Ero Copper (NYSE:ERO) Shares Gap Up – What’s Next?

Ero Copper Corp. (NYSE:ERO) shares gapped up before the market opened on Tuesday . The stock had previously closed at $15.34, but opened at $16.13. Ero Copper shares last traded at $15.93, with a volume of 584,769 shares traded.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ERO. National Bankshares reissued a “sector perform” rating on shares of Ero Copper in a research note on Tuesday, August 5th. BMO Capital Markets reissued an “outperform” rating on shares of Ero Copper in a research note on Friday, July 4th. Raymond James Financial raised Ero Copper to a “moderate buy” rating in a research note on Monday, June 30th. Scotiabank reissued an “outperform” rating on shares of Ero Copper in a research note on Tuesday, July 8th. Finally, Stifel Nicolaus assumed coverage on Ero Copper in a research report 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 assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Ero Copper presently has an average rating of “Moderate Buy” and an average price target of $19.00.

Ero Copper Price Performance

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 business has a fifty day simple moving average of $14.50 and a 200 day simple moving average of $13.66. The stock has a market capitalization of $1.65 billion, a P/E ratio of 11.62 and a beta of 1.16.

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

Hedge Funds Weigh In On Ero Copper

Hedge funds and other institutional investors have recently modified their holdings of the business. Acuitas Investments LLC purchased a new position in shares of Ero Copper in the 1st quarter worth approximately $39,000. State of Wyoming purchased a new position in shares of Ero Copper in the 4th quarter worth approximately $76,000. Northwest & Ethical Investments L.P. boosted its stake in shares of Ero Copper by 22.6% in the 1st quarter. Northwest & Ethical Investments L.P. now owns 8,033 shares of the company’s stock worth $97,000 after buying an additional 1,483 shares during the last quarter. Deutsche Bank AG lifted its stake in Ero Copper by 59.5% in the fourth quarter. Deutsche Bank AG now owns 10,700 shares of the company’s stock valued at $144,000 after purchasing an additional 3,990 shares during the last quarter. Finally, BNP Paribas Financial Markets purchased a new position in Ero Copper in the fourth quarter valued at approximately $146,000. Hedge funds and other institutional investors own 71.30% of the company’s stock.

About Ero Copper

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.