Picton Mahoney Asset Management Makes New Investment in Ero Copper Corp. $ERO

Key Points

• Picton Mahoney Asset Management bought a new stake in Ero Copper, acquiring 622,089 shares worth about $12.6 million and representing roughly 0.60% of the company at quarter-end.
• Several other institutions increased positions—notably Kapitalo Investimentos (+86% to 1,076,696 shares)—and institutional ownership stands at about 71.3% of the stock.
• Analyst coverage is mixed but favorable overall, with an average rating of "Moderate Buy" and an average target price of $32.50; Goldman Sachs raised its target to $33 and rates the stock a Buy.

Picton Mahoney Asset Management bought a new stake in Ero Copper Corp. (NYSE:ERO - Free Report) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 622,089 shares of the company's stock, valued at approximately $12,599,000. Picton Mahoney Asset Management owned about 0.60% of Ero Copper at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Kapitalo Investimentos Ltda raised its holdings in Ero Copper by 86.0% in the 3rd quarter. Kapitalo Investimentos Ltda now owns 1,076,696 shares of the company's stock valued at $21,782,000 after buying an additional 497,978 shares during the last quarter. Frontier Capital Management Co. LLC increased its position in Ero Copper by 21.5% in the 2nd quarter. Frontier Capital Management Co. LLC now owns 1,354,239 shares of the company's stock valued at $22,819,000 after acquiring an additional 239,935 shares during the period. Boston Partners raised its stake in shares of Ero Copper by 37.5% during the second quarter. Boston Partners now owns 889,154 shares of the company's stock valued at $14,979,000 after acquiring an additional 242,594 shares during the last quarter. Impala Asset Management LLC raised its stake in shares of Ero Copper by 3.0% during the second quarter. Impala Asset Management LLC now owns 1,699,100 shares of the company's stock valued at $28,494,000 after acquiring an additional 49,199 shares during the last quarter. Finally, Scotia Capital Inc. lifted its holdings in shares of Ero Copper by 12.3% during the second quarter. Scotia Capital Inc. now owns 303,008 shares of the company's stock worth $5,039,000 after purchasing an additional 33,146 shares during the period. 71.30% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

ERO has been the subject of a number of recent research reports. Canadian Imperial Bank of Commerce restated a "neutral" rating on shares of Ero Copper in a report on Friday, December 5th. Scotiabank reissued an "outperform" rating on shares of Ero Copper in a research note on Monday, January 26th. Freedom Capital raised Ero Copper to a "strong-buy" rating in a research note on Tuesday, December 30th. The Goldman Sachs Group upped their target price on Ero Copper from $25.00 to $33.00 and gave the company a "buy" rating in a report on Wednesday, January 14th. Finally, Raymond James Financial downgraded shares of Ero Copper from a "moderate buy" rating to a "hold" rating in a research report on Monday, February 9th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $32.50.

Ero Copper Stock Up 3.0%

Shares of NYSE:ERO opened at $31.76 on Thursday. The company has a market capitalization of $3.31 billion, a price-to-earnings ratio of 23.88 and a beta of 1.17. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.82 and a quick ratio of 0.46. The business's 50-day moving average is $31.30 and its 200-day moving average is $24.33. Ero Copper Corp. has a 1 year low of $9.30 and a 1 year high of $39.80.

Ero Copper Profile

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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