Ero Copper (NYSE:ERO) Stock Price Up 6.3% – Here’s Why

Shares of Ero Copper Corp. (NYSE:ERO) were up 6.3% during mid-day trading on Thursday . The company traded as high as $39.80 and last traded at $38.3630. Approximately 3,343,201 shares were traded during trading, an increase of 45% from the average daily volume of 2,300,784 shares. The stock had previously closed at $36.10.

Wall Street Analysts Forecast Growth

ERO has been the subject of several research analyst reports. Raymond James Financial reissued an “outperform” rating on shares of Ero Copper in a research report on Wednesday, January 14th. Ventum Cap Mkts raised Ero Copper to a “strong-buy” rating in a research report on Monday, November 3rd. Cibc World Mkts lowered shares of Ero Copper from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 9th. Stifel Nicolaus downgraded shares of Ero Copper from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 21st. Finally, Canaccord Genuity Group upgraded shares of Ero Copper from a “hold” rating to a “buy” rating in a report on Wednesday, January 14th. Three investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $32.50.

Ero Copper Price Performance

The company has a quick ratio of 0.46, a current ratio of 0.82 and a debt-to-equity ratio of 0.64. The company’s 50-day moving average is $27.58 and its 200-day moving average is $21.12. The stock has a market cap of $3.94 billion, a price-to-earnings ratio of 28.46 and a beta of 1.22.

Ero Copper (NYSE:ERO) last issued its earnings results on Tuesday, November 4th. The company reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.09). The company had revenue of $177.10 million during the quarter, compared to analyst estimates of $309.30 million. Ero Copper had a return on equity of 17.07% and a net margin of 23.44%. Equities research analysts expect that Ero Copper Corp. will post 0.71 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ero Copper

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ERO. FNY Investment Advisers LLC acquired a new stake in shares of Ero Copper during the fourth quarter worth approximately $25,000. Banque Cantonale Vaudoise bought a new stake in Ero Copper during the 3rd quarter worth approximately $111,000. SG Americas Securities LLC bought a new position in Ero Copper in the 4th quarter valued at $115,000. Shay Capital LLC acquired a new position in Ero Copper in the third quarter worth $202,000. Finally, Versor Investments LP bought a new stake in shares of Ero Copper during the third quarter worth $217,000. 71.30% of the stock is currently 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.