Ero Copper (NYSE:ERO) Stock Price Breaks Above 200 Day Moving Average – Here’s Why

Ero Copper Corp. (NYSE:ERO) crossed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $30.68 and traded as high as $31.62. Ero Copper shares last traded at $30.8380, with a volume of 1,597,995 shares.

Analysts Set New Price Targets

Several brokerages have issued reports on ERO. Scotiabank upgraded shares of Ero Copper from a “sector perform” rating to a “sector outperform” rating in a research report on Tuesday. Wall Street Zen downgraded shares of Ero Copper from a “buy” rating to a “hold” rating in a research report on Saturday, October 17th. TD Securities reaffirmed a “hold” rating on shares of Ero Copper in a report on Friday, August 7th. Weiss Ratings lowered Ero Copper from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, October 28th. Finally, Bradesco Corretora downgraded Ero Copper from an “outperform” rating to a “neutral” rating in a research note on Wednesday, September 2nd. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $32.33.

Ero Copper Stock Performance

The stock has a market capitalization of $3.22 billion, a price-to-earnings ratio of 8.27, a P/E/G ratio of 0.27 and a beta of 1.32. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.81 and a current ratio of 1.30. The stock has a fifty day simple moving average of $34.92 and a two-hundred day simple moving average of $30.68.

Ero Copper (NYSE:ERO) last announced its earnings results on Monday, November 2nd. The company reported $1.22 EPS for the quarter, beating the consensus estimate of $1.05 by $0.17. The company had revenue of $348.00 million for the quarter, compared to analyst estimates of $342.91 million. Ero Copper had a return on equity of 38.98% and a net margin of 32.21%. Analysts forecast that Ero Copper Corp. will post 3.91 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Hilton Head Capital Partners LLC lifted its stake in Ero Copper by 250.0% during the 3rd quarter. Hilton Head Capital Partners LLC now owns 700 shares of the company’s stock valued at $26,000 after acquiring an additional 500 shares in the last quarter. Hughes Financial Services LLC purchased a new position in shares of Ero Copper in the third quarter worth about $52,000. PenderFund Capital Management Ltd. bought a new stake in Ero Copper during the 2nd quarter valued at $39,000. XML Financial LLC purchased a new stake in shares of Ero Copper in the third quarter worth $209,000. Finally, Kercheville Advisors LLC purchased a new position in shares of Ero Copper in the 3rd quarter worth about $295,000. Hedge funds and other institutional investors own 71.30% of the company’s stock.

About Ero Copper

Ero Copper Corp. is a Canadian-based mining company focused on the exploration, development and production of copper and associated minerals. Its shares trade under the symbol ERO on the New York Stock Exchange and the Toronto Stock Exchange.

The company’s principal assets are in Brazil. Its Caraíba Operations in the state of Bahia include underground and open-pit copper mines, processing facilities and related infrastructure. Ero Copper also operates the Tucumã copper mine in the state of Pará, while advancing additional exploration and development opportunities in Brazil.

Ero Copper was established in 2016 and has built its business around operating and expanding its Brazilian mining portfolio.