Lagoda Investment Management L.P. Decreases Stock Holdings in Energy Recovery, Inc. (NASDAQ:ERII)

Lagoda Investment Management L.P. trimmed its position in shares of Energy Recovery, Inc. (NASDAQ:ERII) by 7.8% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 190,770 shares of the industrial products company’s stock after selling 16,095 shares during the quarter. Energy Recovery comprises about 1.5% of Lagoda Investment Management L.P.’s investment portfolio, making the stock its 16th largest holding. Lagoda Investment Management L.P.’s holdings in Energy Recovery were worth $2,804,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Nebula Research & Development LLC lifted its position in shares of Energy Recovery by 6.3% during the fourth quarter. Nebula Research & Development LLC now owns 11,577 shares of the industrial products company’s stock valued at $170,000 after buying an additional 687 shares during the last quarter. Manchester Capital Management LLC increased its holdings in shares of Energy Recovery by 2.9% during the fourth quarter. Manchester Capital Management LLC now owns 29,174 shares of the industrial products company’s stock valued at $429,000 after acquiring an additional 830 shares in the last quarter. DnB Asset Management AS increased its holdings in shares of Energy Recovery by 2.9% during the fourth quarter. DnB Asset Management AS now owns 37,395 shares of the industrial products company’s stock valued at $550,000 after acquiring an additional 1,050 shares in the last quarter. Nordea Investment Management AB increased its holdings in shares of Energy Recovery by 1.3% during the fourth quarter. Nordea Investment Management AB now owns 125,719 shares of the industrial products company’s stock valued at $1,859,000 after acquiring an additional 1,618 shares in the last quarter. Finally, Van ECK Associates Corp increased its holdings in shares of Energy Recovery by 1.9% during the fourth quarter. Van ECK Associates Corp now owns 97,985 shares of the industrial products company’s stock valued at $1,440,000 after acquiring an additional 1,808 shares in the last quarter. 83.58% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on ERII shares. B. Riley downgraded shares of Energy Recovery from a “buy” rating to a “neutral” rating and cut their price objective for the company from $20.00 to $12.50 in a report on Thursday. StockNews.com downgraded shares of Energy Recovery from a “buy” rating to a “hold” rating in a report on Thursday. Three equities research analysts have rated the stock with a hold rating, two have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $18.88.

Insider Buying and Selling

In other news, Director Arve Hanstveit sold 50,000 shares of the firm’s stock in a transaction that occurred 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 sale, the director now owns 693,182 shares of the company’s stock, valued at $11,326,593.88. This trade represents a 6.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Rodney Clemente sold 21,444 shares of the firm’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $15.42, for a total transaction of $330,666.48. Following the sale, the senior vice president now directly owns 111,109 shares in the company, valued at $1,713,300.78. The trade was a 16.18% decrease in their position. The disclosure for this sale can be found here. 4.10% of the stock is owned by corporate insiders.

Energy Recovery Trading Down 7.3%

Shares of NASDAQ:ERII opened at $11.36 on Monday. Energy Recovery, Inc. has a twelve month low of $10.86 and a twelve month high of $20.27. The company’s 50 day moving average is $15.35 and its 200 day moving average is $15.61. The company has a market cap of $622.03 million, a PE ratio of 33.41 and a beta of 1.09.

Energy Recovery (NASDAQ:ERII) last issued its quarterly earnings results on Wednesday, May 7th. The industrial products company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.16). Energy Recovery had a return on equity of 8.90% and a net margin of 14.35%. The business had revenue of $8.07 million during the quarter, compared to analyst estimates of $21.97 million. During the same quarter last year, the company posted ($0.08) EPS. Energy Recovery’s quarterly revenue was down 33.1% compared to the same quarter last year. Equities research analysts predict that Energy Recovery, Inc. will post 0.36 earnings per share for the current fiscal year.

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.