Ero Copper (NYSE:ERO) Shares Gap Up on Earnings Beat

Ero Copper Corp. (NYSE:ERO - Get Free Report)'s share price gapped up before the market opened on Tuesday following a stronger than expected earnings report. The stock had previously closed at $12.71, but opened at $13.98. Ero Copper shares last traded at $13.51, with a volume of 133,716 shares changing hands.

The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.17 by $0.18. The firm had revenue of $125.10 million during the quarter, compared to analysts' expectations of $179.45 million. Ero Copper had a return on equity of 11.30% and a net margin of 3.67%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on ERO shares. StockNews.com upgraded shares of Ero Copper from a "hold" rating to a "buy" rating in a report on Wednesday. National Bankshares raised shares of Ero Copper from a "sector perform" rating to an "outperform" rating in a research report on Tuesday. National Bank Financial upgraded Ero Copper from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 6th. Desjardins assumed coverage on Ero Copper in a research report on Friday, April 4th. They set a "hold" rating on the stock. Finally, TD Cowen raised shares of Ero Copper from a "hold" rating to a "buy" rating in a research report on Wednesday, February 12th. One investment analyst has rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $26.33.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Jennison Associates LLC boosted its holdings in shares of Ero Copper by 3.5% in the 4th quarter. Jennison Associates LLC now owns 5,909,627 shares of the company's stock valued at $79,645,000 after purchasing an additional 198,800 shares in the last quarter. Invesco Ltd. boosted its stake in Ero Copper by 22.6% in the fourth quarter. Invesco Ltd. now owns 3,890,977 shares of the company's stock valued at $52,450,000 after buying an additional 715,999 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Ero Copper by 5.3% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,527,158 shares of the company's stock valued at $47,529,000 after acquiring an additional 176,637 shares during the last quarter. 683 Capital Management LLC raised its stake in Ero Copper by 20.4% during the fourth quarter. 683 Capital Management LLC now owns 2,468,367 shares of the company's stock worth $33,272,000 after acquiring an additional 418,367 shares in the last quarter. Finally, Boston Partners lifted its holdings in shares of Ero Copper by 66.9% in the fourth quarter. Boston Partners now owns 1,101,265 shares of the company's stock worth $14,850,000 after acquiring an additional 441,413 shares during the last quarter. 71.30% of the stock is owned by institutional investors.

Ero Copper Trading Up 0.1 %

The company has a market capitalization of $1.39 billion, a price-to-earnings ratio of 78.76 and a beta of 1.10. The company has a current ratio of 0.68, a quick ratio of 0.45 and a debt-to-equity ratio of 0.71. The business's 50 day moving average price is $12.11 and its two-hundred day moving average price is $13.75.

About Ero Copper

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.