Ero Copper (NYSE:ERO) Shares Gap Up – Here’s What Happened

Ero Copper Corp. (NYSE:ERO) shares gapped up prior to trading on Tuesday . The stock had previously closed at $34.90, but opened at $36.83. Ero Copper shares last traded at $38.4140, with a volume of 272,562 shares.

Analyst Ratings Changes

A number of brokerages have weighed in on ERO. Wall Street Zen lowered shares of Ero Copper from a “buy” rating to a “hold” rating in a report on Saturday, August 29th. Scotiabank restated an “outperform” rating on shares of Ero Copper in a report on Monday, June 15th. Freedom Broker lowered Ero Copper from a “strong-buy” rating to a “hold” rating in a research report on Thursday, September 3rd. Weiss Ratings reiterated a “hold (c+)” rating on shares of Ero Copper in a report on Tuesday, September 1st. Finally, Zacks Research downgraded Ero Copper from a “hold” rating to a “strong sell” rating in a research report on Monday, August 17th. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Ero Copper presently has an average rating of “Hold” and a consensus price target of $32.33.

Ero Copper Stock Performance

The stock has a 50-day simple moving average of $31.14 and a 200-day simple moving average of $29.32. The company has a market capitalization of $4.00 billion, a price-to-earnings ratio of 12.86, a price-to-earnings-growth ratio of 0.31 and a beta of 1.27. The company has a current ratio of 1.30, a quick ratio of 0.81 and a debt-to-equity ratio of 0.50.

Ero Copper (NYSE:ERO) last issued its earnings results on Wednesday, August 5th. The company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.09. Ero Copper had a net margin of 29.79% and a return on equity of 30.32%. The business had revenue of $284.30 million for the quarter, compared to analyst estimates of $277.64 million. On average, analysts anticipate that Ero Copper Corp. will post 3.96 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Engineers Gate Manager LP increased its stake in shares of Ero Copper by 0.8% during the second quarter. Engineers Gate Manager LP now owns 37,573 shares of the company’s stock valued at $1,005,000 after acquiring an additional 285 shares during the period. Corient Private Wealth LP raised its stake in shares of Ero Copper by 4.0% in the 2nd quarter. Corient Private Wealth LP now owns 9,046 shares of the company’s stock worth $242,000 after buying an additional 348 shares in the last quarter. Public Employees Retirement System of Ohio lifted its holdings in shares of Ero Copper by 3.5% in the fourth quarter. Public Employees Retirement System of Ohio now owns 32,833 shares of the company’s stock valued at $933,000 after buying an additional 1,107 shares during the period. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Ero Copper in the fourth quarter valued at $38,000. Finally, PenderFund Capital Management Ltd. bought a new position in Ero Copper during the second quarter valued at about $39,000. 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.