Artemis Investment Management LLP Acquires Shares of 507,672 Ero Copper Corp. $ERO

Key Points

• Artemis Investment Management bought a new position of 507,672 shares of Ero Copper (NYSE:ERO) in Q4, valued at about $14.36 million, representing roughly 0.49% ownership.
• Ero Copper's latest quarter missed expectations with $1.04 EPS (vs. $1.06 expected) and revenue of $320.2M (vs. $430.46M expected), and the stock opened down ~2.6% at $25.18.
• Analyst sentiment is mixed—two Strong Buy, four Buy and eleven Hold—leaving a consensus rating of “Hold” and a consensus price target of $31.50.

Artemis Investment Management LLP bought a new position in Ero Copper Corp. (NYSE:ERO - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 507,672 shares of the company's stock, valued at approximately $14,363,000. Artemis Investment Management LLP owned approximately 0.49% of Ero Copper at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of ERO. FNY Investment Advisers LLC bought a new position in Ero Copper in the 4th quarter worth about $25,000. SG Americas Securities LLC purchased a new stake in Ero Copper during the 4th quarter valued at about $115,000. Banque Cantonale Vaudoise bought a new stake in Ero Copper during the 3rd quarter valued at about $111,000. PVG Asset Management Corp purchased a new position in Ero Copper in the fourth quarter worth about $225,000. Finally, Guidance Capital Inc. purchased a new position in Ero Copper in the fourth quarter worth about $253,000. 71.30% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on ERO shares. Canaccord Genuity Group upgraded shares of Ero Copper from a "hold" rating to a "buy" rating in a report on Wednesday, January 14th. Bank of America lowered shares of Ero Copper from a "buy" rating to a "neutral" rating in a report on Monday, February 9th. ATB Cormark Capital Markets raised Ero Copper to a "moderate buy" rating in a research report on Friday, February 6th. The Goldman Sachs Group downgraded Ero Copper from a "buy" rating to a "neutral" rating and cut their target price for the company from $33.00 to $31.00 in a research note on Tuesday, April 14th. Finally, Wall Street Zen raised Ero Copper from a "hold" rating to a "buy" rating in a report on Saturday, March 7th. Two investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat.com, Ero Copper presently has an average rating of "Hold" and a consensus price target of $31.50.

Ero Copper Stock Down 2.6%

ERO opened at $25.18 on Friday. The company has a quick ratio of 0.46, a current ratio of 0.82 and a debt-to-equity ratio of 0.64. The firm has a 50 day moving average price of $28.34 and a 200-day moving average price of $27.23. Ero Copper Corp. has a twelve month low of $12.50 and a twelve month high of $39.80. The stock has a market capitalization of $2.63 billion, a price-to-earnings ratio of 9.91 and a beta of 1.13.

Ero Copper (NYSE:ERO - Get Free Report) last issued its earnings results on Thursday, March 5th. The company reported $1.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.06 by ($0.02). The company had revenue of $320.20 million during the quarter, compared to analysts' expectations of $430.46 million. Ero Copper had a return on equity of 27.09% and a net margin of 33.56%. Equities research analysts forecast that Ero Copper Corp. will post 4.05 earnings per share for the current year.

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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