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

Shares of Ero Copper Corp. (NYSE:ERO) shot up 8.9% during trading on Friday . The company traded as high as $39.34 and last traded at $39.22. Approximately 2,790,648 shares changed hands 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

A number of brokerages recently issued reports on ERO. Bank of America upgraded Ero Copper from a “neutral” rating to a “buy” rating and raised their target price for the stock from $30.00 to $34.00 in a research note on Thursday, July 16th. Bradesco Corretora upgraded Ero Copper to an “outperform” rating in a research note on Monday, July 20th. Wall Street Zen raised Ero Copper from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. National Bank Financial upgraded Ero Copper from a “sector perform” rating to an “outperform” rating in a research report on Tuesday, May 5th. Finally, Scotiabank reiterated an “outperform” rating on shares of Ero Copper in a report on Monday, June 15th. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $32.33.

Ero Copper Trading Up 8.6%

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 has a market cap of $4.08 billion, a price-to-earnings ratio of 13.13, a PEG ratio of 0.27 and a beta of 1.21. The company has a fifty day moving average price of $28.57 and a 200-day moving average price of $28.75.

Ero Copper (NYSE:ERO) last posted its earnings results on Wednesday, August 5th. The company reported $0.83 EPS for the quarter, topping the consensus estimate of $0.74 by $0.09. Ero Copper had a return on equity of 30.32% and a net margin of 29.79%.The firm had revenue of $284.30 million for the quarter, compared to analyst estimates of $277.64 million. As a group, research analysts expect that Ero Copper Corp. will post 4.02 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ERO. TD Waterhouse Canada Inc. lifted its stake in shares of Ero Copper by 2.2% in the 4th quarter. TD Waterhouse Canada Inc. now owns 17,852 shares of the company’s stock valued at $503,000 after purchasing an additional 380 shares during the last quarter. Pictet Asset Management Holding SA increased its position in shares of Ero Copper by 3.3% during the 4th quarter. Pictet Asset Management Holding SA now owns 18,103 shares of the company’s stock worth $513,000 after purchasing an additional 574 shares during the last quarter. Public Employees Retirement System of Ohio increased its position in shares of Ero Copper by 3.5% during the 4th quarter. Public Employees Retirement System of Ohio now owns 32,833 shares of the company’s stock worth $933,000 after purchasing an additional 1,107 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in Ero Copper in the 4th quarter valued at about $38,000. Finally, PenderFund Capital Management Ltd. purchased a new stake in Ero Copper in the 2nd quarter valued at about $39,000. 71.30% of the stock is owned by hedge funds and other institutional investors.

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.