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Eros International Plc (EROS): Dalton Investments Takes Some Profit From High-Flying Stock

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Gifford Combs‘ Dalton Investments is taking steps to reduce its exposure to Eros International plc (NYSE:EROS). According to a recently amended filing with the Securities and Exchange Commission, the fund has reduced its holding in the stock to 2.57 million share or 8% of the company’s common stock. By virtue of his management position at Dalton, James B. Rosenwald is deemed to own 2.63 million shares of the company, which include 65,000 shares held by Rosenwald Capital Management, another investment vehicle he currently manages. The current holding has been reduced by about 300,000 shares from the position of 2.87 million Eros shares that the fund reported owning as of March 31.

Eros International plc (NYSE:EROS) is a producer and distributor of Indian films, commonly known as Bollywood movies. The stock received a boost from analysts at the end of June, as Bank of America and Jefferies Group reiterated their ‘Hold’ and ‘Buy’ ratings on the stock, respectively, with Jefferies also hiking its price target on the stock to $17 per share, up from the previous target of $14 per share. So far this year, Eros’ stock has been on a steady uptrend, having advanced by 94% to yesterday’s closing price of $17.75 per share. The company is scheduled to release its next financial report on August 16 before the market opens and the consensus among analysts is for it to report $0.09 in earnings per share and revenue of $76.6 million.

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Hedge fund interest in Eros International plc (NYSE:EROS) plummeted during the first quarter, as the number of long positions held by the funds in our system dropped to 12 as of the end of March, from 19 registered three months earlier. David Forster and Peter Wilton’s IBIS Capital Partners boosted its stake in the company by 9% during the quarter, to 790,686 shares. On the other hand, Richard Driehaus‘ Driehaus Capital dumped 64% of its stake in Eros during the period, reducing its holding to 110,766 shares.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Dalton Investments 2,571,952 9. 2,571,952 11. 2,571,952 8.0%
Rosenwald Capital Management, Inc 65,000 9. 65,000 11. 65,000 0.2%
James B. Rosenwald III 65,000 2,571,952 65,000 2,571,952 2,636,952 8.2%
Steven D. Persky 8. 2,571,952 10. 2,571,952 2,571,952 8.0%
Gifford Combs 8. 2,571,952 10. 2,571,952 2,571,952 8.0%
Belita Ong 8. 2,571,952 10. 2,571,952 2,571,952 8.0%
Arthur Hebert 8. 2,571,952 10. 2,571,952 2,571,952 8.0%
Erin Lavelle 8. 2,571,952 10. 2,571,952 2,571,952 8.0%
Gifford Combs
Gifford Combs
Dalton Investments

Page 1 of 12 – SEC Filing

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 4)*

 

 

EROS
INTERNATIONAL PLC

(Name of Issuer)

A Ordinary Shares, Par Value GBP 0.30 per Share

(Title of Class of Securities)

B86NL05

(CUSIP Number)

Arthur Hebert

Dalton Investments LLC

1601 Cloverfield Boulevard, Suite 5050 North

Santa Monica, CA 90404

(424) 231-9100

(Name,
Address and Telephone Number of Person Authorized to Receive Notices and Communications)

July 19, 2016

(Date of Event which Requires Filing of this Statement)

 

 

If the filing person has
previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.  ¨

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for
other parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information
which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be
deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act
(however, see the Notes).

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