Ero Copper (NYSE:ERO) Hits New 52-Week High – Here’s What Happened

Ero Copper Corp. (NYSE:ERO) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $31.86 and last traded at $31.7430, with a volume of 19473 shares trading hands. The stock had previously closed at $30.99.

Analyst Upgrades and Downgrades

ERO has been the subject of several research analyst reports. Loop Capital set a $32.00 price objective on shares of Ero Copper in a report on Tuesday, December 30th. Zacks Research upgraded Ero Copper from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 6th. Cibc World Mkts lowered Ero Copper from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 9th. Weiss Ratings reiterated a “hold (c)” rating on shares of Ero Copper in a report on Monday, December 29th. Finally, TD Securities lowered Ero Copper from a “buy” rating to a “hold” rating in a research report on Tuesday, October 21st. Three investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $32.50.

Ero Copper Stock Performance

The company has a debt-to-equity ratio of 0.64, a current ratio of 0.82 and a quick ratio of 0.46. The business has a 50 day moving average price of $26.20 and a 200 day moving average price of $20.40. The stock has a market capitalization of $3.32 billion, a PE ratio of 24.06 and a beta of 1.22.

Ero Copper (NYSE:ERO) last announced 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 firm had revenue of $177.10 million for the quarter, compared to analysts’ expectations of $309.30 million. Ero Copper had a net margin of 23.44% and a return on equity of 17.07%. As a group, equities research analysts expect that Ero Copper Corp. will post 0.71 earnings per share for the current year.

Hedge Funds Weigh In On Ero Copper

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. FNY Investment Advisers LLC bought a new stake in shares of Ero Copper in the 4th quarter worth $25,000. Envestnet Asset Management Inc. boosted its position in shares of Ero Copper by 2.1% during the second quarter. Envestnet Asset Management Inc. now owns 56,255 shares of the company’s stock valued at $948,000 after buying an additional 1,152 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Ero Copper by 3.4% during the second quarter. Geode Capital Management LLC now owns 55,170 shares of the company’s stock valued at $936,000 after buying an additional 1,823 shares during the last quarter. Samalin Investment Counsel LLC increased its holdings in Ero Copper by 5.3% in the 3rd 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, Rathbones Group PLC increased its holdings in Ero Copper by 19.3% in the 2nd quarter. Rathbones Group PLC now owns 15,903 shares of the company’s stock worth $268,000 after buying an additional 2,570 shares in the last quarter. 71.30% of the stock is owned by 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.