Assenagon Asset Management S.A. Grows Stake in Energy Recovery, Inc. $ERII

Key Points

• Assenagon Asset Management S.A. increased its stake in Energy Recovery, Inc. (NASDAQ:ERII) by 41.7% during the 2nd quarter, owning approximately 0.38% of the company, valued at $2.66 million.
• Analysts have set a consensus target price of $18.75 for Energy Recovery, with ratings including two Strong Buys, three Buys, and one Hold.
• Insider trading reports indicate significant share sales, with insiders selling 54,395 shares worth approximately $795,326 over the last three months.

Assenagon Asset Management S.A. lifted its holdings in shares of Energy Recovery, Inc. (NASDAQ:ERII - Free Report) by 41.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 208,171 shares of the industrial products company's stock after buying an additional 61,264 shares during the period. Assenagon Asset Management S.A. owned approximately 0.38% of Energy Recovery worth $2,660,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of ERII. Bank of America Corp DE boosted its position in shares of Energy Recovery by 1.9% during the fourth quarter. Bank of America Corp DE now owns 195,607 shares of the industrial products company's stock valued at $2,875,000 after buying an additional 3,735 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Energy Recovery by 6.0% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 41,744 shares of the industrial products company's stock valued at $614,000 after buying an additional 2,350 shares during the last quarter. Millennium Management LLC purchased a new stake in shares of Energy Recovery during the fourth quarter valued at $1,970,000. Nuveen Asset Management LLC boosted its position in shares of Energy Recovery by 22.1% during the fourth quarter. Nuveen Asset Management LLC now owns 288,693 shares of the industrial products company's stock valued at $4,244,000 after buying an additional 52,183 shares during the last quarter. Finally, ProShare Advisors LLC boosted its position in shares of Energy Recovery by 49.1% during the fourth quarter. ProShare Advisors LLC now owns 15,993 shares of the industrial products company's stock valued at $235,000 after buying an additional 5,264 shares during the last quarter. 83.58% of the stock is owned by hedge funds and other institutional investors.

Energy Recovery Stock Performance

Shares of NASDAQ:ERII opened at $15.24 on Friday. The stock has a market capitalization of $810.77 million, a price-to-earnings ratio of 36.29 and a beta of 1.01. The stock's 50-day simple moving average is $14.25 and its two-hundred day simple moving average is $14.05. Energy Recovery, Inc. has a 52-week low of $10.86 and a 52-week high of $20.27.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. B. Riley increased their price objective on Energy Recovery from $12.50 to $14.00 and gave the company a "neutral" rating in a research report on Thursday, August 7th. CJS Securities began coverage on Energy Recovery in a research report on Tuesday, September 16th. They issued a "market outperform" rating and a $19.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $18.75.

Insider Activity

In other news, SVP Rodney Clemente sold 5,387 shares of Energy Recovery stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $13.97, for a total transaction of $75,256.39. Following the transaction, the senior vice president directly owned 100,765 shares of the company's stock, valued at $1,407,687.05. The trade was a 5.07% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider William Yeung sold 33,554 shares of Energy Recovery stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $14.51, for a total value of $486,868.54. Following the transaction, the insider directly owned 97,369 shares in the company, valued at approximately $1,412,824.19. The trade was a 25.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 54,395 shares of company stock worth $795,326 over the last three months. Insiders own 3.20% of the company's stock.

Energy Recovery 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.