Bank of America Corp DE Invests $25.12 Million in Ero Copper Corp. $ERO

Key Points

• Bank of America initiated a $25.12 million stake in Ero Copper during the second quarter, purchasing 939,111 shares, or approximately 0.90% of the company.
• Institutional ownership remains significant at 71.30%, with several other investment firms also establishing new positions during the quarter.
• Ero Copper exceeded quarterly expectations, reporting $0.83 in EPS versus the $0.74 consensus and $284.3 million in revenue. Analysts maintain a “Moderate Buy” consensus with an average price target of $32.33.

Bank of America Corp DE bought a new stake in shares of Ero Copper Corp. (NYSE:ERO - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 939,111 shares of the company's stock, valued at approximately $25,121,000. Bank of America Corp DE owned about 0.90% of Ero Copper at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Man Group plc acquired a new stake in Ero Copper in the 2nd quarter worth $5,305,000. Jupiter Topco LLC bought a new stake in shares of Ero Copper in the second quarter valued at about $9,397,000. Kapitalo Investimentos Ltda acquired a new stake in Ero Copper during the second quarter worth about $28,802,000. Legal & General Group Plc acquired a new stake in Ero Copper during the second quarter worth about $2,563,000. Finally, The Manufacturers Life Insurance Company bought a new position in Ero Copper during the second quarter valued at about $14,905,000. 71.30% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on ERO shares. Zacks Research raised Ero Copper from a "strong sell" rating to a "hold" rating in a report on Tuesday, September 15th. TD Securities restated a "hold" rating on shares of Ero Copper in a research report on Friday, August 7th. Freedom Broker lowered Ero Copper from a "strong-buy" rating to a "hold" rating in a research note on Thursday, September 3rd. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Ero Copper in a research report on Tuesday, September 1st. Finally, Bradesco Corretora downgraded shares of Ero Copper from an "outperform" rating to a "neutral" rating in a research note on Wednesday, September 2nd. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $32.33.

Ero Copper Price Performance

Ero Copper stock opened at $36.53 on Thursday. 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 company has a market capitalization of $3.81 billion, a PE ratio of 12.26, a price-to-earnings-growth ratio of 0.31 and a beta of 1.27. Ero Copper Corp. has a one year low of $17.90 and a one year high of $40.83. The business has a 50 day simple moving average of $32.95 and a 200 day simple moving average of $29.48.

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

About Ero Copper

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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