Skandinaviska Enskilda Banken AB publ Reduces Holdings in Energy Recovery, Inc. (NASDAQ:ERII)

Skandinaviska Enskilda Banken AB publ lowered its stake in shares of Energy Recovery, Inc. (NASDAQ:ERII) by 3.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 31,263 shares of the industrial products company’s stock after selling 1,216 shares during the quarter. Skandinaviska Enskilda Banken AB publ owned about 0.05% of Energy Recovery worth $476,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of ERII. Avanza Fonder AB bought a new position in shares of Energy Recovery in the 4th quarter worth approximately $107,000. Inspire Investing LLC raised its holdings in Energy Recovery by 14.8% in the fourth quarter. Inspire Investing LLC now owns 27,801 shares of the industrial products company’s stock worth $409,000 after purchasing an additional 3,594 shares in the last quarter. Manchester Capital Management LLC lifted its position in Energy Recovery by 2.9% during the fourth quarter. Manchester Capital Management LLC now owns 29,174 shares of the industrial products company’s stock valued at $429,000 after buying an additional 830 shares during the period. Keene & Associates Inc. boosted its holdings in shares of Energy Recovery by 15.5% during the 4th quarter. Keene & Associates Inc. now owns 32,604 shares of the industrial products company’s stock valued at $479,000 after buying an additional 4,375 shares in the last quarter. Finally, HighTower Advisors LLC grew its position in shares of Energy Recovery by 10.6% in the 3rd quarter. HighTower Advisors LLC now owns 33,239 shares of the industrial products company’s stock worth $578,000 after buying an additional 3,176 shares during the period. 83.58% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ERII. Seaport Res Ptn raised shares of Energy Recovery to a “strong-buy” rating in a research report on Thursday, December 5th. Scotiabank assumed coverage on shares of Energy Recovery in a report on Thursday, December 5th. They set a “buy” rating and a $22.00 target price for the company. B. Riley cut their price target on Energy Recovery from $22.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, November 19th. Finally, Evercore ISI lowered their price objective on Energy Recovery from $23.00 to $20.00 and set an “outperform” rating for the company in a research note on Tuesday, November 19th. Two research analysts have rated the stock with a hold rating, three have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Energy Recovery has a consensus rating of “Buy” and a consensus target price of $20.75.

Energy Recovery Stock Performance

Shares of NASDAQ ERII opened at $15.80 on Tuesday. The company has a market cap of $868.29 million, a PE ratio of 46.47 and a beta of 1.21. The firm’s 50 day moving average price is $14.98 and its 200-day moving average price is $16.14. Energy Recovery, Inc. has a 52-week low of $12.26 and a 52-week high of $20.27.

Energy Recovery (NASDAQ:ERII) last posted its earnings results on Wednesday, February 26th. The industrial products company reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.01). The business had revenue of $67.08 million during the quarter, compared to the consensus estimate of $67.39 million. Energy Recovery had a return on equity of 8.90% and a net margin of 14.35%. On average, analysts forecast that Energy Recovery, Inc. will post 0.36 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Arve Hanstveit sold 50,000 shares of the firm’s 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 sale, the director now owns 693,182 shares in the company, valued at approximately $11,326,593.88. This trade represents a 6.73 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Rodney Clemente sold 21,444 shares of the business’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $15.42, for a total transaction of $330,666.48. Following the sale, the senior vice president now owns 111,109 shares of the company’s stock, valued at approximately $1,713,300.78. This represents a 16.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.10% of the stock is 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.