Ero Copper (NYSE:ERO) Shares Up 6.6% – What’s Next?

Ero Copper Corp. (NYSE:ERO) shares rose 6.6% during mid-day trading on Friday . The company traded as high as $29.84 and last traded at $29.5350. Approximately 670,618 shares changed hands during trading, a decline of 57% from the average daily volume of 1,547,272 shares. The stock had previously closed at $27.70.

Wall Street Analyst Weigh In

ERO has been the topic of a number of recent research reports. Wall Street Zen cut Ero Copper from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Weiss Ratings reissued a “hold (c+)” rating on shares of Ero Copper in a report on Thursday, June 4th. National Bank Financial raised Ero Copper from a “sector perform” rating to an “outperform” rating in a report on Tuesday, May 5th. Zacks Research cut Ero Copper from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 12th. Finally, The Goldman Sachs Group cut Ero Copper from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $33.00 to $31.00 in a report on Tuesday, April 14th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat, Ero Copper presently has a consensus rating of “Moderate Buy” and an average target price of $31.50.

Ero Copper Trading Up 7.3%

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 market cap of $3.10 billion, a PE ratio of 10.60 and a beta of 1.17. The stock’s 50 day simple moving average is $28.41 and its 200 day simple moving average is $28.60.

Ero Copper (NYSE:ERO) last released its quarterly earnings results on Monday, May 4th. The company reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.13. Ero Copper had a net margin of 31.63% and a return on equity of 27.33%. The business had revenue of $263.20 million during the quarter, compared to analysts’ expectations of $245.51 million. On average, sell-side analysts forecast that Ero Copper Corp. will post 3.92 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ero Copper

A number of hedge funds and other institutional investors have recently bought and sold shares of ERO. FIL Ltd lifted its position in Ero Copper by 74.1% in the 4th quarter. FIL Ltd now owns 11,670,422 shares of the company’s stock worth $330,161,000 after buying an additional 4,966,427 shares during the last quarter. Hillsdale Investment Management Inc. lifted its position in Ero Copper by 602.9% in the 4th quarter. Hillsdale Investment Management Inc. now owns 1,685,445 shares of the company’s stock worth $47,767,000 after buying an additional 1,445,645 shares during the last quarter. Vanguard Group Inc. lifted its position in Ero Copper by 1,614.0% in the 3rd quarter. Vanguard Group Inc. now owns 1,434,428 shares of the company’s stock worth $29,056,000 after buying an additional 1,350,738 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in Ero Copper by 4,913.8% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 974,932 shares of the company’s stock worth $26,000,000 after buying an additional 955,487 shares during the last quarter. Finally, Bank of America Corp DE lifted its position in Ero Copper by 82.6% in the 2nd quarter. Bank of America Corp DE now owns 1,775,632 shares of the company’s stock worth $29,919,000 after buying an additional 803,320 shares during the last quarter. Hedge funds and other institutional investors own 71.30% of the company’s stock.

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.