Raymond James Financial Inc. Makes New Investment in Energy Recovery, Inc. (NASDAQ:ERII)

Raymond James Financial Inc. acquired a new stake in Energy Recovery, Inc. (NASDAQ:ERII - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 390,516 shares of the industrial products company's stock, valued at approximately $5,741,000. Raymond James Financial Inc. owned about 0.67% of Energy Recovery as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ERII. Bank of Montreal Can raised its position in shares of Energy Recovery by 99.0% in the fourth quarter. Bank of Montreal Can now owns 49,358 shares of the industrial products company's stock valued at $726,000 after buying an additional 24,555 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Energy Recovery by 4.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,358,620 shares of the industrial products company's stock worth $23,631,000 after purchasing an additional 56,306 shares during the last quarter. Barclays PLC grew its position in shares of Energy Recovery by 376.6% in the third quarter. Barclays PLC now owns 96,677 shares of the industrial products company's stock valued at $1,681,000 after purchasing an additional 76,393 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Energy Recovery by 1.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 475,473 shares of the industrial products company's stock valued at $6,989,000 after purchasing an additional 6,834 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in Energy Recovery by 66.6% during the third quarter. JPMorgan Chase & Co. now owns 274,893 shares of the industrial products company's stock worth $4,780,000 after buying an additional 109,847 shares in the last quarter. Hedge funds and other institutional investors own 83.58% of the company's stock.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded Energy Recovery from a "hold" rating to a "buy" rating in a report on Saturday, March 29th. One analyst has rated the stock with a hold rating, four have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, Energy Recovery has an average rating of "Buy" and an average target price of $20.75.

Energy Recovery Price Performance

ERII traded up $0.05 during trading hours on Wednesday, reaching $15.45. The company's stock had a trading volume of 368,939 shares, compared to its average volume of 408,014. The stock has a market cap of $845.98 million, a PE ratio of 45.44 and a beta of 1.05. Energy Recovery, Inc. has a fifty-two week low of $12.26 and a fifty-two week high of $20.27. The business's 50-day moving average is $15.42 and its 200-day moving average is $15.84.

Energy Recovery (NASDAQ:ERII - Get Free Report) last announced its quarterly earnings results on Wednesday, February 26th. The industrial products company reported $0.41 EPS for the quarter, missing the consensus estimate of $0.42 by ($0.01). The business had revenue of $67.08 million during the quarter, compared to analyst estimates of $67.39 million. Energy Recovery had a net margin of 14.35% and a return on equity of 8.90%. Analysts expect that Energy Recovery, Inc. will post 0.36 EPS for the current year.

Insiders Place Their Bets

In other news, SVP Rodney Clemente sold 21,444 shares of the company's stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $15.42, for a total value of $330,666.48. Following the transaction, the senior vice president now directly owns 111,109 shares in the company, valued at approximately $1,713,300.78. This represents a 16.18 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Arve Hanstveit sold 50,000 shares of Energy Recovery stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $16.34, for a total transaction of $817,000.00. Following the completion of the sale, the director now owns 693,182 shares of the company's stock, valued at $11,326,593.88. This trade represents 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 insiders.

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.