D.A. Davidson & CO. lessened its holdings in Energy Recovery (NASDAQ:ERII) by 9.4% during the 1st quarter, Holdings Channel reports. The firm owned 71,000 shares of the industrial products company’s stock after selling 7,400 shares during the period. D.A. Davidson & CO.’s holdings in Energy Recovery were worth $584,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in the company. Schwab Charles Investment Management Inc. lifted its stake in shares of Energy Recovery by 5.7% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 126,036 shares of the industrial products company’s stock valued at $996,000 after purchasing an additional 6,824 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Energy Recovery by 6.9% in the 4th quarter. Bank of New York Mellon Corp now owns 129,486 shares of the industrial products company’s stock valued at $1,133,000 after buying an additional 8,359 shares during the period. Cambridge Investment Research Advisors Inc. raised its holdings in shares of Energy Recovery by 73.7% in the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 20,550 shares of the industrial products company’s stock valued at $180,000 after buying an additional 8,720 shares during the period. Teacher Retirement System of Texas purchased a new stake in shares of Energy Recovery in the 4th quarter valued at $101,000. Finally, Aristotle Atlantic Partners LLC purchased a new stake in shares of Energy Recovery in the 4th quarter valued at $131,000. 37.50% of the stock is currently owned by institutional investors and hedge funds.
ERII stock opened at $8.76 on Friday. The company has a current ratio of 4.61, a quick ratio of 4.32 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $457.99 million, a P/E ratio of 95.11 and a beta of 5.33. Energy Recovery has a 12-month low of $8.60 and a 12-month high of $8.70.
Energy Recovery announced that its Board of Directors has authorized a stock buyback program on Thursday, March 8th that authorizes the company to buyback $10.00 million in outstanding shares. This buyback authorization authorizes the industrial products company to buy shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
In other Energy Recovery news, Director Arve Hanstveit sold 50,000 shares of the company’s stock in a transaction dated Monday, March 12th. The stock was sold at an average price of $8.57, for a total transaction of $428,500.00. Following the sale, the director now owns 1,095,800 shares in the company, valued at approximately $9,391,006. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 23.60% of the stock is owned by corporate insiders.
Several research firms recently issued reports on ERII. B. Riley set a $20.00 price objective on Energy Recovery and gave the company a “buy” rating in a report on Wednesday. Zacks Investment Research upgraded Energy Recovery from a “sell” rating to a “hold” rating in a report on Thursday, May 3rd. BidaskClub downgraded Energy Recovery from a “hold” rating to a “sell” rating in a report on Friday, May 4th. ValuEngine upgraded Energy Recovery from a “hold” rating to a “buy” rating in a report on Tuesday, May 8th. Finally, TheStreet upgraded Energy Recovery from a “c” rating to a “b-” rating in a report on Thursday, March 8th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the company’s stock. Energy Recovery currently has an average rating of “Buy” and an average price target of $15.00.
Energy Recovery Profile
Energy Recovery, Inc provides energy solutions to industrial fluid flow markets under the ERI, PX, Pressure Exchanger, PX Pressure Exchanger, AT, AquaBold, VorTeq, MTeq, IsoBoost, and IsoGen names worldwide. The company operates through Water and Oil & Gas segments. It offers pressure exchanger energy recovery devices for water desalination plants; hydraulic turbochargers for low-pressure brackish, high-pressure seawater reverse osmosis systems, and other water treatment applications; and high-pressure and circulation pumps for low and high-pressure reverse osmosis systems.
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