Amundi Raises Stock Position in Ero Copper Corp. $ERO

Key Points

• Amundi increased its Ero Copper stake by 85.8% in the second quarter, acquiring 445,849 additional shares and ending with 965,346 shares worth approximately $25.8 million, or 0.93% of the company.
• Ero Copper reported quarterly earnings of $0.83 per share, beating the $0.74 analyst consensus, while revenue of $284.3 million also exceeded expectations.
• The stock opened at $35.48, above the analyst consensus price target of $32.33. Institutional investors collectively own 71.3% of Ero Copper, while analyst sentiment remains mixed with an overall “Hold” rating.

Amundi grew its stake in shares of Ero Copper Corp. (NYSE:ERO - Free Report) by 85.8% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 965,346 shares of the company's stock after acquiring an additional 445,849 shares during the period. Amundi owned about 0.93% of Ero Copper worth $25,823,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of ERO. Caitong International Asset Management Co. Ltd purchased a new stake in Ero Copper in the fourth quarter worth about $38,000. PenderFund Capital Management Ltd. acquired a new position in shares of Ero Copper during the second quarter valued at about $39,000. Kestra Advisory Services LLC purchased a new position in shares of Ero Copper in the 4th quarter valued at approximately $56,000. Banque Cantonale Vaudoise acquired a new stake in Ero Copper in the 3rd quarter worth approximately $111,000. Finally, Shay Capital LLC purchased a new stake in Ero Copper during the 3rd quarter worth approximately $202,000. Hedge funds and other institutional investors own 71.30% of the company's stock.

Ero Copper Stock Performance

ERO opened at $35.48 on Friday. The firm's fifty day simple moving average is $31.50 and its two-hundred day simple moving average is $29.39. Ero Copper Corp. has a 52-week low of $16.37 and a 52-week high of $40.83. The company has a market cap of $3.70 billion, a price-to-earnings ratio of 11.91, a PEG ratio of 0.28 and a beta of 1.27. The company has a quick ratio of 0.81, a current ratio of 1.30 and a debt-to-equity ratio of 0.50.

Ero Copper (NYSE:ERO - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $0.83 EPS for the quarter, topping analysts' consensus estimates of $0.74 by $0.09. Ero Copper had a net margin of 29.79% and a return on equity of 30.32%. The business had revenue of $284.30 million during the quarter, compared to analysts' expectations of $277.64 million. Equities analysts anticipate that Ero Copper Corp. will post 3.96 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ERO. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Ero Copper in a report on Tuesday, September 1st. Scotiabank reissued an "outperform" rating on shares of Ero Copper in a research report on Monday, June 15th. Bradesco Corretora lowered Ero Copper from an "outperform" rating to a "neutral" rating in a research note on Wednesday, September 2nd. Jefferies Financial Group reaffirmed a "hold" rating on shares of Ero Copper in a research report on Monday, July 6th. Finally, Bank of America upgraded Ero Copper from a "neutral" rating to a "buy" rating and boosted their price target for the company from $30.00 to $34.00 in a research note on Thursday, July 16th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $32.33.

Ero Copper Company Profile

Ero Copper Corp. is a Canadian mining company focused on the exploration, development and production of copper and associated mineral products. The company's operations are located in Brazil, where it produces copper concentrate and may recover gold and other byproducts from its mineral deposits.

Ero Copper's principal assets include the Caraíba Operations in the state of Bahia and the Tucumã Project in the state of Pará. Caraíba is an established copper mining complex that includes underground and open-pit mines, processing facilities and related infrastructure.

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