Ero Copper (NYSE:ERO) Stock Price Up 6% – Here’s Why

Shares of Ero Copper Corp. (NYSE:ERO) shot up 6% during mid-day trading on Tuesday . The stock traded as high as $36.36 and last traded at $36.7690. Approximately 551,956 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 1,460,820 shares. The stock had previously closed at $34.70.

Wall Street Analysts Forecast Growth

A number of analysts have commented on ERO shares. Jefferies Financial Group reissued a “hold” rating on shares of Ero Copper in a report on Monday, July 6th. TD Securities reiterated a “hold” rating on shares of Ero Copper in a report on Friday, August 7th. Wall Street Zen lowered Ero Copper from a “buy” rating to a “hold” rating in a research report on Saturday, August 29th. Bradesco Corretora cut shares of Ero Copper from an “outperform” rating to a “neutral” rating in a research note on Wednesday, September 2nd. Finally, Freedom Broker downgraded shares of Ero Copper from a “strong-buy” rating to a “hold” rating in a report on Thursday, September 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $32.33.

Ero Copper Stock Performance

The company has a market cap of $3.84 billion, a P/E ratio of 12.36, a P/E/G ratio of 0.29 and a beta of 1.27. The company has a quick ratio of 0.81, a current ratio of 1.30 and a debt-to-equity ratio of 0.50. The business has a fifty day simple moving average of $32.50 and a two-hundred day simple moving average of $29.38.

Ero Copper (NYSE:ERO) last released its earnings results on Wednesday, August 5th. The company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.09. Ero Copper had a net margin of 29.79% and a return on equity of 30.32%. The company had revenue of $284.30 million for the quarter, compared to analysts’ expectations of $277.64 million. On average, sell-side analysts anticipate that Ero Copper Corp. will post 3.96 EPS for the current year.

Institutional Investors Weigh In On Ero Copper

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ERO. Cape Ann Asset Management Ltd lifted its stake in Ero Copper by 13.5% in the first quarter. Cape Ann Asset Management Ltd now owns 1,949,128 shares of the company’s stock worth $51,983,000 after purchasing an additional 231,485 shares during the last quarter. Hillsdale Investment Management Inc. increased its holdings in Ero Copper by 602.9% during the fourth 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. Impala Asset Management LLC bought a new position in shares of Ero Copper in the 2nd quarter worth $31,201,000. Kapitalo Investimentos Ltda purchased a new stake in shares of Ero Copper during the second quarter valued at about $28,802,000. Finally, Dimensional Fund Advisors LP grew its holdings in Ero Copper by 2.9% in the first quarter. Dimensional Fund Advisors LP now owns 986,385 shares of the company’s stock worth $26,298,000 after purchasing an additional 28,231 shares during the last quarter. 71.30% of the stock is currently owned by hedge funds and other institutional investors.

Ero Copper Company Profile

Ero Copper Corp. is a Canadian mining company focused on the exploration, development and production of copper and associated mineral products. The company’s operations are located in Brazil, where it produces copper concentrate and may recover gold and other byproducts from its mineral deposits.

Ero Copper’s principal assets include the Caraíba Operations in the state of Bahia and the Tucumã Project in the state of Pará. Caraíba is an established copper mining complex that includes underground and open-pit mines, processing facilities and related infrastructure.