Millennium Management LLC bought a new stake in Energy Recovery, Inc. (NASDAQ:ERII) in the 2nd quarter, Holdings Channel reports. The institutional investor bought 128,881 shares of the industrial products company’s stock, valued at approximately $1,041,000.
Other hedge funds have also recently made changes to their positions in the company. Aristotle Atlantic Partners LLC acquired a new position in Energy Recovery in the 2nd quarter valued at about $121,000. Aperio Group LLC acquired a new position in Energy Recovery in the 2nd quarter valued at about $132,000. Dimensional Fund Advisors LP acquired a new position in Energy Recovery in the 2nd quarter valued at about $250,000. Manchester Capital Management LLC raised its stake in Energy Recovery by 55.9% in the 2nd quarter. Manchester Capital Management LLC now owns 31,613 shares of the industrial products company’s stock valued at $255,000 after purchasing an additional 11,338 shares during the last quarter. Finally, SFE Investment Counsel raised its stake in Energy Recovery by 86.7% in the 2nd quarter. SFE Investment Counsel now owns 55,600 shares of the industrial products company’s stock valued at $449,000 after purchasing an additional 25,823 shares during the last quarter. 36.99% of the stock is owned by hedge funds and other institutional investors.
Shares of ERII stock opened at $9.18 on Monday. Energy Recovery, Inc. has a twelve month low of $6.17 and a twelve month high of $11.30. The stock has a market capitalization of $494.46 million, a P/E ratio of 131.14 and a beta of 5.54. The company has a debt-to-equity ratio of 0.12, a current ratio of 4.22 and a quick ratio of 3.99.
Energy Recovery (NASDAQ:ERII) last posted its quarterly earnings results on Friday, November 2nd. The industrial products company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.05 by $0.03. The company had revenue of $22.20 million during the quarter, compared to analysts’ expectations of $20.63 million. Energy Recovery had a return on equity of 12.63% and a net margin of 48.60%. The firm’s revenue was up 29.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.03 EPS. On average, analysts expect that Energy Recovery, Inc. will post 0.18 EPS for the current year.
ERII has been the subject of several analyst reports. Zacks Investment Research raised shares of Energy Recovery from a “hold” rating to a “strong-buy” rating and set a $10.00 target price for the company in a research note on Wednesday, September 19th. B. Riley set a $20.00 target price on shares of Energy Recovery and gave the company a “buy” rating in a research note on Monday, August 6th. BidaskClub downgraded shares of Energy Recovery from a “sell” rating to a “strong sell” rating in a research note on Tuesday, October 9th. TheStreet raised shares of Energy Recovery from a “c” rating to a “b-” rating in a research note on Tuesday, August 28th. Finally, ValuEngine downgraded shares of Energy Recovery from a “buy” rating to a “hold” rating in a research note on Friday, August 3rd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $14.13.
In other Energy Recovery news, VP Nocair Bensalah sold 31,404 shares of Energy Recovery stock in a transaction dated Monday, October 1st. The stock was sold at an average price of $8.77, for a total value of $275,413.08. Following the completion of the sale, the vice president now owns 95,000 shares in the company, valued at approximately $833,150. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 23.80% of the stock is owned by insiders.
Energy Recovery Company Profile
Energy Recovery, Inc provides energy solutions to industrial fluid flow markets under the ERI, PX, Pressure Exchanger, PX Pressure Exchanger, AT, AquaBold, VorTeq, MTeq, IsoBoost, and IsoGen names worldwide. The company operates through Water and Oil & Gas segments. It offers pressure exchanger energy recovery devices for water desalination plants; hydraulic turbochargers for low-pressure brackish, high-pressure seawater reverse osmosis systems, and other water treatment applications; and high-pressure and circulation pumps for low and high-pressure reverse osmosis systems.
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