Wellington Management Group LLP Sells 43,617 Shares of Energy Recovery, Inc. (NASDAQ:ERII)

Wellington Management Group LLP reduced its stake in shares of Energy Recovery, Inc. (NASDAQ:ERII) by 13.6% in the third quarter, according to its most recent filing with the SEC. The fund owned 276,911 shares of the industrial products company’s stock after selling 43,617 shares during the period. Wellington Management Group LLP’s holdings in Energy Recovery were worth $4,815,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Hantz Financial Services Inc. bought a new stake in Energy Recovery during the second quarter worth about $26,000. CWM LLC lifted its position in Energy Recovery by 5,032.5% in the 3rd quarter. CWM LLC now owns 4,260 shares of the industrial products company’s stock worth $74,000 after buying an additional 4,177 shares during the last quarter. Pinnacle Associates Ltd. purchased a new stake in Energy Recovery in the third quarter worth approximately $193,000. AXA S.A. bought a new position in Energy Recovery during the second quarter valued at approximately $149,000. Finally, AQR Capital Management LLC raised its stake in shares of Energy Recovery by 19.8% during the second quarter. AQR Capital Management LLC now owns 11,998 shares of the industrial products company’s stock worth $159,000 after acquiring an additional 1,986 shares in the last quarter. 83.58% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently commented on ERII shares. Fearnley Fonds lowered shares of Energy Recovery from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 6th. B. Riley decreased their price objective on Energy Recovery from $22.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, November 19th. Seaport Res Ptn upgraded Energy Recovery to a “strong-buy” rating in a report on Thursday, December 5th. Evercore ISI decreased their price target on Energy Recovery from $23.00 to $20.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 19th. Finally, Scotiabank assumed coverage on Energy Recovery in a research note on Thursday, December 5th. They set a “buy” rating and a $22.00 price objective for the company. Two analysts have rated the stock with a hold rating, three have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $20.75.

Energy Recovery Stock Performance

NASDAQ ERII opened at $16.19 on Tuesday. Energy Recovery, Inc. has a fifty-two week low of $12.26 and a fifty-two week high of $20.27. The stock has a market cap of $937.30 million, a P/E ratio of 47.62 and a beta of 1.18. The stock has a 50 day simple moving average of $17.50 and a two-hundred day simple moving average of $15.99.

Energy Recovery (NASDAQ:ERII) last released its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.01. Energy Recovery had a net margin of 14.35% and a return on equity of 8.90%. The business had revenue of $38.60 million for the quarter, compared to analysts’ expectations of $37.37 million. During the same quarter in the previous year, the business posted $0.17 earnings per share. The firm’s revenue for the quarter was up 4.3% compared to the same quarter last year. Sell-side analysts predict that Energy Recovery, Inc. will post 0.39 earnings per share for the current year.

Insider Buying and Selling

In related news, SVP Rodney Clemente sold 4,207 shares of the company’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $20.06, for a total value of $84,392.42. Following the sale, the senior vice president now directly owns 106,367 shares of the company’s stock, valued at $2,133,722.02. This represents a 3.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO David W. Moon sold 2,550 shares of the firm’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $17.97, for a total value of $45,823.50. Following the transaction, the chief executive officer now directly owns 87,101 shares of the company’s stock, valued at $1,565,204.97. This represents a 2.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 43,406 shares of company stock valued at $828,688 over the last three months. Corporate insiders own 4.10% of the company’s stock.

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.