Ero Copper (NYSE:ERO) Posts Earnings Results, Misses Expectations By $0.02 EPS

Ero Copper (NYSE:ERO) issued its earnings results on Thursday. The company reported $1.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.06 by ($0.02), Zacks reports. Ero Copper had a return on equity of 27.09% and a net margin of 33.56%.The firm had revenue of $320.20 million during the quarter, compared to the consensus estimate of $430.46 million.

Ero Copper Trading Down 4.2%

ERO opened at $27.71 on Friday. The company has a quick ratio of 0.46, a current ratio of 0.82 and a debt-to-equity ratio of 0.64. Ero Copper has a 52 week low of $9.30 and a 52 week high of $39.80. The stock has a market cap of $2.89 billion, a PE ratio of 10.91 and a beta of 1.17. The business has a 50 day moving average of $31.33 and a 200-day moving average of $24.45.

Analysts Set New Price Targets

ERO has been the subject of a number of recent analyst reports. Jefferies Financial Group lowered shares of Ero Copper from a “buy” rating to a “hold” rating in a report on Sunday, December 7th. Canaccord Genuity Group raised shares of Ero Copper from a “hold” rating to a “buy” rating in a research note on Wednesday, January 14th. Canadian Imperial Bank of Commerce reiterated a “neutral” rating on shares of Ero Copper in a report on Friday, December 5th. Wall Street Zen raised Ero Copper from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, The Goldman Sachs Group boosted their price target on Ero Copper from $25.00 to $33.00 and gave the company a “buy” rating in a report on Wednesday, January 14th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $32.50.

Hedge Funds Weigh In On Ero Copper

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. FIL Ltd grew its position in shares of 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 period. Vanguard Group Inc. lifted its position in Ero Copper by 1,614.0% during the 3rd 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. Bank of America Corp DE boosted its stake in 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 acquiring an additional 803,320 shares in the last quarter. Invesco Ltd. boosted its stake in Ero Copper by 24.8% during the third quarter. Invesco Ltd. now owns 2,553,915 shares of the company’s stock worth $51,666,000 after acquiring an additional 507,217 shares in the last quarter. Finally, Van ECK Associates Corp grew its holdings in Ero Copper by 527.2% in the third quarter. Van ECK Associates Corp now owns 534,948 shares of the company’s stock worth $10,833,000 after purchasing an additional 449,659 shares during the period. 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.