Ero Copper (NYSE:ERO) Trading Up 7.9% – What’s Next?

Shares of Ero Copper Corp. (NYSE:ERO) rose 7.9% during mid-day trading on Tuesday . The stock traded as high as $31.04 and last traded at $31.2450. Approximately 1,079,300 shares traded hands during trading, a decline of 33% from the average daily volume of 1,599,409 shares. The stock had previously closed at $28.97.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on ERO. Bank of America cut Ero Copper from a “buy” rating to a “neutral” rating in a research note on Monday, February 9th. Zacks Research lowered shares of Ero Copper from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 12th. Scotiabank reiterated an “outperform” rating on shares of Ero Copper in a report on Monday, January 26th. Raymond James Financial lowered shares of Ero Copper from a “moderate buy” rating to a “hold” rating in a research note on Monday, February 9th. Finally, The Goldman Sachs Group cut Ero Copper from a “buy” rating to a “neutral” rating and dropped their price target for the company from $33.00 to $31.00 in a report on Tuesday, April 14th. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat, Ero Copper currently has an average rating of “Moderate Buy” and a consensus target price of $31.50.

Ero Copper Stock Up 9.0%

The business’s 50 day simple moving average is $27.82 and its 200 day simple moving average is $27.43. The company has a market capitalization of $3.29 billion, a PE ratio of 11.25 and a beta of 1.13. The company has a quick ratio of 0.46, a current ratio of 0.82 and a debt-to-equity ratio of 0.64.

Ero Copper (NYSE:ERO) last released its quarterly earnings results on Monday, May 4th. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.13. The business had revenue of $263.20 million for the quarter, compared to analyst estimates of $245.51 million. Ero Copper had a net margin of 31.63% and a return on equity of 29.86%. As a group, analysts forecast that Ero Copper Corp. will post 3.9 EPS for the current year.

Institutional Investors Weigh In On Ero Copper

Several hedge funds have recently bought and sold shares of ERO. Kapitalo Investimentos Ltda lifted its position in shares of Ero Copper by 86.0% in the third quarter. Kapitalo Investimentos Ltda now owns 1,076,696 shares of the company’s stock worth $21,782,000 after purchasing an additional 497,978 shares in the last quarter. Citigroup Inc. increased its stake in Ero Copper by 2,198.1% in the 3rd quarter. Citigroup Inc. now owns 88,729 shares of the company’s stock valued at $1,798,000 after buying an additional 84,868 shares during the period. Picton Mahoney Asset Management acquired a new position in Ero Copper in the 3rd quarter valued at approximately $12,599,000. Quantbot Technologies LP purchased a new stake in Ero Copper in the 3rd quarter worth approximately $1,267,000. Finally, Lighthouse Investment Partners LLC acquired a new stake in shares of Ero Copper during the 3rd quarter valued at $5,117,000. 71.30% of the stock is owned by hedge funds and other institutional investors.

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.