Energy Recovery (ERII) Fell on CEO Replacement
Diamond Hill Capital, an investment management company, released its “Small Cap Fund” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. During Q4 2023, the strategy returned 15.49% compared to 14.03% for the Russell 2000 Index. The relative outperformance in Q4 came from the strong performance of Financials and consumer discretionary holdings while industrials and healthcare holdings detracted. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Diamond Hill Small Cap Fund featured stocks such as Energy Recovery, Inc. (NASDAQ:ERII) in the fourth quarter 2023 investor letter. Headquartered in San Leandro, California, Energy Recovery, Inc. (NASDAQ:ERII) designs and manufactures industrial fluid flow solutions. On February 5, 2024, Energy Recovery, Inc. (NASDAQ:ERII) stock closed at $14.53 per share. One-month return of Energy Recovery, Inc. (NASDAQ:ERII) was -20.03%, and its shares lost 35.19% of their value over the last 52 weeks. Energy Recovery, Inc. (NASDAQ:ERII) has a market capitalization of $821.205 million.
Diamond Hill Small Cap Fund stated the following regarding Energy Recovery, Inc. (NASDAQ:ERII) in its fourth quarter 2023 investor letter:
"Other bottom contributors included Concrete Pumping Holdings, Energy Recovery, Inc. (NASDAQ:ERII) and Allient. Energy Recovery manufactures energy recovery devices used in industrial processes involving high-pressure fluids or gases pumping. Shares declined in Q4 as the company’s board abruptly replaced the CEO, creating uncertainty. However, we believe our thesis and the company’s fundamentals remain intact."
An aerial view of a city, highlighting the vital role of the company in providing necessary raw water and wastewater services.
Energy Recovery, Inc. (NASDAQ:ERII) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 14 hedge fund portfolios held Energy Recovery, Inc. (NASDAQ:ERII) at the end of third quarter which was 12 in the previous quarter. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
