Millennium Management LLC Purchases New Stake in Energy Recovery, Inc. (NASDAQ:ERII)

Millennium Management LLC bought a new stake in shares of Energy Recovery, Inc. (NASDAQ:ERII - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 134,041 shares of the industrial products company's stock, valued at approximately $1,970,000. Millennium Management LLC owned approximately 0.23% of Energy Recovery at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in ERII. Ameriprise Financial Inc. grew its stake in Energy Recovery by 24.6% during the 4th quarter. Ameriprise Financial Inc. now owns 4,953,951 shares of the industrial products company's stock valued at $72,823,000 after purchasing an additional 978,490 shares during the last quarter. Vanguard Group Inc. grew its stake in Energy Recovery by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 3,252,378 shares of the industrial products company's stock valued at $47,810,000 after purchasing an additional 43,290 shares during the last quarter. Baillie Gifford & Co. grew its stake in Energy Recovery by 27.8% during the 4th quarter. Baillie Gifford & Co. now owns 1,119,841 shares of the industrial products company's stock valued at $16,462,000 after purchasing an additional 243,653 shares during the last quarter. Invesco Ltd. grew its stake in Energy Recovery by 14.4% during the 4th quarter. Invesco Ltd. now owns 858,309 shares of the industrial products company's stock valued at $12,617,000 after purchasing an additional 107,800 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in Energy Recovery by 13.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 768,091 shares of the industrial products company's stock valued at $11,291,000 after purchasing an additional 89,248 shares during the last quarter. 83.58% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Pamela L. Tondreau bought 4,200 shares of Energy Recovery stock in a transaction on Wednesday, May 14th. The stock was acquired at an average price of $12.28 per share, with a total value of $51,576.00. Following the completion of the acquisition, the director now directly owns 41,043 shares of the company's stock, valued at $504,008.04. The trade was a 11.40% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Arve Hanstveit sold 50,000 shares of the stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $16.34, for a total value of $817,000.00. Following the transaction, the director now directly owns 693,182 shares of the company's stock, valued at $11,326,593.88. The trade was a 6.73% decrease in their position. The disclosure for this sale can be found here. 4.10% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have weighed in on ERII shares. Wall Street Zen downgraded Energy Recovery from a "buy" rating to a "hold" rating in a research note on Thursday, May 8th. B. Riley downgraded Energy Recovery from a "buy" rating to a "neutral" rating and dropped their price target for the company from $20.00 to $12.50 in a research note on Thursday, May 8th. Finally, Fearnley Fonds upgraded Energy Recovery from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 20th. Two research analysts have rated the stock with a hold rating, two have given a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $18.88.

Energy Recovery Stock Up 1.4%

Shares of ERII traded up $0.17 during mid-day trading on Friday, reaching $12.63. The company had a trading volume of 292,822 shares, compared to its average volume of 426,188. Energy Recovery, Inc. has a 52-week low of $10.86 and a 52-week high of $20.27. The stock has a market capitalization of $688.32 million, a P/E ratio of 37.15 and a beta of 1.09. The stock has a 50 day moving average of $13.89 and a two-hundred day moving average of $14.85.

Energy Recovery (NASDAQ:ERII - Get Free Report) last issued its earnings results on Wednesday, May 7th. The industrial products company reported ($0.13) EPS for the quarter, missing analysts' consensus estimates of $0.03 by ($0.16). Energy Recovery had a return on equity of 8.90% and a net margin of 14.35%. The company had revenue of $8.07 million during the quarter, compared to analysts' expectations of $21.97 million. During the same quarter in the previous year, the company earned ($0.08) EPS. The firm's quarterly revenue was down 33.1% compared to the same quarter last year. On average, sell-side analysts expect that Energy Recovery, Inc. will post 0.36 earnings per share for the current year.

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.