Impala Asset Management LLC Sells 89,164 Shares of Ero Copper Corp. $ERO

Key Points

• Impala Asset Management LLC decreased its stake in Ero Copper Corp. by 5.1% after selling 89,164 shares, bringing its total ownership to 1,649,901 shares, which constitutes approximately 13.1% of its investment portfolio.
• Several hedge funds have made significant investments in Ero Copper, with GMT Capital Corp increasing its position by 22.9% and TD Asset Management boosting holdings by 234.1% in the first quarter.
• Ero Copper reported a quarterly earnings of $0.46 per share, exceeding estimates, but revenue of $163.5 million fell short of the $263.23 million consensus estimate.

Impala Asset Management LLC reduced its stake in Ero Copper Corp. (NYSE:ERO - Free Report) by 5.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,649,901 shares of the company's stock after selling 89,164 shares during the period. Ero Copper comprises approximately 13.1% of Impala Asset Management LLC's investment portfolio, making the stock its 2nd largest position. Impala Asset Management LLC owned 1.59% of Ero Copper worth $20,180,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in ERO. GMT Capital Corp boosted its position in Ero Copper by 22.9% during the 1st quarter. GMT Capital Corp now owns 6,931,025 shares of the company's stock worth $83,938,000 after buying an additional 1,292,100 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new position in Ero Copper during the 1st quarter worth approximately $8,994,000. TD Asset Management Inc raised its holdings in Ero Copper by 234.1% during the 1st quarter. TD Asset Management Inc now owns 935,090 shares of the company's stock worth $11,324,000 after purchasing an additional 655,232 shares during the last quarter. Sprott Inc. raised its holdings in Ero Copper by 64.3% during the 1st quarter. Sprott Inc. now owns 748,185 shares of the company's stock worth $9,068,000 after purchasing an additional 292,896 shares during the last quarter. Finally, Decade Renewable Partners LP raised its holdings in Ero Copper by 61.6% during the 1st quarter. Decade Renewable Partners LP now owns 721,700 shares of the company's stock worth $8,743,000 after purchasing an additional 275,100 shares during the last quarter. 71.30% of the stock is currently owned by institutional investors and hedge funds.

Ero Copper Stock Performance

NYSE ERO opened at $15.82 on Wednesday. The company has a fifty day simple moving average of $14.47 and a 200 day simple moving average of $13.68. Ero Copper Corp. has a 12-month low of $9.30 and a 12-month high of $23.40. The company has a current ratio of 1.05, a quick ratio of 0.80 and a debt-to-equity ratio of 0.83. The company has a market cap of $1.64 billion, a P/E ratio of 11.64 and a beta of 1.16.

Ero Copper (NYSE:ERO - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.13. Ero Copper had a net margin of 26.63% and a return on equity of 17.96%. The business had revenue of $163.50 million during the quarter, compared to the consensus estimate of $263.23 million. Sell-side analysts predict that Ero Copper Corp. will post 0.71 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ERO. National Bank Financial lowered shares of Ero Copper from an "outperform" rating to a "sector perform" rating in a report on Wednesday, July 9th. Wall Street Zen lowered shares of Ero Copper from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Raymond James Financial upgraded shares of Ero Copper to a "moderate buy" rating in a report on Monday, June 30th. BMO Capital Markets reiterated an "outperform" rating on shares of Ero Copper in a research note on Friday, July 4th. Finally, Stifel Nicolaus started coverage on shares of Ero Copper in a research note on Wednesday, July 9th. They issued a "buy" rating for the company. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Ero Copper has an average rating of "Moderate Buy" and an average price target of $19.00.

Ero Copper Company Profile

Ero Copper Corp. engages in the exploration, development, and production of mining projects in Brazil. The company is involved in the production and sale of copper concentrate from the Caraíba operations located in the Curaçá Valley, northeastern Bahia state, Brazil, as well as gold and silver by-products.

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