Ero Copper (NYSE:ERO) Sees Strong Trading Volume – Here’s Why

Ero Copper Corp. (NYSE:ERO) shares saw strong trading volume on Tuesday . 747,204 shares were traded during mid-day trading, a decline of 49% from the previous session’s volume of 1,465,849 shares.The stock last traded at $36.0180 and had previously closed at $37.13.

Analysts Set New Price Targets

A number of research firms recently commented on ERO. Zacks Research downgraded shares of Ero Copper from a “hold” rating to a “strong sell” rating in a report on Monday, August 17th. Jefferies Financial Group reaffirmed a “hold” rating on shares of Ero Copper in a report on Monday, July 6th. TD Securities reissued a “hold” rating on shares of Ero Copper in a research note on Friday, August 7th. Scotiabank restated an “outperform” rating on shares of Ero Copper in a report on Monday, June 15th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Ero Copper in a research report on Tuesday. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $32.33.

Ero Copper Trading Down 0.2%

The firm has a market cap of $3.62 billion, a price-to-earnings ratio of 11.66, a PEG ratio of 0.28 and a beta of 1.27. The company has a 50-day moving average price of $30.14 and a 200 day moving average price of $29.10. The company has a quick ratio of 0.81, a current ratio of 1.30 and a debt-to-equity ratio of 0.50.

Ero Copper (NYSE:ERO) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.09. The business had revenue of $284.30 million for the quarter, compared to the consensus estimate of $277.64 million. Ero Copper had a return on equity of 30.32% and a net margin of 29.79%. As a group, research analysts anticipate that Ero Copper Corp. will post 3.98 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ero Copper

Large investors have recently made changes to their positions in the business. FIL Ltd boosted its holdings in shares of Ero Copper by 74.1% during the fourth quarter. FIL Ltd now owns 11,670,422 shares of the company’s stock worth $330,161,000 after purchasing an additional 4,966,427 shares during the period. Hillsdale Investment Management Inc. increased its stake in Ero Copper by 602.9% in the 4th quarter. Hillsdale Investment Management Inc. now owns 1,685,445 shares of the company’s stock valued at $47,767,000 after buying an additional 1,445,645 shares during the period. Vanguard Group Inc. increased its stake in Ero Copper by 1,614.0% in the 3rd quarter. Vanguard Group Inc. now owns 1,434,428 shares of the company’s stock valued at $29,056,000 after buying an additional 1,350,738 shares during the period. Impala Asset Management LLC purchased a new stake in Ero Copper in the 2nd quarter worth approximately $31,201,000. Finally, Kapitalo Investimentos Ltda purchased a new stake in Ero Copper in the 2nd quarter worth approximately $28,802,000. Institutional investors and hedge funds 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.