Ero Copper (NYSE:ERO) Trading Up 8.9% – Here’s Why

Ero Copper Corp. (NYSE:ERO)’s share price was up 8.9% on Friday . The company traded as high as $39.34 and last traded at $39.22. Approximately 2,790,648 shares were traded during mid-day trading, an increase of 91% from the average session volume of 1,458,087 shares. The stock had previously closed at $36.02.

Wall Street Analyst Weigh In

ERO has been the topic of a number of analyst reports. Scotiabank reaffirmed an “outperform” rating on shares of Ero Copper in a research note on Monday, June 15th. Bank of America upgraded Ero Copper from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $30.00 to $34.00 in a report on Thursday, July 16th. Bradesco Corretora upgraded Ero Copper to an “outperform” rating in a research report on Monday, July 20th. TD Securities reissued a “hold” rating on shares of Ero Copper in a research note on Friday, August 7th. Finally, National Bank Financial raised shares of Ero Copper from a “sector perform” rating to an “outperform” rating in a research note on Tuesday, May 5th. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $32.33.

Ero Copper Price Performance

The company has a current ratio of 1.30, a quick ratio of 0.81 and a debt-to-equity ratio of 0.50. The firm’s 50-day moving average price is $28.57 and its two-hundred day moving average price is $28.75. The stock has a market cap of $4.08 billion, a PE ratio of 13.13, a PEG ratio of 0.27 and a beta of 1.21.

Ero Copper (NYSE:ERO) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.09. The company had revenue of $284.30 million during the quarter, compared to the consensus estimate of $277.64 million. Ero Copper had a net margin of 29.79% and a return on equity of 30.32%. On average, equities analysts expect that Ero Copper Corp. will post 4.02 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ero Copper

Several institutional investors and hedge funds have recently added to or reduced their stakes in ERO. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Ero Copper during the fourth quarter valued at about $38,000. PenderFund Capital Management Ltd. acquired a new stake in Ero Copper in the second quarter valued at approximately $39,000. Kestra Advisory Services LLC purchased a new position in Ero Copper in the fourth quarter worth $56,000. Banque Cantonale Vaudoise acquired a new stake in shares of Ero Copper in the 3rd quarter worth $111,000. Finally, Shay Capital LLC acquired a new stake in shares of Ero Copper in the 3rd quarter worth $202,000. Hedge funds and other institutional investors own 71.30% of the company’s stock.

Ero Copper Company Profile

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.