Ero Copper (NYSE:ERO) Hits New 52-Week High – Here’s What Happened

Ero Copper Corp. (NYSE:ERO) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $31.86 and last traded at $31.7430, with a volume of 19473 shares trading hands. The stock had previously closed at $30.99.

Wall Street Analyst Weigh In

ERO has been the topic of several research reports. TD Cowen restated a “hold” rating on shares of Ero Copper in a report on Tuesday, October 21st. Raymond James Financial reaffirmed an “outperform” rating on shares of Ero Copper in a report on Wednesday, January 14th. CIBC reissued a “neutral” rating on shares of Ero Copper in a report on Friday, December 5th. Freedom Capital raised Ero Copper to a “strong-buy” rating in a research report on Tuesday, December 30th. Finally, Loop Capital set a $32.00 price target on shares of Ero Copper in a research report on Tuesday, December 30th. Three equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $32.50.

Ero Copper Stock Up 2.8%

The company has a quick ratio of 0.46, a current ratio of 0.82 and a debt-to-equity ratio of 0.64. The company has a fifty day simple moving average of $26.20 and a 200-day simple moving average of $20.40. The firm has a market cap of $3.32 billion, a P/E ratio of 24.06 and a beta of 1.22.

Ero Copper (NYSE:ERO) last posted its quarterly earnings data on Tuesday, November 4th. The company reported $0.27 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.09). The company had revenue of $177.10 million for 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%. On average, equities analysts anticipate that Ero Copper Corp. will post 0.71 earnings per share for the current year.

Institutional Investors Weigh In On Ero Copper

Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Ero Copper by 1,614.0% during the third quarter. Vanguard Group Inc. now owns 1,434,428 shares of the company’s stock valued at $29,056,000 after acquiring an additional 1,350,738 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Ero Copper by 119.3% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,628,030 shares of the company’s stock worth $27,515,000 after purchasing an additional 885,630 shares in the last quarter. Bank of America Corp DE raised its stake in Ero Copper by 82.6% during the 2nd quarter. Bank of America Corp DE now owns 1,775,632 shares of the company’s stock valued at $29,919,000 after purchasing an additional 803,320 shares during the period. Picton Mahoney Asset Management purchased a new position in Ero Copper in the 3rd quarter worth approximately $12,599,000. Finally, Marshall Wace LLP lifted its holdings in Ero Copper by 2,384.8% in the 2nd quarter. Marshall Wace LLP now owns 609,621 shares of the company’s stock worth $10,272,000 after purchasing an additional 585,087 shares in the last quarter. Hedge funds and other institutional investors own 71.30% of the company’s stock.

Ero Copper Company Profile

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.