Pinpoint Asset Management Ltd Decreases Holdings in Ero Copper Corp. (NYSE:ERO)

Key Points

• Pinpoint Asset Management Ltd reduced its stake in Ero Copper Corp. by 30.0% in the first quarter, owning approximately 0.05% of the company after selling 22,319 shares.
• Several institutional investors, including TD Asset Management Inc, significantly increased their holdings in Ero Copper, with TD growing its stake by 234.1% in the first quarter.
• Ero Copper reported an EPS of $0.46 for the last quarter, exceeding analysts' expectations of $0.33, despite lower revenues of $163.50 million compared to the expected $263.23 million.

Pinpoint Asset Management Ltd reduced its position in shares of Ero Copper Corp. (NYSE:ERO - Free Report) by 30.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 52,004 shares of the company's stock after selling 22,319 shares during the period. Pinpoint Asset Management Ltd owned about 0.05% of Ero Copper worth $630,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of ERO. Invesco Ltd. raised its stake in Ero Copper by 22.6% in the fourth quarter. Invesco Ltd. now owns 3,890,977 shares of the company's stock valued at $52,450,000 after buying an additional 715,999 shares in the last quarter. TD Asset Management Inc raised its stake in Ero Copper by 234.1% in the first quarter. TD Asset Management Inc now owns 935,090 shares of the company's stock valued at $11,324,000 after buying an additional 655,232 shares in the last quarter. Bridgewater Associates LP raised its stake in Ero Copper by 400.2% in the fourth quarter. Bridgewater Associates LP now owns 818,269 shares of the company's stock valued at $11,026,000 after buying an additional 654,684 shares in the last quarter. 683 Capital Management LLC raised its stake in Ero Copper by 20.4% in the fourth quarter. 683 Capital Management LLC now owns 2,468,367 shares of the company's stock valued at $33,272,000 after buying an additional 418,367 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in Ero Copper in the fourth quarter valued at $3,509,000. 71.30% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on ERO shares. National Bankshares reiterated a "sector perform" rating on shares of Ero Copper in a research report on Tuesday, August 5th. Scotiabank reiterated an "outperform" rating on shares of Ero Copper in a research report on Tuesday, July 8th. BMO Capital Markets reiterated an "outperform" rating on shares of Ero Copper in a research report on Friday, July 4th. Stifel Nicolaus started coverage on Ero Copper in a research report on Wednesday, July 9th. They set a "buy" rating on the stock. Finally, Raymond James Financial upgraded Ero Copper to a "moderate buy" rating in a research report on Monday, June 30th. Four research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $23.50.

Ero Copper Stock Performance

NYSE ERO traded down $0.37 on Monday, hitting $13.58. 236,287 shares of the company's stock were exchanged, compared to its average volume of 569,997. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.05 and a quick ratio of 0.80. The firm's 50-day moving average price is $15.13 and its two-hundred day moving average price is $13.57. Ero Copper Corp. has a fifty-two week low of $9.30 and a fifty-two week high of $23.40. The firm has a market cap of $1.41 billion, a price-to-earnings ratio of 9.92 and a beta of 1.16.

Ero Copper (NYSE:ERO - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.13. Ero Copper had a return on equity of 17.96% and a net margin of 26.63%. The company had revenue of $163.50 million for the quarter, compared to analysts' expectations of $263.23 million. On average, research analysts expect that Ero Copper Corp. will post 0.71 EPS for the current year.

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.