Jennison Associates LLC Sells 818,677 Shares of Energy Recovery, Inc. (NASDAQ:ERII)

Jennison Associates LLC lowered its position in Energy Recovery, Inc. (NASDAQ:ERII) by 53.8% in the fourth quarter, Holdings Channel.com reports. The fund owned 703,218 shares of the industrial products company’s stock after selling 818,677 shares during the period. Jennison Associates LLC’s holdings in Energy Recovery were worth $13,249,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Barclays PLC raised its position in Energy Recovery by 8.2% in the third quarter. Barclays PLC now owns 21,940 shares of the industrial products company’s stock worth $466,000 after purchasing an additional 1,671 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Energy Recovery by 3.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 433,655 shares of the industrial products company’s stock valued at $9,198,000 after acquiring an additional 13,247 shares in the last quarter. FMR LLC increased its position in Energy Recovery by 376.4% during the third quarter. FMR LLC now owns 3,910,978 shares of the industrial products company’s stock worth $82,952,000 after acquiring an additional 3,090,086 shares during the period. Invesco Ltd. raised its stake in Energy Recovery by 4.6% in the 3rd quarter. Invesco Ltd. now owns 891,312 shares of the industrial products company’s stock worth $18,905,000 after purchasing an additional 39,310 shares in the last quarter. Finally, Raymond James & Associates grew its position in shares of Energy Recovery by 40.3% during the 3rd quarter. Raymond James & Associates now owns 297,886 shares of the industrial products company’s stock worth $6,318,000 after purchasing an additional 85,544 shares in the last quarter. 83.58% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Evercore ISI cut their price target on Energy Recovery from $26.00 to $24.00 and set an “outperform” rating for the company in a research note on Wednesday, February 28th.

Insider Buying and Selling

In other news, Director Arve Hanstveit sold 50,000 shares of the company’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $15.49, for a total transaction of $774,500.00. Following the transaction, the director now owns 807,055 shares in the company, valued at $12,501,281.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Energy Recovery news, CEO David W. Moon purchased 10,750 shares of the firm’s stock in a transaction on Tuesday, February 27th. The stock was acquired at an average price of $15.51 per share, for a total transaction of $166,732.50. Following the purchase, the chief executive officer now owns 19,250 shares of the company’s stock, valued at approximately $298,567.50. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Arve Hanstveit sold 50,000 shares of the company’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $15.49, for a total transaction of $774,500.00. Following the completion of the sale, the director now owns 807,055 shares in the company, valued at approximately $12,501,281.95. The disclosure for this sale can be found here. Insiders have sold a total of 96,457 shares of company stock valued at $1,519,283 over the last ninety days. 4.70% of the stock is owned by corporate insiders.

Energy Recovery Stock Performance

Shares of NASDAQ:ERII opened at $14.19 on Friday. Energy Recovery, Inc. has a 52-week low of $13.41 and a 52-week high of $30.76. The company has a market capitalization of $813.51 million, a PE ratio of 38.35 and a beta of 1.27. The company has a fifty day moving average of $14.98 and a 200-day moving average of $16.80.

Energy Recovery (NASDAQ:ERII) last issued its earnings results on Wednesday, February 21st. The industrial products company reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.02). The business had revenue of $57.19 million during the quarter, compared to the consensus estimate of $63.57 million. Energy Recovery had a return on equity of 11.99% and a net margin of 16.75%. The company’s revenue for the quarter was up 35.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.24 earnings per share. On average, equities analysts forecast that Energy Recovery, Inc. will post 0.42 EPS 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.