Ero Copper (NYSE:ERO) Sees Large Volume Increase – Here’s Why

Ero Copper Corp. (NYSE:ERO) shares saw strong trading volume on Tuesday . 747,204 shares were traded during mid-day trading, a decline of 49% from the previous session’s volume of 1,465,849 shares.The stock last traded at $36.0180 and had previously closed at $37.13.

Analysts Set New Price Targets

Several research firms have recently commented on ERO. Bradesco Corretora upgraded shares of Ero Copper to an “outperform” rating in a research note on Monday, July 20th. Jefferies Financial Group reissued a “hold” rating on shares of Ero Copper in a report on Monday, July 6th. Wall Street Zen downgraded shares of Ero Copper from a “buy” rating to a “hold” rating in a research report on Saturday. Bank of America raised Ero Copper from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $30.00 to $34.00 in a report on Thursday, July 16th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Ero Copper in a research note on Thursday, June 4th. 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 given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $32.33.

Ero Copper Price Performance

The company has a debt-to-equity ratio of 0.50, a current ratio of 1.30 and a quick ratio of 0.81. The company’s 50 day moving average is $29.83 and its 200 day moving average is $29.05. The stock has a market cap of $3.72 billion, a price-to-earnings ratio of 11.96, a PEG ratio of 0.31 and a beta of 1.21.

Ero Copper (NYSE:ERO) last issued its earnings results on Wednesday, August 5th. The company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.09. Ero Copper had a net margin of 29.79% and a return on equity of 30.32%. The company had revenue of $284.30 million for the quarter, compared to analyst estimates of $277.64 million. Research analysts forecast that Ero Copper Corp. will post 3.98 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ero Copper

Several hedge funds have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd purchased a new position in shares of Ero Copper during the 4th quarter worth approximately $38,000. PenderFund Capital Management Ltd. purchased a new position in shares of Ero Copper during the 2nd quarter worth about $39,000. Kestra Advisory Services LLC acquired a new position in shares of Ero Copper in the 4th quarter valued at $56,000. Banque Cantonale Vaudoise purchased a new position in shares of Ero Copper in the 3rd quarter worth about $111,000. Finally, Shay Capital LLC acquired a new position in Ero Copper during the third quarter valued at approximately $202,000. 71.30% of the stock is currently 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.