Arrowstreet Capital Limited Partnership Purchases 955,487 Shares of Ero Copper Corp. $ERO

Key Points

• Arrowstreet Capital increased its Ero Copper stake by 4,913.8% in the first quarter, purchasing 955,487 additional shares and ending with 974,932 shares worth approximately $26 million. Institutional investors collectively own 71.3% of the company.
• Ero Copper reported quarterly EPS of $0.69, beating the $0.56 analyst consensus, while revenue of $263.2 million also exceeded expectations of $245.5 million.
• Analyst sentiment is generally positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $32.33, compared with a reported share price of $25.19.

Arrowstreet Capital Limited Partnership raised its position in shares of Ero Copper Corp. (NYSE:ERO - Free Report) by 4,913.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 974,932 shares of the company's stock after buying an additional 955,487 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 0.93% of Ero Copper worth $26,000,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Sei Investments Co. bought a new position in shares of Ero Copper during the first quarter valued at approximately $1,017,000. Impala Asset Management LLC boosted its holdings in Ero Copper by 8.2% in the first quarter. Impala Asset Management LLC now owns 1,027,956 shares of the company's stock worth $27,392,000 after acquiring an additional 77,956 shares in the last quarter. Temasek Holdings Private Ltd grew its stake in shares of Ero Copper by 22.3% in the first quarter. Temasek Holdings Private Ltd now owns 579,162 shares of the company's stock worth $15,396,000 after acquiring an additional 105,502 shares during the last quarter. Baader Bank Aktiengesellschaft purchased a new stake in shares of Ero Copper in the first quarter worth $421,000. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Ero Copper by 2.9% during the first quarter. Dimensional Fund Advisors LP now owns 986,385 shares of the company's stock valued at $26,298,000 after acquiring an additional 28,231 shares in the last quarter. Institutional investors own 71.30% of the company's stock.

Ero Copper Stock Performance

ERO stock opened at $25.19 on Thursday. The company has a market cap of $2.63 billion, a P/E ratio of 8.97, a price-to-earnings-growth ratio of 0.20 and a beta of 1.20. Ero Copper Corp. has a 1 year low of $12.79 and a 1 year high of $39.80. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.30 and a quick ratio of 0.81. The stock's fifty day moving average price is $27.26 and its 200-day moving average price is $28.68.

Ero Copper (NYSE:ERO - Get Free Report) last posted its quarterly earnings data on Monday, May 4th. The company reported $0.69 EPS for the quarter, beating analysts' consensus estimates of $0.56 by $0.13. The company had revenue of $263.20 million during the quarter, compared to analysts' expectations of $245.51 million. Ero Copper had a return on equity of 27.33% and a net margin of 31.63%. On average, equities analysts forecast that Ero Copper Corp. will post 4.02 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ERO. Scotiabank reiterated an "outperform" rating on shares of Ero Copper in a research note on Monday, June 15th. National Bank Financial raised Ero Copper from a "sector perform" rating to an "outperform" rating in a research report on Tuesday, May 5th. Wall Street Zen downgraded Ero Copper from a "buy" rating to a "hold" rating in a research note on Sunday, July 12th. Bank of America raised Ero Copper from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $30.00 to $34.00 in a report on Thursday, July 16th. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Ero Copper in a report on Thursday, June 4th. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, Ero Copper presently has an average rating of "Moderate Buy" and a consensus target price of $32.33.

About Ero Copper

Ero Copper Corp NYSE: ERO is a Canada-based natural resource company focused on the production of copper concentrate from its Brazilian operations. The company’s flagship asset is the Vale do Curaçá mining complex in the state of Bahia, which includes multiple underground mines and a centralized processing facility. Ero Copper’s primary product is copper concentrate, which is sold to smelters and end users around the world.

The Vale do Curaçá complex comprises the Pilar and Surubim underground mines, supported by a fully integrated processing plant.

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