Ero Copper (NYSE:ERO) Trading 7.9% Higher – Here’s Why

Shares of Ero Copper Corp. (NYSE:ERO) rose 7.9% during trading on Tuesday . The company traded as high as $31.04 and last traded at $31.2450. Approximately 1,079,300 shares changed hands during mid-day trading, a decline of 33% from the average daily volume of 1,599,409 shares. The stock had previously closed at $28.97.

Wall Street Analysts Forecast Growth

ERO has been the topic of a number of analyst reports. Zacks Research downgraded shares of Ero Copper from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 12th. The Goldman Sachs Group cut shares of Ero Copper from a “buy” rating to a “neutral” rating and dropped their target price for the company from $33.00 to $31.00 in a research report on Tuesday, April 14th. Bank of America downgraded shares of Ero Copper from a “buy” rating to a “neutral” rating in a report on Monday, February 9th. Scotiabank reissued an “outperform” rating on shares of Ero Copper in a research note on Monday, January 26th. Finally, National Bank Financial upgraded shares of Ero Copper from a “sector perform” rating to an “outperform” rating in a research report on Tuesday, May 5th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $31.50.

Ero Copper Price Performance

The stock has a market cap of $3.12 billion, a P/E ratio of 10.65 and a beta of 1.13. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.82 and a quick ratio of 0.46. The business’s fifty day moving average price is $27.71 and its 200 day moving average price is $27.65.

Ero Copper (NYSE:ERO) last issued its quarterly earnings data on Monday, May 4th. The company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.56 by $0.13. The business had revenue of $263.20 million during the quarter, compared to the consensus estimate of $245.51 million. Ero Copper had a net margin of 31.63% and a return on equity of 29.86%. Sell-side analysts forecast that Ero Copper Corp. will post 3.9 EPS for the current fiscal year.

Institutional Trading of Ero Copper

Hedge funds have recently made changes to their positions in the company. FNY Investment Advisers LLC acquired a new stake in Ero Copper during the 4th quarter worth approximately $25,000. Caitong International Asset Management Co. Ltd acquired a new stake in Ero Copper in the fourth quarter valued at $38,000. Kestra Advisory Services LLC bought a new position in Ero Copper during the 4th quarter worth $56,000. SG Americas Securities LLC acquired a new position in Ero Copper during the 4th quarter worth about $115,000. Finally, Banque Cantonale Vaudoise acquired a new position in Ero Copper during the 3rd quarter worth about $111,000. 71.30% of the stock is owned by institutional investors and hedge funds.

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.