Erickson Air Crane stock: Erickson Air-Crane Incorporated (NASDAQ:EAC) has recently been added to the equity portfolio of Watershed Asset Management, a hedge fund managed by Meridee A. Moore. The hedge fund disclosed ownership of some 755,400 shares, with the value of the position amounting to $11.4 million. The position owned by Watershed represents 5.5% of Erickson Air-Crane Incorporated.
Erickson Air-Crane is a company engaged in aviation services, as well as the production of aircraft parts. Recently, the company has been awarded a contract from Sikorsky Aircraft Corp for building of aircraft parts, with the value of the contract amounting to $5.6 million. Also, at the beginning of the month, the company completed the purchase of Air Amazonia, which give Erickson an aerial services agreement with a duration of five years, which will bring the company a revenue of at least $29 million annually, the company said in a statement.
At the same time, we should mention some other hedge funds in addition to Watershed, that have been bullish on Erickson. As follows, the hedge fund with the largest stake is Ariel Investments, managed by John W. Rogers, which owns 882,600 shares. Watershed climbed on the second position after the recent acquisition, being followed by Jim Simons’ Renaissance Technologies with 90,900 shares, and Robert B. Gillam’s Mckinley Capital Management, which owns 65,500. Check back here for more updates on Erickson Air Crane stock.