Millennium Management LLC Increases Stock Holdings in Energy Recovery, Inc. (NASDAQ:ERII)

Millennium Management LLC lifted its stake in shares of Energy Recovery, Inc. (NASDAQ:ERII) by 130.3% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 356,595 shares of the industrial products company’s stock after acquiring an additional 201,770 shares during the period. Millennium Management LLC’s holdings in Energy Recovery were worth $4,739,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of ERII. Anchor Capital Management Company LLC increased its holdings in shares of Energy Recovery by 18.2% in the 2nd quarter. Anchor Capital Management Company LLC now owns 420,081 shares of the industrial products company’s stock valued at $5,583,000 after acquiring an additional 64,581 shares during the last quarter. AQR Capital Management LLC increased its stake in Energy Recovery by 19.8% during the 2nd quarter. AQR Capital Management LLC now owns 11,998 shares of the industrial products company’s stock valued at $159,000 after buying an additional 1,986 shares during the period. AXA S.A. acquired a new position in shares of Energy Recovery in the 2nd quarter worth approximately $149,000. Squarepoint Ops LLC grew its stake in shares of Energy Recovery by 18.0% in the 2nd quarter. Squarepoint Ops LLC now owns 238,322 shares of the industrial products company’s stock worth $3,167,000 after purchasing an additional 36,309 shares during the last quarter. Finally, Bank of Montreal Can increased its position in shares of Energy Recovery by 450.8% in the second quarter. Bank of Montreal Can now owns 101,351 shares of the industrial products company’s stock worth $1,348,000 after acquiring an additional 82,950 shares in the last quarter. 83.58% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Energy Recovery

In related news, CEO David W. Moon purchased 3,000 shares of the stock in a transaction dated Monday, August 5th. The stock was bought at an average cost of $16.00 per share, with a total value of $48,000.00. Following the purchase, the chief executive officer now directly owns 32,750 shares in the company, valued at $524,000. The trade was a 0.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. In other Energy Recovery news, CEO David W. Moon bought 3,000 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was acquired at an average cost of $16.00 per share, with a total value of $48,000.00. Following the purchase, the chief executive officer now owns 32,750 shares in the company, valued at $524,000. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Rodney Clemente sold 2,353 shares of the stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $14.63, for a total value of $34,424.39. Following the sale, the senior vice president now directly owns 140,328 shares of the company’s stock, valued at approximately $2,052,998.64. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 8,444 shares of company stock worth $123,536. Company insiders own 4.10% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Raymond James upgraded shares of Energy Recovery from an “outperform” rating to a “strong-buy” rating and set a $21.00 price target for the company in a report on Tuesday, July 9th. StockNews.com upgraded shares of Energy Recovery from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st.

Energy Recovery Price Performance

Shares of Energy Recovery stock opened at $18.65 on Friday. The firm has a market capitalization of $1.07 billion, a PE ratio of 54.85 and a beta of 1.23. The company’s fifty day moving average price is $16.84 and its two-hundred day moving average price is $14.97. Energy Recovery, Inc. has a 52-week low of $12.26 and a 52-week high of $20.69.

Energy Recovery (NASDAQ:ERII) last issued its quarterly earnings results on Wednesday, July 31st. The industrial products company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.10. The business had revenue of $27.20 million for the quarter, compared to the consensus estimate of $23.36 million. Energy Recovery had a net margin of 15.40% and a return on equity of 9.88%. Analysts predict that Energy Recovery, Inc. will post 0.37 earnings per share for the current fiscal 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.