Ero Copper (NYSE:ERO) Stock Price Up 3% – Here’s What Happened

Ero Copper Corp. (NYSE:ERO) rose 3% during mid-day trading on Friday . The stock traded as high as $28.60 and last traded at $28.2550. Approximately 511,789 shares traded hands during mid-day trading, a decline of 29% from the average daily volume of 716,069 shares. The stock had previously closed at $27.43.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. TD Securities cut Ero Copper from a “buy” rating to a “hold” rating in a research report on Tuesday, October 21st. The Goldman Sachs Group upped their price objective on shares of Ero Copper from $18.50 to $25.00 and gave the company a “buy” rating in a research note on Wednesday, October 29th. Canaccord Genuity Group lowered shares of Ero Copper from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 17th. Wall Street Zen upgraded Ero Copper from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Finally, Zacks Research cut Ero Copper from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and twelve have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $25.00.

Ero Copper Trading Up 3.0%

The company has a market cap of $2.94 billion, a PE ratio of 21.24 and a beta of 1.23. The company’s 50 day simple moving average is $23.25 and its two-hundred day simple moving average is $18.68. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.82 and a quick ratio of 0.46.

Ero Copper (NYSE:ERO) last issued its quarterly earnings data on Tuesday, November 4th. The company reported $0.27 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.09). The company had revenue of $177.10 million during the quarter, compared to analyst estimates of $309.30 million. Ero Copper had a return on equity of 17.07% and a net margin of 23.44%. As a group, sell-side analysts anticipate that Ero Copper Corp. will post 0.71 EPS for the current fiscal year.

Hedge Funds Weigh In On Ero Copper

Several institutional investors have recently modified their holdings of ERO. PenderFund Capital Management Ltd. increased its position in shares of Ero Copper by 0.7% during the first quarter. PenderFund Capital Management Ltd. now owns 123,492 shares of the company’s stock worth $1,497,000 after acquiring an additional 836 shares during the period. Envestnet Asset Management Inc. increased its holdings in Ero Copper by 2.1% during the 2nd quarter. Envestnet Asset Management Inc. now owns 56,255 shares of the company’s stock worth $948,000 after purchasing an additional 1,152 shares during the period. Geode Capital Management LLC raised its position in Ero Copper by 3.4% in the 2nd quarter. Geode Capital Management LLC now owns 55,170 shares of the company’s stock valued at $936,000 after purchasing an additional 1,823 shares in the last quarter. Samalin Investment Counsel LLC grew its position in shares of Ero Copper by 5.3% during the third quarter. Samalin Investment Counsel LLC now owns 38,074 shares of the company’s stock worth $770,000 after buying an additional 1,916 shares in the last quarter. Finally, Canoe Financial LP grew its position in shares of Ero Copper by 6.6% during the second quarter. Canoe Financial LP now owns 33,756 shares of the company’s stock worth $571,000 after buying an additional 2,100 shares in the last quarter. Institutional investors and hedge funds own 71.30% of the company’s stock.

Ero Copper Company 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.