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) shares 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 changing hands.

Analyst Ratings Changes

A number of research firms have recently commented on ERO. Stifel Canada raised shares of Ero Copper to a "strong-buy" rating in a research note on Tuesday, July 8th. Stifel Nicolaus began coverage on shares of Ero Copper in a research report on Wednesday, July 9th. They issued a "buy" rating on the stock. BMO Capital Markets restated an "outperform" rating on shares of Ero Copper in a research note on Friday, July 4th. National Bank Financial downgraded shares of Ero Copper from an "outperform" rating to a "sector perform" rating in a report on Wednesday, July 9th. Finally, Wall Street Zen cut shares of Ero Copper from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $19.00.

Ero Copper Stock Down 0.0%

The company has a market capitalization of $1.75 billion, a P/E ratio of 12.35 and a beta of 1.16. The firm has a 50-day moving average price of $14.45 and a two-hundred day moving average price of $13.76. The company has a quick ratio of 0.80, a current ratio of 1.05 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 earnings per share for the quarter, beating analysts' consensus estimates of $0.33 by $0.13. The company had revenue of $163.50 million during the quarter, compared to analyst estimates of $263.23 million. Ero Copper had a return on equity of 17.96% and a net margin of 26.63%. Equities research analysts anticipate that Ero Copper Corp. will post 0.71 EPS for the current fiscal year.

Institutional Investors Weigh In On Ero Copper

A number of hedge funds and other institutional investors have recently modified their holdings of ERO. Sumitomo Mitsui Trust Group Inc. bought a new stake in shares of Ero Copper during the 1st quarter worth $255,000. Sprott Inc. lifted its holdings in shares of Ero Copper by 64.3% in the first quarter. Sprott Inc. now owns 748,185 shares of the company's stock valued at $9,068,000 after purchasing an additional 292,896 shares in the last quarter. Wincap Financial LLC lifted its holdings in Ero Copper by 29.4% during the first quarter. Wincap Financial LLC now owns 96,510 shares of the company's stock worth $1,170,000 after acquiring an additional 21,948 shares during the period. Bank of America Corp DE increased its position in Ero Copper by 46.2% in the fourth quarter. Bank of America Corp DE now owns 412,925 shares of the company's stock worth $5,566,000 after buying an additional 130,524 shares during the last quarter. Finally, TD Asset Management Inc grew its position in shares of Ero Copper by 234.1% in the first quarter. TD Asset Management Inc now owns 935,090 shares of the company's stock valued at $11,324,000 after purchasing an additional 655,232 shares in the last quarter. Institutional investors and hedge funds own 71.30% of the company's stock.

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.