2,059,764 Shares in Energy Recovery, Inc. $ERII Purchased by Legal & General Group Plc

Key Points

• Legal & General Group acquired 2.06 million Energy Recovery shares worth approximately $18.6 million, giving it a 4% stake. Institutional investors collectively own 83.58% of the company.
• Analyst sentiment is mixed, with one Buy, three Hold, and one Sell rating; the consensus rating is Hold with a $13.50 target price. ERII shares recently opened at $7.77, near their 12-month low of $7.51.
• Energy Recovery reported a quarterly loss of $0.03 per share and revenue of $12.0 million, missing estimates of a $0.02 loss and $18.36 million in revenue.

Legal & General Group Plc acquired a new stake in shares of Energy Recovery, Inc. (NASDAQ:ERII - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 2,059,764 shares of the industrial products company's stock, valued at approximately $18,579,000. Legal & General Group Plc owned approximately 4.00% of Energy Recovery at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. BlackRock Inc. acquired a new position in shares of Energy Recovery during the 2nd quarter worth approximately $57,225,000. Ameriprise Financial Inc. lifted its position in Energy Recovery by 5.1% during the second quarter. Ameriprise Financial Inc. now owns 5,401,044 shares of the industrial products company's stock worth $69,025,000 after buying an additional 262,151 shares in the last quarter. Vanguard Group Inc. boosted its stake in Energy Recovery by 2.4% during the fourth quarter. Vanguard Group Inc. now owns 3,852,438 shares of the industrial products company's stock worth $51,969,000 after buying an additional 89,696 shares during the last quarter. Amundi grew its holdings in Energy Recovery by 31.2% in the 1st quarter. Amundi now owns 3,740,309 shares of the industrial products company's stock valued at $37,648,000 after buying an additional 888,618 shares in the last quarter. Finally, State Street Corp increased its stake in shares of Energy Recovery by 22.6% in the 4th quarter. State Street Corp now owns 1,764,522 shares of the industrial products company's stock worth $23,803,000 after acquiring an additional 325,280 shares during the last quarter. Institutional investors and hedge funds own 83.58% of the company's stock.

Insider Activity at Energy Recovery

In related news, Director Colin R. Sabol bought 11,180 shares of the company's stock in a transaction that occurred on Monday, June 15th. The stock was purchased at an average price of $8.88 per share, for a total transaction of $99,278.40. Following the acquisition, the director owned 55,671 shares of the company's stock, valued at approximately $494,358.48. This trade represents a 25.13% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Rodney Clemente sold 5,387 shares of Energy Recovery stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $8.56, for a total transaction of $46,112.72. Following the completion of the sale, the senior vice president owned 108,301 shares of the company's stock, valued at $927,056.56. This trade represents a 4.74% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 2.50% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on ERII shares. Seaport Research Partners reissued a "buy" rating and set a $12.00 price target on shares of Energy Recovery in a research report on Wednesday, May 13th. Weiss Ratings downgraded shares of Energy Recovery from a "sell (d+)" rating to a "sell (d)" rating in a research note on Wednesday, August 19th. B. Riley Financial decreased their target price on shares of Energy Recovery from $10.00 to $8.00 and set a "neutral" rating on the stock in a report on Thursday, August 6th. Freedom Capital cut shares of Energy Recovery from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 11th. Finally, Wall Street Zen downgraded shares of 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, Energy Recovery has an average rating of "Hold" and a consensus target price of $13.50.

Energy Recovery Stock Performance

Shares of NASDAQ:ERII opened at $7.77 on Monday. The company has a market capitalization of $400.47 million, a price-to-earnings ratio of 27.75 and a beta of 0.91. Energy Recovery, Inc. has a 12-month low of $7.51 and a 12-month high of $18.32. The business has a 50-day moving average price of $8.47 and a 200 day moving average price of $9.81.

Energy Recovery (NASDAQ:ERII - Get Free Report) last posted its earnings results on Wednesday, August 5th. The industrial products company reported ($0.03) EPS for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.01). Energy Recovery had a net margin of 12.72% and a return on equity of 8.25%. The company had revenue of $12.00 million during the quarter, compared to analyst estimates of $18.36 million. As a group, equities research analysts predict that Energy Recovery, Inc. will post -0.17 earnings per share for the current fiscal year.

Energy Recovery Company Profile

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.

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