Ero Copper (NYSE:ERO) Trading 10.2% Higher - What's Next?

Key Points

• Ero Copper's stock price increased by 10.2% during mid-day trading, reaching a peak of $19.04, following a previous close of $17.35.
• A consensus rating of "Moderate Buy" has been established by analysts, with a target price of $19.00; notable upgrades include Stifel Canada’s upgrade to "strong-buy."
• The company reported $0.46 EPS for the last quarter, surpassing analyst expectations of $0.33, indicating strong financial performance despite lower revenue than forecasted.

Ero Copper Corp. (NYSE:ERO - Get Free Report) shares traded up 10.2% during mid-day trading on Wednesday . The company traded as high as $19.04 and last traded at $19.11. 351,441 shares traded hands during mid-day trading, a decline of 40% from the average session volume of 586,290 shares. The stock had previously closed at $17.35.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Scotiabank reaffirmed an "outperform" rating on shares of Ero Copper in a report on Tuesday, July 8th. Stifel Canada upgraded Ero Copper to a "strong-buy" rating in a research report on Tuesday, July 8th. Stifel Nicolaus assumed coverage on Ero Copper in a research report on Wednesday, July 9th. They issued a "buy" rating on the stock. Wall Street Zen upgraded Ero Copper from a "hold" rating to a "buy" rating in a research report on Saturday. Finally, BMO Capital Markets reiterated an "outperform" rating on shares of Ero Copper in a research report on Friday, July 4th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $19.00.

Ero Copper Stock Up 7.8%

The company has a quick ratio of 0.80, a current ratio of 1.05 and a debt-to-equity ratio of 0.83. The company has a market capitalization of $1.94 billion, a PE ratio of 13.62 and a beta of 1.16. The stock has a 50-day moving average of $14.73 and a 200 day moving average of $14.01.

Ero Copper (NYSE:ERO - Get Free Report) last issued its quarterly 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. Ero Copper had a return on equity of 17.96% and a net margin of 26.63%.The company had revenue of $163.50 million during the quarter, compared to the consensus estimate of $263.23 million. Sell-side analysts anticipate that Ero Copper Corp. will post 0.71 EPS for the current year.

Institutional Trading of Ero Copper

Large investors have recently bought and sold shares of the company. Sumitomo Mitsui Trust Group Inc. purchased a new stake in Ero Copper in the first quarter worth $255,000. Goldman Sachs Group Inc. increased its position in Ero Copper by 82.0% in the first quarter. Goldman Sachs Group Inc. now owns 275,598 shares of the company's stock worth $3,340,000 after buying an additional 124,179 shares during the last quarter. Sprott Inc. grew its position 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 grew its position in shares of Ero Copper by 29.4% in the first quarter. Wincap Financial LLC now owns 96,510 shares of the company's stock valued at $1,170,000 after purchasing an additional 21,948 shares in the last quarter. Finally, Bank of America Corp DE grew its position in shares of Ero Copper by 46.2% in the fourth quarter. Bank of America Corp DE now owns 412,925 shares of the company's stock valued at $5,566,000 after purchasing an additional 130,524 shares in the last quarter. 71.30% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.