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

Ero Copper Corp. (NYSE:ERO) shares shot up 6.3% on Wednesday . The company traded as high as $15.62 and last traded at $15.58. 110,770 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 499,192 shares. The stock had previously closed at $14.65.

Analyst Ratings Changes

ERO has been the subject of several research reports. TD Cowen raised Ero Copper from a “hold” rating to a “buy” rating in a report on Wednesday, February 12th. Wall Street Zen raised Ero Copper from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 24th. Desjardins started coverage on Ero Copper in a research note on Friday, April 4th. They set a “hold” rating for the company. National Bankshares upgraded shares of Ero Copper from a “sector perform” rating to an “outperform” rating in a research report on Tuesday, May 6th. Finally, BMO Capital Markets began coverage on shares of Ero Copper in a research note on Wednesday, April 16th. They issued an “outperform” rating on the stock. One investment analyst has rated the stock with a hold rating, eight have given a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $26.33.

Ero Copper Stock Up 0.1%

The company has a market cap of $1.65 billion, a PE ratio of 93.65 and a beta of 1.13. The firm has a 50-day simple moving average of $12.58 and a two-hundred day simple moving average of $13.32. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.68 and a quick ratio of 0.45.

Ero Copper (NYSE:ERO) last released its earnings results on Monday, May 5th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.17 by $0.18. The firm had revenue of $125.10 million during the quarter, compared to analysts’ expectations of $179.45 million. Ero Copper had a net margin of 3.67% and a return on equity of 11.30%. Research analysts anticipate that Ero Copper Corp. will post 0.71 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ero Copper

A number of institutional investors have recently bought and sold shares of the stock. Acuitas Investments LLC acquired a new stake in Ero Copper during the 1st quarter worth approximately $39,000. State of Wyoming purchased a new position in Ero Copper in the 4th quarter valued at about $76,000. Northwest & Ethical Investments L.P. grew its stake in Ero Copper by 19.1% during the 4th quarter. Northwest & Ethical Investments L.P. now owns 6,550 shares of the company’s stock valued at $88,000 after purchasing an additional 1,050 shares in the last quarter. TD Waterhouse Canada Inc. increased its stake in shares of Ero Copper by 128.4% in the fourth quarter. TD Waterhouse Canada Inc. now owns 10,672 shares of the company’s stock worth $143,000 after buying an additional 6,000 shares during the last quarter. Finally, Deutsche Bank AG increased its position in shares of Ero Copper by 59.5% in the 4th quarter. Deutsche Bank AG now owns 10,700 shares of the company’s stock worth $144,000 after purchasing an additional 3,990 shares during the last quarter. 71.30% of the stock is currently owned by hedge funds and other institutional investors.

Ero Copper Company Profile

Ero Copper Corp. engages in the exploration, development, and production of mining projects in Brazil. The company is involved in the production and sale of copper concentrate from the Caraíba operations located in the Curaçá Valley, northeastern Bahia state, Brazil, as well as gold and silver by-products.