Ero Copper Corp. $ERO Position Lowered by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management reduced its Ero Copper position by 94.9% in the third quarter, selling 341,833 shares and retaining 18,519 shares valued at approximately $679,000.
• Institutional investors own 71.3% of Ero Copper, while other funds recently initiated or increased positions in the company.
• Analyst sentiment remains mixed but leans positive, with a consensus “Moderate Buy” rating and a $32.33 price target. Ero Copper recently exceeded quarterly earnings and revenue expectations.

Assenagon Asset Management S.A. cut its position in Ero Copper Corp. (NYSE:ERO - Free Report) by 94.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 18,519 shares of the company's stock after selling 341,833 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Ero Copper were worth $679,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd acquired a new position in Ero Copper in the 4th quarter valued at approximately $38,000. PenderFund Capital Management Ltd. bought a new position in shares of Ero Copper during the second quarter valued at $39,000. Banque Cantonale Vaudoise raised its stake in shares of Ero Copper by 20.0% during the first quarter. Banque Cantonale Vaudoise now owns 9,000 shares of the company's stock valued at $239,000 after acquiring an additional 1,500 shares during the last quarter. Corient Private Wealth LP acquired a new position in shares of Ero Copper during the second quarter worth $242,000. Finally, Themes Management Co LLC acquired a new position in shares of Ero Copper during the first quarter worth $255,000. 71.30% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on ERO. Jefferies Financial Group reissued a "hold" rating on shares of Ero Copper in a research note on Monday, July 6th. Wall Street Zen lowered Ero Copper from a "buy" rating to a "hold" rating in a research report on Saturday, October 17th. Zacks Research downgraded Ero Copper from a "hold" rating to a "strong sell" rating in a report on Monday. Canadian Imperial Bank of Commerce reaffirmed a "neutral" rating on shares of Ero Copper in a report on Wednesday, September 23rd. Finally, Weiss Ratings upgraded Ero Copper from a "hold (c+)" rating to a "buy (b)" rating in a research report on Thursday, October 8th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $32.33.

Ero Copper Stock Performance

Shares of Ero Copper stock opened at $30.28 on Friday. The company has a current ratio of 1.30, a quick ratio of 0.81 and a debt-to-equity ratio of 0.50. The business has a 50-day moving average price of $35.89 and a two-hundred day moving average price of $30.90. Ero Copper Corp. has a 1-year low of $19.09 and a 1-year high of $40.83. The company has a market cap of $3.16 billion, a P/E ratio of 11.30, a PEG ratio of 0.28 and a beta of 1.27.

Ero Copper (NYSE:ERO - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $0.83 EPS for the quarter, topping the consensus estimate of $0.74 by $0.09. Ero Copper had a return on equity of 30.32% and a net margin of 29.79%. The business had revenue of $284.30 million during the quarter, compared to analysts' expectations of $277.64 million. As a group, analysts anticipate that Ero Copper Corp. will post 3.91 EPS for the current year.

Ero Copper Profile

Ero Copper Corp. is a Canadian-based mining company focused on the exploration, development and production of copper and associated minerals. Its shares trade under the symbol ERO on the New York Stock Exchange and the Toronto Stock Exchange.

The company's principal assets are in Brazil. Its Caraíba Operations in the state of Bahia include underground and open-pit copper mines, processing facilities and related infrastructure. Ero Copper also operates the Tucumã copper mine in the state of Pará, while advancing additional exploration and development opportunities in Brazil.

Ero Copper was established in 2016 and has built its business around operating and expanding its Brazilian mining portfolio.

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