represents a 4.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Colin R. Sabol purchased 11,180 shares of the firm’s stock in a transaction on Monday, June 15th. The shares were acquired at an average cost of $8.88 per share, with a total value of $99,278.40. Following the completion of the acquisition, the director directly owned 55,671 shares in the company, valued at $494,358.48. The trade was a 25.13% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 2.50% of the stock is owned by company insiders.

About Energy Recovery

Energy Recovery, Inc (NASDAQ: ERII) is an energy technology company specializing in the design and manufacture of high-efficiency devices that capture and repurpose energy in fluid-handling applications. The company’s core offering, the Pressure Exchanger® (PX®) device, enables seawater reverse osmosis (SWRO) desalination plants to recover and reuse hydraulic energy that would otherwise be lost during brine discharge. By integrating PX technology into desalination processes, Energy Recovery helps operators significantly reduce the energy consumption and operating costs of producing fresh water from seawater or brackish sources.

In addition to desalination solutions, Energy Recovery has expanded its portfolio to serve the oil and gas sector through turbocharger systems that improve the energy efficiency of hydraulic fracturing operations.