Ero Copper (NYSE:ERO) Shares Gap Up - Still a Buy?

Key Points

• Ero Copper shares gapped up significantly, opening at $16.13 after closing at $15.34, with a recent trading price of $15.93.
• Analysts have a positive outlook, with a consensus rating of Moderate Buy and an average price target of $19.00.
• The company reported a quarterly earnings per share of $0.46, exceeding estimates, although its revenue of $163.5 million fell short of expectations.

Ero Copper Corp. (NYSE:ERO - Get Free Report)'s share price gapped up prior to trading on Tuesday . The stock had previously closed at $15.34, but opened at $16.13. Ero Copper shares last traded at $15.93, with a volume of 584,769 shares.

Analysts Set New Price Targets

A number of brokerages recently issued reports on ERO. Raymond James Financial upgraded shares of Ero Copper to a "moderate buy" rating in a research note on Monday, June 30th. BMO Capital Markets reiterated an "outperform" rating on shares of Ero Copper in a research note on Friday, July 4th. Wall Street Zen downgraded shares of Ero Copper from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Stifel Nicolaus began coverage on shares of Ero Copper in a research report on Wednesday, July 9th. They set a "buy" rating for the company. Finally, Scotiabank restated an "outperform" rating on shares of Ero Copper in a research report on Tuesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $19.00.

Ero Copper Stock Down 0.0%

The business's fifty day moving average price is $14.45 and its 200 day moving average price is $13.75. The firm has a market capitalization of $1.75 billion, a price-to-earnings ratio of 12.35 and a beta of 1.16. The company has a current ratio of 1.05, a quick ratio of 0.80 and a debt-to-equity ratio of 0.83.

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

Hedge Funds Weigh In On Ero Copper

A number of large investors have recently bought and sold shares of the company. GMT Capital Corp raised its position in Ero Copper by 7.7% during the 2nd quarter. GMT Capital Corp now owns 7,467,055 shares of the company's stock worth $125,865,000 after buying an additional 536,030 shares during the last quarter. Jennison Associates LLC raised its position in Ero Copper by 5.0% during the 2nd quarter. Jennison Associates LLC now owns 5,487,290 shares of the company's stock worth $92,651,000 after buying an additional 259,830 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Ero Copper by 2.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,607,517 shares of the company's stock worth $43,689,000 after buying an additional 80,359 shares during the last quarter. Bank of America Corp DE raised its position in Ero Copper by 82.6% during the 2nd quarter. Bank of America Corp DE now owns 1,775,632 shares of the company's stock worth $29,919,000 after buying an additional 803,320 shares during the last quarter. Finally, Impala Asset Management LLC grew its stake in shares of Ero Copper by 3.0% during the 2nd quarter. Impala Asset Management LLC now owns 1,699,100 shares of the company's stock worth $28,494,000 after purchasing an additional 49,199 shares during the period. Hedge funds and other institutional investors 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.