Raymond James Financial Inc. Trims Holdings in Energy Recovery, Inc. $ERII

Key Points

• Raymond James Financial Inc. reduced its stake in Energy Recovery, Inc. by 10.4%, owning approximately 0.64% of the company after selling 40,451 shares in Q1.
• Other institutional investors, such as Ameriprise Financial Inc. and Vanguard Group Inc., have increased their holdings in Energy Recovery, indicating a varied investment sentiment.
• Analysts have mixed opinions on the stock, with one raising the target price to $14.00, while another downgraded it to a "hold," resulting in a consensus rating of "Buy."

Raymond James Financial Inc. lowered its stake in shares of Energy Recovery, Inc. (NASDAQ:ERII - Free Report) by 10.4% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 350,065 shares of the industrial products company's stock after selling 40,451 shares during the period. Raymond James Financial Inc. owned approximately 0.64% of Energy Recovery worth $5,563,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Ameriprise Financial Inc. boosted its position in shares of Energy Recovery by 24.6% during the fourth quarter. Ameriprise Financial Inc. now owns 4,953,951 shares of the industrial products company's stock worth $72,823,000 after buying an additional 978,490 shares during the period. Vanguard Group Inc. grew its position in Energy Recovery by 7.5% in the 1st 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 in the last quarter. Dimensional Fund Advisors LP increased its stake in Energy Recovery by 13.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 768,091 shares of the industrial products company's stock worth $11,291,000 after purchasing an additional 89,248 shares during the period. Northern Trust Corp lifted its position in shares of Energy Recovery by 4.5% during the fourth quarter. Northern Trust Corp now owns 559,587 shares of the industrial products company's stock worth $8,226,000 after purchasing an additional 24,299 shares in the last quarter. Finally, Silvercrest Asset Management Group LLC boosted its stake in shares of Energy Recovery by 45.8% in 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 purchasing an additional 156,184 shares during the period. Hedge funds and other institutional investors own 83.58% of the company's stock.

Insider Activity

In related news, SVP Rodney Clemente sold 5,387 shares of the company'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 value of $75,256.39. Following the completion of the transaction, 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Arve Hanstveit sold 30,000 shares of the stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $12.68, for a total transaction of $380,400.00. Following the completion of the transaction, the director owned 655,220 shares in the company, valued at $8,308,189.60. This represents a 4.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 55,387 shares of company stock valued at $710,656. Insiders own 3.20% of the company's stock.

Energy Recovery Trading Down 1.7%

Energy Recovery stock opened at $14.10 on Thursday. The company has a fifty day simple moving average of $13.72 and a 200-day simple moving average of $14.11. The stock has a market cap of $750.12 million, a P/E ratio of 33.57 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.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. B. Riley increased their target price on shares of Energy Recovery from $12.50 to $14.00 and gave the stock 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 note on Tuesday, May 20th. Finally, Wall Street Zen cut Energy Recovery from a "buy" rating to a "hold" rating in a research note on Thursday, May 8th. Two equities research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $18.67.

About Energy Recovery

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.

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