Assenagon Asset Management S.A. Takes $9.64 Million Position in Ero Copper Corp. $ERO

Key Points

• Assenagon Asset Management acquired 360,352 Ero Copper shares worth approximately $9.64 million, representing about 0.35% of the company. Institutional investors collectively own 71.30% of Ero Copper.
• Analyst sentiment is generally positive: Bank of America upgraded the stock to “buy” and raised its target to $34, while the consensus rating is “Moderate Buy” with an average price target of $32.33.
• Ero Copper’s latest quarterly results exceeded expectations, with EPS of $0.83 versus the $0.74 consensus and revenue of $284.3 million versus $277.64 million expected. Shares opened at $36.27, near their 52-week high of $39.80.

Assenagon Asset Management S.A. acquired a new stake in Ero Copper Corp. (NYSE:ERO - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 360,352 shares of the company's stock, valued at approximately $9,639,000. Assenagon Asset Management S.A. owned about 0.35% of Ero Copper as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in ERO. Confluence Investment Management LLC acquired a new stake in shares of Ero Copper during the second quarter worth about $305,000. PVG Asset Management Corp increased its stake in Ero Copper by 509.7% during the 1st quarter. PVG Asset Management Corp now owns 48,431 shares of the company's stock worth $1,292,000 after buying an additional 40,487 shares during the period. Glenmede Trust Co. NA acquired a new stake in Ero Copper during the 1st quarter worth approximately $411,000. Amundi lifted its holdings in Ero Copper by 7.9% during the 1st quarter. Amundi now owns 519,497 shares of the company's stock worth $13,855,000 after buying an additional 37,847 shares in the last quarter. Finally, Royal Bank of Canada boosted its position in Ero Copper by 123.7% in the 1st quarter. Royal Bank of Canada now owns 354,638 shares of the company's stock valued at $9,459,000 after buying an additional 196,101 shares during the period. 71.30% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ERO. Wall Street Zen raised Ero Copper from a "hold" rating to a "buy" rating in a research report on Saturday. Weiss Ratings reiterated a "hold (c+)" rating on shares of Ero Copper in a report on Thursday, June 4th. Bank of America raised Ero Copper from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $30.00 to $34.00 in a research note on Thursday, July 16th. Jefferies Financial Group restated a "hold" rating on shares of Ero Copper in a report on Monday, July 6th. Finally, Scotiabank reaffirmed an "outperform" rating on shares of Ero Copper in a research report on Monday, June 15th. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $32.33.

Ero Copper Stock Down 0.7%

ERO stock opened at $36.27 on Wednesday. The stock has a market capitalization of $3.78 billion, a PE ratio of 12.17, a price-to-earnings-growth ratio of 0.29 and a beta of 1.21. The company has a fifty day moving average of $27.60 and a 200-day moving average of $28.73. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.81 and a current ratio of 1.30. Ero Copper Corp. has a one year low of $13.37 and a one year high of $39.80.

Ero Copper (NYSE:ERO - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.09. The firm had revenue of $284.30 million during the quarter, compared to analysts' expectations of $277.64 million. Ero Copper had a net margin of 29.79% and a return on equity of 30.32%. As a group, analysts expect that Ero Copper Corp. will post 4.02 EPS for the current year.

About Ero Copper

Ero Copper Corp NYSE: ERO is a Canada-based natural resource company focused on the production of copper concentrate from its Brazilian operations. The company’s flagship asset is the Vale do Curaçá mining complex in the state of Bahia, which includes multiple underground mines and a centralized processing facility. Ero Copper’s primary product is copper concentrate, which is sold to smelters and end users around the world.

The Vale do Curaçá complex comprises the Pilar and Surubim underground mines, supported by a fully integrated processing plant.

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