New York State Common Retirement Fund Decreases Stock Holdings in Energy Recovery, Inc. (NASDAQ:ERII)

New York State Common Retirement Fund trimmed its position in shares of Energy Recovery, Inc. (NASDAQ:ERII) by 0.6% in the 1st quarter, HoldingsChannel.com reports. The fund owned 578,413 shares of the industrial products company’s stock after selling 3,400 shares during the quarter. New York State Common Retirement Fund’s holdings in Energy Recovery were worth $9,191,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Bank of Montreal Can lifted its holdings in Energy Recovery by 99.0% in the 4th quarter. Bank of Montreal Can now owns 49,358 shares of the industrial products company’s stock worth $726,000 after buying an additional 24,555 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Energy Recovery by 1.5% during 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 acquiring an additional 6,834 shares in the last quarter. Rhumbline Advisers lifted its stake in Energy Recovery by 7.5% in the first quarter. Rhumbline Advisers now owns 83,125 shares of the industrial products company’s stock worth $1,321,000 after acquiring an additional 5,781 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in Energy Recovery by 9.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 38,275 shares of the industrial products company’s stock valued at $563,000 after acquiring an additional 3,364 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new stake in Energy Recovery in the fourth quarter valued at $860,000. 83.58% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Fearnley Fonds raised shares of Energy Recovery from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 20th. Wall Street Zen downgraded shares of Energy Recovery from a “buy” rating to a “hold” rating in a research note on Thursday, May 8th. Finally, B. Riley cut Energy Recovery from a “buy” rating to a “neutral” rating and cut their price objective for the company from $20.00 to $12.50 in a research report on Thursday, May 8th. Two equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $18.17.

Insider Transactions at Energy Recovery

In other news, CEO David W. Moon bought 4,200 shares of the firm’s stock in a transaction on Tuesday, May 13th. The stock was acquired at an average cost of $12.20 per share, with a total value of $51,240.00. Following the completion of the acquisition, the chief executive officer owned 36,950 shares of the company’s stock, valued at approximately $450,790. This represents a 12.82% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Pamela L. Tondreau purchased 4,200 shares of the business’s stock in a transaction dated Wednesday, May 14th. The shares were purchased at an average price of $12.28 per share, for a total transaction of $51,576.00. Following the acquisition, the director owned 41,043 shares of the company’s stock, valued at approximately $504,008.04. The trade was a 11.40% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 3.20% of the company’s stock.

Energy Recovery Trading Down 0.8%

Shares of Energy Recovery stock opened at $13.54 on Friday. Energy Recovery, Inc. has a 12 month low of $10.86 and a 12 month high of $20.27. The firm has a market capitalization of $737.92 million, a P/E ratio of 36.59 and a beta of 1.01. The business has a fifty day simple moving average of $12.68 and a two-hundred day simple moving average of $14.25.

Energy Recovery (NASDAQ:ERII) last issued its quarterly earnings results on Wednesday, May 7th. The industrial products company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.16). Energy Recovery had a net margin of 15.21% and a return on equity of 9.96%. The business had revenue of $8.07 million for the quarter, compared to analysts’ expectations of $21.97 million. During the same period last year, the business earned ($0.08) earnings per share. The company’s revenue was down 33.1% on a year-over-year basis. Analysts predict that Energy Recovery, Inc. will post 0.36 earnings per share for the current year.

Energy Recovery Profile

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.