Ameriprise Financial Inc. Acquires 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. raised its position in Energy Recovery, Inc. (NASDAQ:ERII - Free Report) by 3.7% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 5,138,893 shares of the industrial products company's stock after buying an additional 184,942 shares during the quarter. Ameriprise Financial Inc. owned about 9.39% of Energy Recovery worth $81,657,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in ERII. Algert Global LLC purchased a new stake in Energy Recovery in the 1st quarter valued at approximately $748,000. Redmond Asset Management LLC boosted its stake in shares of Energy Recovery by 0.8% in the first quarter. Redmond Asset Management LLC now owns 238,541 shares of the industrial products company's stock valued at $3,790,000 after buying an additional 1,881 shares in the last quarter. American Century Companies Inc. purchased a new stake in shares of Energy Recovery in the first quarter valued at approximately $162,000. Russell Investments Group Ltd. raised its position in Energy Recovery by 5,662.3% in the first quarter. Russell Investments Group Ltd. now owns 8,701 shares of the industrial products company's stock worth $138,000 after acquiring an additional 8,550 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in Energy Recovery during the first quarter worth about $3,802,000. Institutional investors and hedge funds own 83.58% of the company's stock.

Energy Recovery Price Performance

Shares of NASDAQ:ERII traded down $0.20 during midday trading on Friday, reaching $14.21. The company had a trading volume of 210,455 shares, compared to its average volume of 419,517. Energy Recovery, Inc. has a one year low of $10.86 and a one year high of $20.27. The stock has a market capitalization of $755.97 million, a P/E ratio of 33.83 and a beta of 1.03. The stock's fifty day moving average price is $13.56 and its 200-day moving average price is $14.14.

Analysts Set New Price Targets

ERII has been the topic of several research reports. B. Riley upped their target price on Energy Recovery from $12.50 to $14.00 and gave the company a "neutral" rating in a report on Thursday, August 7th. 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 lowered shares of Energy Recovery from a "buy" rating to a "hold" rating in a research report on Thursday, May 8th. Two investment analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Energy Recovery presently has a consensus rating of "Buy" and a consensus price target of $18.67.

Insider Transactions at Energy Recovery

In other Energy Recovery news, SVP Rodney Clemente sold 5,387 shares of the firm's stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $13.97, for a total value of $75,256.39. Following the transaction, the senior vice president owned 100,765 shares of the company's stock, valued at $1,407,687.05. This trade represents a 5.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Arve Hanstveit sold 30,000 shares of the company's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $12.68, for a total transaction of $380,400.00. Following the transaction, the director owned 655,220 shares of the company's stock, valued at $8,308,189.60. This represents a 4.38% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 55,387 shares of company stock worth $710,656. 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.