KLP Kapitalforvaltning AS Acquires Shares of 317,700 Energy Recovery, Inc. (NASDAQ:ERII)

KLP Kapitalforvaltning AS bought a new stake in Energy Recovery, Inc. (NASDAQ:ERII) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm bought 317,700 shares of the industrial products company’s stock, valued at approximately $4,670,000. KLP Kapitalforvaltning AS owned approximately 0.55% of Energy Recovery as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Charles Schwab Investment Management Inc. boosted its stake in Energy Recovery by 1.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 468,639 shares of the industrial products company’s stock valued at $8,150,000 after buying an additional 7,440 shares in the last quarter. Alpha Wave Global LP boosted its stake in shares of Energy Recovery by 93.0% in the 3rd quarter. Alpha Wave Global LP now owns 1,171,586 shares of the industrial products company’s stock valued at $20,374,000 after purchasing an additional 564,463 shares in the last quarter. HighTower Advisors LLC boosted its stake 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 valued at $578,000 after purchasing an additional 3,176 shares in the last quarter. Barclays PLC grew its holdings in shares of Energy Recovery by 376.6% during the 3rd 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 during the last quarter. Finally, Geode Capital Management LLC increased its position in 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 in the last quarter. Institutional investors own 83.58% of the company’s stock.

Energy Recovery Stock Performance

Shares of NASDAQ:ERII opened at $16.60 on Wednesday. Energy Recovery, Inc. has a 52 week low of $12.26 and a 52 week high of $20.27. The firm has a market cap of $912.25 million, a PE ratio of 48.82 and a beta of 1.21. The firm’s fifty day moving average is $15.22 and its 200-day moving average is $16.18.

Energy Recovery (NASDAQ:ERII) last released its quarterly 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). Energy Recovery had a net margin of 14.35% and a return on equity of 8.90%. The company had revenue of $67.08 million during the quarter, compared to the consensus estimate of $67.39 million. Sell-side analysts forecast that Energy Recovery, Inc. will post 0.36 EPS for the current year.

Insider Buying and Selling at Energy Recovery

In other news, SVP Rodney Clemente sold 21,444 shares of the firm’s stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $15.42, for a total value of $330,666.48. Following the completion of the sale, the senior vice president now directly owns 111,109 shares in the company, valued at $1,713,300.78. This trade represents a 16.18 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Arve Hanstveit sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $16.34, for a total value of $817,000.00. Following the transaction, the director now directly 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 disclosure for this sale can be found here. Insiders own 4.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on ERII shares. Seaport Res Ptn raised shares of Energy Recovery to a “strong-buy” rating in a research note on Thursday, December 5th. Scotiabank began coverage on Energy Recovery in a research report on Thursday, December 5th. They set a “buy” rating and a $22.00 price objective on the stock. Two research analysts have rated the stock with a hold rating, three have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $20.75.

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.