Pinnacle Associates Ltd. Buys 119,445 Shares of Energy Recovery, Inc. $ERII

Pinnacle Associates Ltd. boosted its stake in shares of Energy Recovery, Inc. (NASDAQ:ERII) by 42.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 399,171 shares of the industrial products company’s stock after buying an additional 119,445 shares during the quarter. Pinnacle Associates Ltd. owned approximately 0.73% of Energy Recovery worth $5,101,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Ameriprise Financial Inc. lifted its holdings in Energy Recovery by 3.7% during the 1st quarter. Ameriprise Financial Inc. now owns 5,138,893 shares of the industrial products company’s stock valued at $81,657,000 after buying an additional 184,942 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Energy Recovery by 7.5% during the 1st quarter. Vanguard Group Inc. now owns 3,494,872 shares of the industrial products company’s stock valued at $55,534,000 after buying an additional 242,494 shares in the last quarter. Select Equity Group L.P. lifted its holdings in Energy Recovery by 403.5% during the 1st quarter. Select Equity Group L.P. now owns 667,157 shares of the industrial products company’s stock valued at $10,601,000 after buying an additional 534,662 shares in the last quarter. KLP Kapitalforvaltning AS lifted its holdings in Energy Recovery by 33.0% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 411,911 shares of the industrial products company’s stock valued at $5,264,000 after buying an additional 102,311 shares in the last quarter. Finally, Kopion Asset Management LLC bought a new stake in Energy Recovery during the 2nd quarter valued at about $3,870,000. Institutional investors own 83.58% of the company’s stock.

Energy Recovery Stock Down 0.1%

Shares of Energy Recovery stock opened at $17.11 on Friday. The firm’s 50 day moving average price is $15.52 and its 200-day moving average price is $14.16. Energy Recovery, Inc. has a 52-week low of $10.86 and a 52-week high of $20.27. The company has a market cap of $910.22 million, a P/E ratio of 40.74 and a beta of 1.02.

Insider Activity

In other news, insider William Yeung sold 33,554 shares of Energy Recovery stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $14.51, for a total value of $486,868.54. Following the transaction, the insider owned 97,369 shares of the company’s stock, valued at $1,412,824.19. The trade was a 25.63% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Over the last quarter, insiders have sold 72,333 shares of company stock valued at $1,122,195. 3.20% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on ERII shares. CJS Securities started coverage on shares of Energy Recovery in a report on Tuesday, September 16th. They issued a “market outperform” rating and a $19.00 price target for the company. B. Riley boosted their price target on shares of Energy Recovery from $12.50 to $14.00 and gave the company a “neutral” rating in a report on Thursday, August 7th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Energy Recovery in a report on Tuesday, October 14th. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $18.75.

Energy Recovery Company 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.