Diamond Hill Capital Management Inc. Has $23.62 Million Stake in Energy Recovery, Inc. (NASDAQ:ERII)

Diamond Hill Capital Management Inc. trimmed its position in shares of Energy Recovery, Inc. (NASDAQ:ERII) by 16.3% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 1,606,982 shares of the industrial products company’s stock after selling 314,027 shares during the period. Diamond Hill Capital Management Inc.’s holdings in Energy Recovery were worth $23,623,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of ERII. Alpha Wave Global LP grew its stake in Energy Recovery by 93.0% during the third quarter. Alpha Wave Global LP now owns 1,171,586 shares of the industrial products company’s stock worth $20,374,000 after buying an additional 564,463 shares in the last quarter. Raymond James Financial Inc. bought a new position in Energy Recovery in the fourth quarter valued at about $5,741,000. Baillie Gifford & Co. grew its position in Energy Recovery by 27.8% in the fourth quarter. Baillie Gifford & Co. now owns 1,119,841 shares of the industrial products company’s stock valued at $16,462,000 after acquiring an additional 243,653 shares during the last quarter. KBC Group NV grew its position in Energy Recovery by 14.1% in the third quarter. KBC Group NV now owns 1,238,219 shares of the industrial products company’s stock valued at $21,533,000 after acquiring an additional 153,381 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its position in Energy Recovery by 66.6% in the third quarter. JPMorgan Chase & Co. now owns 274,893 shares of the industrial products company’s stock valued at $4,780,000 after acquiring an additional 109,847 shares during the last quarter. 83.58% of the stock is currently owned by institutional investors and hedge funds.

Energy Recovery Stock Down 1.5 %

Shares of ERII stock opened at $15.99 on Friday. The firm has a market capitalization of $878.73 million, a P/E ratio of 47.03 and a beta of 1.21. Energy Recovery, Inc. has a twelve month low of $12.26 and a twelve month high of $20.27. The stock’s fifty day simple moving average is $14.95 and its 200 day simple moving average is $16.17.

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

Insider Buying and Selling

In other news, SVP Rodney Clemente sold 21,444 shares of the company’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $15.42, for a total value of $330,666.48. Following the sale, the senior vice president now directly 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Arve Hanstveit sold 50,000 shares of the company’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $16.34, for a total transaction of $817,000.00. Following the completion of the sale, the director now directly owns 693,182 shares in the company, valued at approximately $11,326,593.88. This represents a 6.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.10% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Evercore ISI decreased their target price on Energy Recovery from $23.00 to $20.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 19th. B. Riley decreased their target price on Energy Recovery from $22.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, November 19th. Seaport Res Ptn upgraded Energy Recovery to a “strong-buy” rating in a research report on Thursday, December 5th. Finally, 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 equities 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 company’s stock. Based on data from MarketBeat, Energy Recovery currently has an average rating of “Buy” and an average target price of $20.75.

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.