Impala Asset Management LLC Acquires Shares of 1,169,000 Ero Copper Corp. $ERO

Key Points

• Impala Asset Management acquired 1.169 million shares of Ero Copper worth approximately $31.2 million, making Ero Copper its second-largest holding at 17.7% of the portfolio. Institutional investors collectively own 71.3% of the company.
• Ero Copper reported quarterly adjusted earnings of $0.83 per share, exceeding the $0.74 analyst estimate, while revenue of $284.3 million also topped expectations.
• The stock recently traded near $39.81, close to its 52-week high, while analysts maintain a consensus “Moderate Buy” rating with an average price target of $32.33.

Impala Asset Management LLC bought a new position in Ero Copper Corp. (NYSE:ERO - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 1,169,000 shares of the company's stock, valued at approximately $31,201,000. Ero Copper makes up about 17.7% of Impala Asset Management LLC's portfolio, making the stock its 2nd largest holding. Impala Asset Management LLC owned 1.12% of Ero Copper at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Pictet Asset Management Holding SA raised its stake in shares of Ero Copper by 3.3% during the fourth quarter. Pictet Asset Management Holding SA now owns 18,103 shares of the company's stock valued at $513,000 after acquiring an additional 574 shares in the last quarter. Public Employees Retirement System of Ohio grew its stake in Ero Copper by 3.5% in the fourth quarter. Public Employees Retirement System of Ohio now owns 32,833 shares of the company's stock worth $933,000 after purchasing an additional 1,107 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in Ero Copper during the 4th quarter worth $38,000. PenderFund Capital Management Ltd. purchased a new position in Ero Copper during the 2nd quarter worth $39,000. Finally, Banque Cantonale Vaudoise raised its position in Ero Copper by 20.0% during the 1st quarter. Banque Cantonale Vaudoise now owns 9,000 shares of the company's stock valued at $239,000 after purchasing an additional 1,500 shares in the last quarter. 71.30% of the stock is owned by hedge funds and other institutional investors.

Ero Copper Trading Up 1.5%

Shares of NYSE ERO opened at $39.81 on Friday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.30 and a quick ratio of 0.81. The stock has a market capitalization of $4.15 billion, a P/E ratio of 13.36, a price-to-earnings-growth ratio of 0.31 and a beta of 1.21. Ero Copper Corp. has a 1-year low of $13.91 and a 1-year high of $40.83. The business has a fifty day moving average price of $29.51 and a 200 day moving average price of $28.95.

Ero Copper (NYSE:ERO - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported $0.83 EPS for the quarter, beating analysts' consensus estimates of $0.74 by $0.09. The company 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%. Equities research analysts expect that Ero Copper Corp. will post 3.98 EPS for the current fiscal year.

Analysts Set New Price Targets

ERO has been the subject of several research reports. Wall Street Zen upgraded Ero Copper from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Bank of America upgraded Ero Copper from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $30.00 to $34.00 in a report on Thursday, July 16th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Ero Copper in a research note on Thursday, June 4th. Scotiabank reiterated an "outperform" rating on shares of Ero Copper in a report on Monday, June 15th. Finally, Zacks Research downgraded shares of Ero Copper from a "hold" rating to a "strong sell" rating in a research report on Monday, August 17th. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, eight have issued a Hold rating and one has assigned 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.

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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