Ero Copper (NYSE:ERO) Shares Up 3% – Should You Buy?

Ero Copper Corp. (NYSE:ERO)’s share price shot up 3% on Friday . The company traded as high as $28.60 and last traded at $28.2550. 511,789 shares changed hands during trading, a decline of 29% from the average session volume of 716,069 shares. The stock had previously closed at $27.43.

Analysts Set New Price Targets

ERO has been the subject of several research analyst reports. Scotiabank raised Ero Copper from a “hold” rating to an “outperform” rating in a report on Thursday, November 6th. CIBC reissued a “neutral” rating on shares of Ero Copper in a report on Friday, December 5th. Ventum Cap Mkts raised Ero Copper to a “strong-buy” rating in a research note on Monday, November 3rd. The Goldman Sachs Group increased their price target on shares of Ero Copper from $18.50 to $25.00 and gave the company a “buy” rating in a report on Wednesday, October 29th. Finally, Stifel Canada lowered shares of Ero Copper from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 21st. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and twelve have assigned a Hold rating to the stock. Based on data from MarketBeat, Ero Copper presently has a consensus rating of “Hold” and a consensus target price of $25.00.

Ero Copper Stock Up 3.0%

The company has a market cap of $2.94 billion, a P/E ratio of 21.24 and a beta of 1.23. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.46 and a current ratio of 0.82. The business’s fifty day moving average is $23.25 and its two-hundred day moving average is $18.68.

Ero Copper (NYSE:ERO) last announced its quarterly earnings results on Tuesday, November 4th. The company reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.09). The firm had revenue of $177.10 million during 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%. Equities analysts predict that Ero Copper Corp. will post 0.71 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. PenderFund Capital Management Ltd. lifted its stake in shares of Ero Copper by 0.7% during the 1st quarter. PenderFund Capital Management Ltd. now owns 123,492 shares of the company’s stock worth $1,497,000 after purchasing an additional 836 shares during the last quarter. Envestnet Asset Management Inc. lifted its holdings in Ero Copper by 2.1% in the second quarter. Envestnet Asset Management Inc. now owns 56,255 shares of the company’s stock valued at $948,000 after acquiring an additional 1,152 shares during the period. Geode Capital Management LLC boosted its stake in shares of Ero Copper by 3.4% during the 2nd quarter. Geode Capital Management LLC now owns 55,170 shares of the company’s stock worth $936,000 after acquiring an additional 1,823 shares in the last quarter. Samalin Investment Counsel LLC raised 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 purchasing an additional 1,916 shares during the period. Finally, Canoe Financial LP raised its stake in shares of Ero Copper by 6.6% during the 2nd quarter. Canoe Financial LP now owns 33,756 shares of the company’s stock worth $571,000 after buying an additional 2,100 shares during the period. 71.30% of the stock is currently owned by institutional investors.

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.