Ero Copper (NYSE:ERO) Announces Earnings Results

Key Points

• Ero Copper reported quarterly EPS of $0.83, exceeding analysts’ consensus estimate of $0.74 by $0.09. The company posted a 27.33% return on equity and a 31.63% net margin.
• Shares rose $1.45 to $30.45 during Wednesday trading, with volume above average. Ero Copper’s market capitalization was approximately $3.18 billion, and its stock remained below its 12-month high of $39.80.
• Institutional investors own 71.30% of the company, while analyst sentiment remains a “Moderate Buy” with an average price target of $32.33.

Ero Copper (NYSE:ERO - Get Free Report) announced its quarterly earnings results on Wednesday. The company reported $0.83 earnings per share for the quarter, beating analysts' consensus estimates of $0.74 by $0.09, Zacks reports. Ero Copper had a return on equity of 27.33% and a net margin of 31.63%.

Ero Copper Price Performance

ERO traded up $1.45 during trading on Wednesday, hitting $30.45. The company's stock had a trading volume of 1,270,495 shares, compared to its average volume of 831,735. The firm's 50 day moving average price is $27.32 and its two-hundred day moving average price is $28.61. The company has a quick ratio of 0.81, a current ratio of 1.30 and a debt-to-equity ratio of 0.50. Ero Copper has a 12 month low of $13.37 and a 12 month high of $39.80. The stock has a market capitalization of $3.18 billion, a price-to-earnings ratio of 11.79, a price-to-earnings-growth ratio of 0.23 and a beta of 1.21.

Institutional Trading of Ero Copper

Large investors have recently made changes to their positions in the business. Corient Private Wealth LLC bought a new position in shares of Ero Copper in the fourth quarter valued at about $246,000. Invesco Ltd. lifted its position in Ero Copper by 10.7% during the 4th quarter. Invesco Ltd. now owns 2,827,385 shares of the company's stock worth $79,987,000 after buying an additional 273,470 shares in the last quarter. Beacon Pointe Advisors LLC acquired a new position in Ero Copper during the 4th quarter worth about $314,000. State of Tennessee Department of Treasury bought a new stake in Ero Copper during the 4th quarter worth about $221,000. Finally, Mackenzie Financial Corp grew its holdings in Ero Copper by 73.6% during the 4th quarter. Mackenzie Financial Corp now owns 103,787 shares of the company's stock worth $2,973,000 after acquiring an additional 44,012 shares during the last quarter. Institutional investors own 71.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on ERO shares. Wall Street Zen cut Ero Copper from a "buy" rating to a "hold" rating in a report on Sunday, July 12th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Ero Copper in a research report on Thursday, June 4th. Bank of America raised shares of Ero Copper from a "neutral" rating to a "buy" rating and lifted their price target for the company from $30.00 to $34.00 in a report on Thursday, July 16th. Bradesco Corretora upgraded shares of Ero Copper to an "outperform" rating in a research report on Monday, July 20th. Finally, The Goldman Sachs Group cut shares of Ero Copper from a "buy" rating to a "neutral" rating and decreased their price objective for the stock from $33.00 to $31.00 in a research note on Tuesday, April 14th. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat, Ero Copper presently has an average rating of "Moderate Buy" and an average target price of $32.33.

Ero Copper Company Profile

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.

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