Ero Copper (NYSE:ERO) Shares Gap Down to $20.60

Ero Copper Corp. (NYSE:ERO) gapped down prior to trading on Tuesday . The stock had previously closed at $20.60, but opened at $19.99. Ero Copper shares last traded at $19.74, with a volume of 111,532 shares changing hands.

Analysts Set New Price Targets

ERO has been the topic of several analyst reports. Pi Financial lowered shares of Ero Copper from a “buy” rating to a “neutral” rating in a research report on Friday, March 8th. TheStreet upgraded Ero Copper from a “c” rating to a “b-” rating in a report on Friday, March 8th. Five research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $24.00.

Ero Copper Price Performance

The company’s 50-day moving average price is $17.92 and its two-hundred day moving average price is $15.73. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.23 and a quick ratio of 0.94. The company has a market capitalization of $2.06 billion, a P/E ratio of 19.49 and a beta of 1.26.

Ero Copper (NYSE:ERO) last released its quarterly earnings results on Thursday, March 7th. The company reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.02). Ero Copper had a net margin of 21.71% and a return on equity of 13.16%. The company had revenue of $116.41 million during the quarter, compared to the consensus estimate of $104.20 million. During the same period in the prior year, the company earned $0.24 earnings per share. As a group, sell-side analysts expect that Ero Copper Corp. will post 1.56 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ERO. Timelo Investment Management Inc. acquired a new position in shares of Ero Copper in the fourth quarter valued at about $987,000. Montrusco Bolton Investments Inc. raised its holdings in Ero Copper by 245.2% in the 3rd quarter. Montrusco Bolton Investments Inc. now owns 642,010 shares of the company’s stock valued at $11,121,000 after acquiring an additional 456,033 shares in the last quarter. Jennison Associates LLC grew its holdings in shares of Ero Copper by 4.9% during the 3rd quarter. Jennison Associates LLC now owns 3,544,861 shares of the company’s stock worth $61,161,000 after purchasing an additional 165,982 shares in the last quarter. Public Sector Pension Investment Board increased its holdings in Ero Copper by 3.9% in the 3rd quarter. Public Sector Pension Investment Board now owns 175,208 shares of the company’s stock valued at $3,035,000 after buying an additional 6,631 shares during the period. Finally, Impala Asset Management LLC raised its position in Ero Copper by 23.1% during the third quarter. Impala Asset Management LLC now owns 1,836,510 shares of the company’s stock valued at $31,661,000 after purchasing an additional 344,410 shares in the last quarter. 71.30% of the stock is owned by institutional investors and hedge funds.

Ero Copper Company Profile

Ero Copper Corp. engages in the exploration, development, and production of mining projects in Brazil. The company is involved in the production and sale of copper concentrate from the Caraíba operations located in the Curaçá Valley, northeastern Bahia state, Brazil, as well as gold and silver by-products.