Ero Copper (NYSE:ERO) Stock Price Up 6.3% - Here's Why

Ero Copper Corp. (NYSE:ERO - Get Free Report)'s share price shot up 6.3% on Wednesday . The stock traded as high as $15.62 and last traded at $15.58. 110,770 shares changed hands during trading, a decline of 78% from the average session volume of 499,192 shares. The stock had previously closed at $14.65.

Analysts Set New Price Targets

ERO has been the subject of a number of recent research reports. National Bank Financial raised Ero Copper from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 6th. TD Securities reaffirmed a "buy" rating on shares of Ero Copper in a report on Wednesday, May 7th. Desjardins initiated coverage on Ero Copper in a research note on Friday, April 4th. They issued a "hold" rating on the stock. Raymond James reaffirmed an "outperform" rating on shares of Ero Copper in a report on Friday, April 4th. Finally, BMO Capital Markets started coverage on shares of Ero Copper in a research report on Wednesday, April 16th. They set an "outperform" rating for the company. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and three have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $26.33.

Ero Copper Trading Down 0.6%

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 company has a market cap of $1.64 billion, a PE ratio of 93.00 and a beta of 1.13. The business has a 50 day simple moving average of $12.65 and a two-hundred day simple moving average of $13.32.

Ero Copper (NYSE:ERO - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The company reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.17 by $0.18. The business had revenue of $125.10 million during the quarter, compared to the consensus estimate of $179.45 million. Ero Copper had a return on equity of 11.30% and a net margin of 3.67%. On average, analysts forecast that Ero Copper Corp. will post 0.71 EPS for the current fiscal year.

Institutional Investors Weigh In On Ero Copper

A number of large investors have recently added to or reduced their stakes in the stock. GMT Capital Corp boosted its holdings in shares of Ero Copper by 22.9% in the 1st quarter. GMT Capital Corp now owns 6,931,025 shares of the company's stock worth $83,938,000 after acquiring an additional 1,292,100 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Ero Copper in the 1st quarter valued at approximately $8,994,000. Invesco Ltd. boosted its position in Ero Copper by 22.6% during the fourth quarter. Invesco Ltd. now owns 3,890,977 shares of the company's stock valued at $52,450,000 after purchasing an additional 715,999 shares during the last quarter. TD Asset Management Inc grew its holdings in Ero Copper by 234.1% during the first quarter. TD Asset Management Inc now owns 935,090 shares of the company's stock worth $11,324,000 after purchasing an additional 655,232 shares during the period. Finally, Bridgewater Associates LP grew its stake in Ero Copper by 400.2% in the 4th quarter. Bridgewater Associates LP now owns 818,269 shares of the company's stock valued at $11,026,000 after buying an additional 654,684 shares during the last quarter. 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.