Ameriprise Financial Inc. Purchases 184,942 Shares of Energy Recovery, Inc. $ERII

Key Points

• Ameriprise Financial Inc. has increased its stake in Energy Recovery, Inc. by 3.7%, now owning approximately 5.1 million shares valued at $81.66 million.
• Insider sales were noted, with Director Arve Hanstveit selling 30,000 shares at $12.68 each, reducing his position by 4.38%.
• Energy Recovery's stock has traded down 1.6% recently, with a market cap of $770.87 million and an average target rating of "Buy" from analysts.

Ameriprise Financial Inc. increased its position in shares of Energy Recovery, Inc. (NASDAQ:ERII - Free Report) by 3.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,138,893 shares of the industrial products company's stock after acquiring an additional 184,942 shares during the quarter. Ameriprise Financial Inc. owned 9.39% of Energy Recovery worth $81,657,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in ERII. Vanguard Group Inc. raised its holdings in shares of Energy Recovery by 7.5% during the first quarter. Vanguard Group Inc. now owns 3,494,872 shares of the industrial products company's stock valued at $55,534,000 after acquiring an additional 242,494 shares during the period. Nuveen LLC acquired a new stake in shares of Energy Recovery during the first quarter valued at approximately $3,802,000. Raiffeisen Bank International AG acquired a new stake in shares of Energy Recovery during the fourth quarter valued at approximately $3,459,000. Silvercrest Asset Management Group LLC raised its holdings in shares of Energy Recovery by 45.8% during the fourth quarter. Silvercrest Asset Management Group LLC now owns 497,169 shares of the industrial products company's stock valued at $7,308,000 after acquiring an additional 156,184 shares during the period. Finally, Millennium Management LLC acquired a new stake in shares of Energy Recovery during the fourth quarter valued at approximately $1,970,000. Institutional investors and hedge funds own 83.58% of the company's stock.

Energy Recovery Stock Down 1.4%

ERII stock traded down $0.20 during trading hours on Friday, hitting $14.21. The company's stock had a trading volume of 210,455 shares, compared to its average volume of 400,240. The company has a market capitalization of $755.97 million, a PE ratio of 33.83 and a beta of 1.01. Energy Recovery, Inc. has a 12 month low of $10.86 and a 12 month high of $20.27. The stock has a 50 day moving average price of $13.60 and a two-hundred day moving average price of $14.12.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on ERII shares. Wall Street Zen lowered shares of Energy Recovery from a "buy" rating to a "hold" rating in a research note on Thursday, May 8th. Fearnley Fonds upgraded shares of Energy Recovery from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 20th. Finally, B. Riley upped their price objective on shares of Energy Recovery from $12.50 to $14.00 and gave the company a "neutral" rating in a research note on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $18.67.

Insider Activity at Energy Recovery

In other Energy Recovery news, Director Arve Hanstveit sold 30,000 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $12.68, for a total value of $380,400.00. Following the completion of the sale, the director directly owned 655,220 shares of the company's stock, valued at $8,308,189.60. The trade was a 4.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Rodney Clemente sold 5,387 shares of the business's stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $13.97, for a total transaction of $75,256.39. Following the completion of the sale, the senior vice president directly owned 100,765 shares of the company's stock, valued at $1,407,687.05. This represents a 5.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 55,387 shares of company stock valued at $710,656 over the last three months. Insiders own 3.20% of the company's stock.

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.