Assenagon Asset Management S.A. Has $2.33 Million Position in Energy Recovery, Inc. (NASDAQ:ERII)

Assenagon Asset Management S.A. trimmed its position in Energy Recovery, Inc. (NASDAQ:ERII) by 2.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 146,907 shares of the industrial products company’s stock after selling 3,652 shares during the period. Assenagon Asset Management S.A. owned approximately 0.27% of Energy Recovery worth $2,334,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ERII. Ameriprise Financial Inc. grew its holdings in shares of Energy Recovery by 24.6% in the fourth quarter. Ameriprise Financial Inc. now owns 4,953,951 shares of the industrial products company’s stock valued at $72,823,000 after acquiring an additional 978,490 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Energy Recovery by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 3,252,378 shares of the industrial products company’s stock valued at $47,810,000 after acquiring an additional 43,290 shares in the last quarter. Baillie Gifford & Co. grew its holdings in shares of Energy Recovery by 27.8% in the fourth quarter. Baillie Gifford & Co. now owns 1,119,841 shares of the industrial products company’s stock valued at $16,462,000 after acquiring an additional 243,653 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Energy Recovery by 14.4% in the fourth quarter. Invesco Ltd. now owns 858,309 shares of the industrial products company’s stock valued at $12,617,000 after acquiring an additional 107,800 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Energy Recovery by 13.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 768,091 shares of the industrial products company’s stock valued at $11,291,000 after purchasing an additional 89,248 shares during the last quarter. 83.58% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on ERII shares. B. Riley downgraded shares of Energy Recovery from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $20.00 to $12.50 in a research note on Thursday, May 8th. Fearnley Fonds upgraded Energy Recovery from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 20th. Finally, Wall Street Zen cut shares of Energy Recovery from a “buy” rating to a “hold” rating in a research note on Thursday, May 8th. Two research analysts have rated the stock with a hold rating, two have assigned a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $18.88.

Energy Recovery Price Performance

ERII opened at $12.43 on Tuesday. Energy Recovery, Inc. has a one year low of $10.86 and a one year high of $20.27. The business has a 50 day simple moving average of $13.64 and a two-hundred day simple moving average of $14.72. The firm has a market capitalization of $677.42 million, a price-to-earnings ratio of 36.56 and a beta of 1.02.

Energy Recovery (NASDAQ:ERII) last issued its earnings results on Wednesday, May 7th. The industrial products company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.16). Energy Recovery had a return on equity of 8.90% and a net margin of 14.35%. The firm had revenue of $8.07 million during the quarter, compared to analysts’ expectations of $21.97 million. During the same period last year, the firm posted ($0.08) earnings per share. The firm’s quarterly revenue was down 33.1% on a year-over-year basis. As a group, sell-side analysts expect that Energy Recovery, Inc. will post 0.36 EPS for the current fiscal year.

Insider Activity at Energy Recovery

In other Energy Recovery news, CEO David W. Moon purchased 4,200 shares of the business’s stock in a transaction on Tuesday, May 13th. The stock was acquired at an average price of $12.20 per share, for a total transaction of $51,240.00. Following the purchase, the chief executive officer now owns 36,950 shares of the company’s stock, valued at approximately $450,790. This represents a 12.82% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Arve Hanstveit sold 30,000 shares of the stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $12.68, for a total value of $380,400.00. Following the completion of the sale, the director now owns 655,220 shares of the company’s stock, valued at $8,308,189.60. The trade was a 4.38% decrease in their position. The disclosure for this sale can be found here. 3.20% of the stock is currently 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.