Ero Copper (NYSE:ERO) Issues Earnings Results, Beats Estimates By $0.13 EPS

Ero Copper (NYSE:ERO) released its quarterly earnings results on Monday. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.13, Zacks reports. Ero Copper had a return on equity of 27.09% and a net margin of 33.56%.

Ero Copper Trading Down 3.1%

Shares of Ero Copper stock traded down $0.78 on Monday, reaching $24.43. The company had a trading volume of 1,227,826 shares, compared to its average volume of 1,593,910. The firm has a market cap of $2.55 billion, a price-to-earnings ratio of 9.62 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 firm’s 50-day moving average price is $28.34 and its two-hundred day moving average price is $27.26. Ero Copper has a 1 year low of $12.56 and a 1 year high of $39.80.

Institutional Trading of Ero Copper

A number of institutional investors have recently bought and sold shares of ERO. Royal Bank of Canada increased its position in Ero Copper by 2.3% during the first quarter. Royal Bank of Canada now owns 188,384 shares of the company’s stock valued at $2,283,000 after acquiring an additional 4,325 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in shares of Ero Copper during the 1st quarter worth about $217,000. Goldman Sachs Group Inc. boosted its stake in shares of Ero Copper by 82.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 275,598 shares of the company’s stock worth $3,340,000 after purchasing an additional 124,179 shares during the period. Empowered Funds LLC bought a new position in Ero Copper during the 1st quarter valued at about $356,000. Finally, Geode Capital Management LLC raised its position in Ero Copper by 3.4% in the 2nd quarter. Geode Capital Management LLC now owns 55,170 shares of the company’s stock worth $936,000 after purchasing an additional 1,823 shares during the period. 71.30% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

ERO has been the subject of a number of research reports. Raymond James Financial downgraded Ero Copper from a “moderate buy” rating to a “hold” rating in a research report on Monday, February 9th. Zacks Research cut shares of Ero Copper from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 12th. Scotiabank reaffirmed an “outperform” rating on shares of Ero Copper in a research note on Monday, January 26th. Canaccord Genuity Group raised shares of Ero Copper from a “hold” rating to a “buy” rating in a research note on Wednesday, January 14th. Finally, The Goldman Sachs Group downgraded shares of Ero Copper from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $33.00 to $31.00 in a report on Tuesday, April 14th. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $31.50.

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.