Ero Copper (NYSE:ERO) Stock Price Down 4.2% – Here’s What Happened

Ero Copper Corp. (NYSE:ERO) traded down 4.2% during mid-day trading on Wednesday. The stock traded as low as $31.11 and last traded at $31.5330. 248,594 shares traded hands during trading, a decline of 83% from the average session volume of 1,435,951 shares. The stock had previously closed at $32.90.

Analysts Set New Price Targets

Several research analysts have commented on ERO shares. Jefferies Financial Group reiterated a “hold” rating on shares of Ero Copper in a report on Monday, July 6th. Freedom Broker lowered shares of Ero Copper from a “strong-buy” rating to a “hold” rating in a report on Thursday, September 3rd. TD Securities restated a “hold” rating on shares of Ero Copper in a research report on Friday, August 7th. Wall Street Zen lowered shares of Ero Copper from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, Bradesco Corretora lowered shares of Ero Copper from an “outperform” rating to a “neutral” rating in a research note on Wednesday, September 2nd. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $32.33.

Ero Copper Stock Performance

The stock has a market capitalization of $3.36 billion, a PE ratio of 10.82, a P/E/G ratio of 0.27 and a beta of 1.27. 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 50 day moving average of $36.06 and a 200-day moving average of $30.86.

Ero Copper (NYSE:ERO) last released its earnings results on Wednesday, August 5th. The company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.09. Ero Copper had a return on equity of 30.32% and a net margin of 29.79%. The company had revenue of $284.30 million for the quarter, compared to analysts’ expectations of $277.64 million. Research analysts forecast that Ero Copper Corp. will post 4.28 earnings per share for the current year.

Institutional Trading of Ero Copper

Several institutional investors have recently made changes to their positions in ERO. Amundi grew its position in Ero Copper by 85.8% during the second quarter. Amundi now owns 965,346 shares of the company’s stock valued at $25,823,000 after purchasing an additional 445,849 shares in the last quarter. BlackRock Inc. purchased a new stake in Ero Copper in the 2nd quarter worth approximately $4,122,000. Legal & General Group Plc purchased a new stake in Ero Copper in the 2nd quarter worth approximately $2,563,000. Royal Bank of Canada boosted its stake in shares of Ero Copper by 123.7% during the 1st quarter. Royal Bank of Canada now owns 354,638 shares of the company’s stock valued at $9,459,000 after buying an additional 196,101 shares during the period. Finally, Jupiter Topco LLC acquired a new stake in shares of Ero Copper during the 2nd quarter valued at $9,397,000. 71.30% of the stock is currently owned by institutional investors and hedge funds.

About Ero Copper

Ero Copper Corp. is a Canadian-based mining company focused on the exploration, development and production of copper and associated minerals. Its shares trade under the symbol ERO on the New York Stock Exchange and the Toronto Stock Exchange.

The company’s principal assets are in Brazil. Its Caraíba Operations in the state of Bahia include underground and open-pit copper mines, processing facilities and related infrastructure. Ero Copper also operates the Tucumã copper mine in the state of Pará, while advancing additional exploration and development opportunities in Brazil.

Ero Copper was established in 2016 and has built its business around operating and expanding its Brazilian mining portfolio.