Ero Copper (NYSE:ERO) Posts Quarterly Earnings Results, Beats Estimates By $0.09 EPS

Ero Copper (NYSE:ERO) issued its quarterly earnings data on Wednesday. The company reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.09, Zacks reports. Ero Copper had a return on equity of 27.33% and a net margin of 31.63%.The firm had revenue of $284.30 million during the quarter, compared to analysts’ expectations of $277.64 million.

Ero Copper Price Performance

Shares of ERO stock opened at $30.45 on Thursday. Ero Copper has a fifty-two week low of $13.37 and a fifty-two week high of $39.80. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.81 and a current ratio of 1.30. The firm has a market capitalization of $3.18 billion, a price-to-earnings ratio of 10.84, a PEG ratio of 0.23 and a beta of 1.21. The stock’s 50-day simple moving average is $27.32 and its 200-day simple moving average is $28.61.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on ERO shares. National Bank Financial upgraded shares of Ero Copper from a “sector perform” rating to an “outperform” rating in a report on Tuesday, May 5th. Bank of America upgraded shares of Ero Copper from a “neutral” rating to a “buy” rating and raised their price target for the company from $30.00 to $34.00 in a report on Thursday, July 16th. Wall Street Zen downgraded shares of Ero Copper from a “buy” rating to a “hold” rating in a research report on Sunday, July 12th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Ero Copper in a research note on Thursday, June 4th. Finally, Scotiabank reissued an “outperform” rating on shares of Ero Copper in a research report on Monday, June 15th. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and nine have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $32.33.

Hedge Funds Weigh In On Ero Copper

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Kestra Advisory Services LLC acquired a new position in shares of Ero Copper in the fourth quarter valued at about $56,000. Banque Cantonale Vaudoise acquired a new stake in shares of Ero Copper during the third quarter worth about $111,000. Barclays PLC boosted its position in Ero Copper by 1,243.1% in the fourth quarter. Barclays PLC now owns 7,508 shares of the company’s stock valued at $212,000 after buying an additional 6,949 shares during the last quarter. State of Tennessee Department of Treasury purchased a new stake in Ero Copper in the fourth quarter valued at approximately $221,000. Finally, Numerai GP LLC acquired a new position in Ero Copper in the 4th quarter worth approximately $246,000. Hedge funds and other institutional investors own 71.30% of the company’s stock.

About Ero Copper

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.