Jennison Associates LLC Sells 818,677 Shares of Energy Recovery, Inc. (NASDAQ:ERII)

Jennison Associates LLC reduced its holdings in shares of Energy Recovery, Inc. (NASDAQ:ERII - Free Report) by 53.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 703,218 shares of the industrial products company's stock after selling 818,677 shares during the quarter. Jennison Associates LLC owned approximately 1.24% of Energy Recovery worth $13,249,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Millburn Ridgefield Corp purchased a new stake in shares of Energy Recovery in the third quarter valued at $29,000. Catalyst Capital Advisors LLC acquired a new stake in shares of Energy Recovery during the 3rd quarter worth about $29,000. Clear Street Markets LLC purchased a new stake in shares of Energy Recovery during the third quarter worth about $33,000. Sentry Investment Management LLC acquired a new position in shares of Energy Recovery in the fourth quarter valued at approximately $117,000. Finally, Commonwealth Equity Services LLC lifted its stake in shares of Energy Recovery by 7.3% during the third quarter. Commonwealth Equity Services LLC now owns 12,223 shares of the industrial products company's stock valued at $259,000 after buying an additional 830 shares during the period. 83.58% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Evercore ISI lowered their price target on Energy Recovery from $26.00 to $24.00 and set an "outperform" rating for the company in a research report on Wednesday, February 28th.

Insiders Place Their Bets

In other Energy Recovery news, Director Robert Yu Lang Mao sold 38,025 shares of the stock in a transaction on Friday, March 1st. The shares were sold at an average price of $16.21, for a total transaction of $616,385.25. Following the sale, the director now directly owns 176,112 shares of the company's stock, valued at $2,854,775.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO David W. Moon acquired 10,750 shares of Energy Recovery stock in a transaction that occurred on Tuesday, February 27th. The stock was acquired at an average price of $15.51 per share, for a total transaction of $166,732.50. Following the transaction, the chief executive officer now directly owns 19,250 shares of the company's stock, valued at approximately $298,567.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Robert Yu Lang Mao sold 38,025 shares of the stock in a transaction on Friday, March 1st. The stock was sold at an average price of $16.21, for a total value of $616,385.25. Following the completion of the sale, the director now directly owns 176,112 shares in the company, valued at $2,854,775.52. The disclosure for this sale can be found here. Insiders have sold a total of 96,457 shares of company stock valued at $1,519,283 in the last quarter. Insiders own 4.70% of the company's stock.

Energy Recovery Trading Up 0.1 %

NASDAQ:ERII traded up $0.01 during mid-day trading on Friday, hitting $14.20. The company had a trading volume of 257,148 shares, compared to its average volume of 448,708. Energy Recovery, Inc. has a 1 year low of $13.41 and a 1 year high of $30.76. The firm has a market capitalization of $814.09 million, a price-to-earnings ratio of 38.35 and a beta of 1.27. The business has a fifty day simple moving average of $14.98 and a 200-day simple moving average of $16.80.

Energy Recovery (NASDAQ:ERII - Get Free Report) last issued its quarterly earnings data on Wednesday, February 21st. The industrial products company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.02). The firm had revenue of $57.19 million during the quarter, compared to analyst estimates of $63.57 million. Energy Recovery had a net margin of 16.75% and a return on equity of 11.99%. The firm's revenue was up 35.2% compared to the same quarter last year. During the same period last year, the business earned $0.24 EPS. As a group, research analysts anticipate that Energy Recovery, Inc. will post 0.42 earnings per share for the current year.

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.