Bank of America Corp DE Sells 46,356 Shares of Ero Copper Corp. $ERO

Key Points

• Bank of America reduced its Ero Copper position by 4.8%, selling 46,356 shares and retaining 911,510 shares worth approximately $24.3 million. Institutional investors collectively own 71.3% of the company.
• Other institutions were generally buyers, including Manufacturers Life Insurance, which increased its stake by 315.9%, and Royal Bank of Canada, which raised its holdings by 123.7%.
• Ero Copper recently exceeded earnings expectations, reporting $0.83 in quarterly EPS versus the $0.74 consensus and revenue of $284.3 million. Analysts assign the stock a “Moderate Buy” consensus rating with an average price target of $32.33.

Bank of America Corp DE decreased its position in shares of Ero Copper Corp. (NYSE:ERO - Free Report) by 4.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 911,510 shares of the company's stock after selling 46,356 shares during the quarter. Bank of America Corp DE owned approximately 0.87% of Ero Copper worth $24,310,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of ERO. Amundi raised its holdings in Ero Copper by 7.9% during the 1st quarter. Amundi now owns 519,497 shares of the company's stock worth $13,855,000 after purchasing an additional 37,847 shares during the last quarter. Royal Bank of Canada boosted its stake in shares of Ero Copper by 123.7% in the 1st quarter. Royal Bank of Canada now owns 354,638 shares of the company's stock valued at $9,459,000 after purchasing an additional 196,101 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Ero Copper by 315.9% in the first quarter. The Manufacturers Life Insurance Company now owns 722,853 shares of the company's stock valued at $19,241,000 after buying an additional 549,038 shares during the period. Maverick Capital Ltd. acquired a new position in Ero Copper in the first quarter valued at approximately $514,000. Finally, Lazard Asset Management LLC boosted its stake in Ero Copper by 56.1% in the first quarter. Lazard Asset Management LLC now owns 106,684 shares of the company's stock valued at $2,845,000 after acquiring an additional 38,322 shares during the last quarter. 71.30% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

ERO has been the subject of a number of analyst reports. TD Securities reaffirmed a "hold" rating on shares of Ero Copper in a report on Friday, August 7th. Scotiabank reissued an "outperform" rating on shares of Ero Copper in a research note on Monday, June 15th. Bank of America upgraded Ero Copper from a "neutral" rating to a "buy" rating and raised their price target for the stock from $30.00 to $34.00 in a research report on Thursday, July 16th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Ero Copper in a research note on Thursday, June 4th. Finally, Jefferies Financial Group reiterated a "hold" rating on shares of Ero Copper in a report on Monday, July 6th. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $32.33.

Ero Copper Price Performance

NYSE ERO opened at $34.96 on Tuesday. The business has a 50 day simple moving average of $28.10 and a 200 day simple moving average of $28.78. Ero Copper Corp. has a 52-week low of $13.37 and a 52-week high of $39.80. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.81 and a current ratio of 1.30. The stock has a market cap of $3.65 billion, a price-to-earnings ratio of 11.73, a PEG ratio of 0.27 and a beta of 1.21.

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. The firm had revenue of $284.30 million for the quarter, compared to analyst estimates of $277.64 million. Ero Copper had a net margin of 29.79% and a return on equity of 30.32%. Analysts anticipate that Ero Copper Corp. will post 4.02 earnings per share for the current fiscal year.

Ero Copper Profile

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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