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

Ero Copper Corp. (NYSE:ERO)’s stock price was up 6.6% on Friday . The company traded as high as $29.84 and last traded at $29.5350. Approximately 670,618 shares were traded during mid-day 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 Analysts Forecast Growth

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

Ero Copper Price Performance

The business has a 50 day moving average of $28.41 and a 200 day moving average of $28.60. The company has a market cap of $3.10 billion, a PE ratio of 10.60 and a beta of 1.17. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.30 and a quick ratio of 0.81.

Ero Copper (NYSE:ERO) last announced its earnings results on Monday, May 4th. The company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.13. Ero Copper had a return on equity of 27.33% and a net margin of 31.63%.The firm had revenue of $263.20 million during the quarter, compared to analyst estimates of $245.51 million. As a group, research analysts predict that Ero Copper Corp. will post 3.92 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. FIL Ltd raised 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 acquiring an additional 4,966,427 shares in the last quarter. Invesco Ltd. grew its holdings in Ero Copper by 10.7% in the fourth quarter. Invesco Ltd. now owns 2,827,385 shares of the company’s stock worth $79,987,000 after purchasing an additional 273,470 shares during the period. Vanguard Group Inc. increased its stake in shares of Ero Copper by 77.6% during the fourth quarter. Vanguard Group Inc. now owns 2,546,856 shares of the company’s stock valued at $72,051,000 after purchasing an additional 1,112,428 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Ero Copper by 11.1% during the third 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 in the last quarter. Finally, Cape Ann Asset Management Ltd increased its stake in shares of Ero Copper by 13.5% during the first quarter. Cape Ann Asset Management Ltd now owns 1,949,128 shares of the company’s stock valued at $51,983,000 after purchasing an additional 231,485 shares in the last quarter. 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.