Ero Copper (NYSE:ERO) Issues Earnings Results, Beats Estimates By $0.09 EPS

Ero Copper (NYSE:ERO) announced its quarterly earnings data on Wednesday. The company reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.09, Zacks reports. The firm had revenue of $284.30 million during the quarter, compared to analysts’ expectations of $277.64 million. Ero Copper had a return on equity of 30.32% and a net margin of 29.79%.

Ero Copper Stock Up 5.7%

Shares of NYSE:ERO traded up $1.78 during trading hours on Friday, reaching $32.88. The stock had a trading volume of 441,453 shares, compared to its average volume of 1,424,201. The firm’s 50 day moving average is $27.34 and its 200-day moving average is $28.63. 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 stock has a market capitalization of $3.43 billion, a price-to-earnings ratio of 10.99, a P/E/G ratio of 0.24 and a beta of 1.21. Ero Copper has a 1 year low of $13.37 and a 1 year high of $39.80.

Institutional Investors Weigh In On Ero Copper

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ERO. FIL Ltd grew its position in Ero Copper by 74.1% during the 4th quarter. FIL Ltd now owns 11,670,422 shares of the company’s stock worth $330,161,000 after purchasing an additional 4,966,427 shares during the last quarter. Invesco Ltd. lifted its position in Ero Copper by 10.7% during the 4th quarter. Invesco Ltd. now owns 2,827,385 shares of the company’s stock worth $79,987,000 after acquiring an additional 273,470 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Ero Copper by 11.1% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,507,087 shares of the company’s stock valued at $50,794,000 after purchasing an additional 250,303 shares during the last quarter. Bank of America Corp DE raised its stake in shares of Ero Copper by 82.6% during the second quarter. Bank of America Corp DE now owns 1,775,632 shares of the company’s stock worth $29,919,000 after purchasing an additional 803,320 shares during the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of Ero Copper by 1,614.0% during the third quarter. Vanguard Group Inc. now owns 1,434,428 shares of the company’s stock worth $29,056,000 after purchasing an additional 1,350,738 shares during the period. Hedge funds and other institutional investors own 71.30% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ERO. Bradesco Corretora raised Ero Copper to an “outperform” rating in a report on Monday, July 20th. The Goldman Sachs Group downgraded shares of Ero Copper from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $33.00 to $31.00 in a report on Tuesday, April 14th. Scotiabank reaffirmed an “outperform” rating on shares of Ero Copper in a research note on Monday, June 15th. Weiss Ratings reissued a “hold (c+)” rating on shares of Ero Copper in a research note on Thursday, June 4th. Finally, Jefferies Financial Group reaffirmed a “hold” rating on shares of Ero Copper in a research note on Monday, July 6th. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Ero Copper has a consensus rating of “Moderate Buy” and a consensus target price of $32.33.

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.