Ero Copper (NYSE:ERO) Sets New 52-Week High - Time to Buy?

Key Points

• Ero Copper Corp. achieved a new 52-week high stock price, reaching $24.16 before closing at $23.90, indicating strong investor interest.
• Despite a positive earnings report beating consensus estimates, analysts have mixed ratings on the stock, resulting in a current consensus rating of "Moderate Buy".
• Institutional investors own approximately 71.30% of Ero Copper’s stock, highlighting significant institutional interest in the company.

Ero Copper Corp. (NYSE:ERO - Get Free Report)'s stock price reached a new 52-week high during trading on Wednesday . The company traded as high as $24.16 and last traded at $23.90, with a volume of 10668 shares. The stock had previously closed at $23.56.

Wall Street Analysts Forecast Growth

ERO has been the topic of several recent research reports. BMO Capital Markets reissued an "outperform" rating on shares of Ero Copper in a report on Friday, July 4th. National Bank Financial cut Ero Copper from an "outperform" rating to a "sector perform" rating in a research report on Wednesday, July 9th. National Bankshares restated a "sector perform" rating on shares of Ero Copper in a research report on Tuesday, August 5th. Scotiabank cut Ero Copper from an "outperform" rating to a "hold" rating in a research report on Tuesday. Finally, Wall Street Zen cut Ero Copper from a "buy" rating to a "hold" rating in a research report on Tuesday. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $19.00.

Ero Copper Stock Up 1.0%

The company has a current ratio of 1.05, a quick ratio of 0.80 and a debt-to-equity ratio of 0.83. The firm has a market capitalization of $2.47 billion, a price-to-earnings ratio of 17.37 and a beta of 1.24. The stock has a fifty day moving average of $16.83 and a 200-day moving average of $14.84.

Ero Copper (NYSE:ERO - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $0.46 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.33 by $0.13. Ero Copper had a return on equity of 17.96% and a net margin of 26.63%.The business had revenue of $163.50 million for the quarter, compared to analysts' expectations of $263.23 million. As a group, sell-side analysts expect that Ero Copper Corp. will post 0.71 EPS for the current year.

Institutional Trading of Ero Copper

Institutional investors and hedge funds have recently made changes to their positions in the stock. Acuitas Investments LLC acquired a new stake in shares of Ero Copper in the first quarter worth about $39,000. Northwest & Ethical Investments L.P. lifted its position in shares of Ero Copper by 22.6% in the first quarter. Northwest & Ethical Investments L.P. now owns 8,033 shares of the company's stock worth $97,000 after buying an additional 1,483 shares during the last quarter. Letko Brosseau & Associates Inc. acquired a new stake in shares of Ero Copper in the first quarter worth about $176,000. Virtu Financial LLC acquired a new stake in shares of Ero Copper in the first quarter worth about $180,000. Finally, XTX Topco Ltd acquired a new stake in shares of Ero Copper in the first quarter worth about $188,000. Institutional investors and hedge funds own 71.30% of the company's stock.

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.

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