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

KLP Kapitalforvaltning AS acquired a new position in shares of Energy Recovery, Inc. (NASDAQ:ERII) in the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 317,700 shares of the industrial products company’s stock, valued at approximately $4,670,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Avanza Fonder AB bought a new stake in Energy Recovery during the fourth quarter worth $107,000. Intech Investment Management LLC bought a new stake in shares of Energy Recovery in the 4th quarter worth $388,000. Inspire Investing LLC grew its stake in shares of Energy Recovery by 14.8% in the 4th quarter. Inspire Investing LLC now owns 27,801 shares of the industrial products company’s stock worth $409,000 after acquiring an additional 3,594 shares in the last quarter. Manchester Capital Management LLC raised its holdings in shares of Energy Recovery by 2.9% in the fourth quarter. Manchester Capital Management LLC now owns 29,174 shares of the industrial products company’s stock valued at $429,000 after purchasing an additional 830 shares during the last quarter. Finally, Keene & Associates Inc. lifted its position in shares of Energy Recovery by 15.5% during the fourth quarter. Keene & Associates Inc. now owns 32,604 shares of the industrial products company’s stock valued at $479,000 after purchasing an additional 4,375 shares in the last quarter. 83.58% of the stock is owned by hedge funds and other institutional investors.

Energy Recovery Stock Performance

Shares of ERII opened at $16.60 on Wednesday. The firm has a market cap of $912.25 million, a P/E ratio of 48.82 and a beta of 1.21. Energy Recovery, Inc. has a fifty-two week low of $12.26 and a fifty-two week high of $20.27. The business has a 50-day moving average of $15.22 and a 200 day moving average of $16.18.

Energy Recovery (NASDAQ:ERII) last posted its quarterly earnings results on Wednesday, February 26th. The industrial products company reported $0.41 earnings per share (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 the consensus estimate of $67.39 million. Energy Recovery had a net margin of 14.35% and a return on equity of 8.90%. As a group, research analysts predict that Energy Recovery, Inc. will post 0.36 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have commented on ERII. Scotiabank started coverage on shares of Energy Recovery in a research note on Thursday, December 5th. They issued a “buy” rating and a $22.00 price objective for the company. Seaport Res Ptn raised Energy Recovery to a “strong-buy” rating in a research report on Thursday, December 5th. Two analysts have rated the stock with a hold rating, three have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $20.75.

Insiders Place Their Bets

In related news, Director Arve Hanstveit sold 50,000 shares of the business’s stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $16.34, for a total transaction of $817,000.00. Following the sale, the director now directly owns 693,182 shares in the company, valued at approximately $11,326,593.88. The trade was a 6.73 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 transaction, 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 position. The disclosure for this sale can be found here. Company insiders own 4.10% of the company’s stock.

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.