Ero Copper Corp. $ERO Stake Lowered by Jennison Associates LLC

Key Points

• Jennison Associates LLC trimmed its stake in Ero Copper by 15.8% in Q4, selling 343,511 shares and now owning 1,824,213 shares (about 1.75% of the company) valued at roughly $51.6 million.
• Ero Copper slightly missed the quarter with EPS of $1.04 versus $1.06 expected and revenue of $320.2M versus $430.5M estimated, though the company reported a strong net margin (33.56%) and return on equity (27.09%).
• The analyst consensus is a "Hold" with a $31.50 target price, amid mixed brokerage actions including upgrades from some firms and downgrades/price cuts from others such as Goldman Sachs and Bank of America.

Jennison Associates LLC cut its stake in Ero Copper Corp. (NYSE:ERO - Free Report) by 15.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,824,213 shares of the company's stock after selling 343,511 shares during the quarter. Jennison Associates LLC owned approximately 1.75% of Ero Copper worth $51,607,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Royal Bank of Canada boosted its position in Ero Copper by 2.3% during the first quarter. Royal Bank of Canada now owns 188,384 shares of the company's stock valued at $2,283,000 after purchasing an additional 4,325 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Ero Copper in the 1st quarter worth about $217,000. Goldman Sachs Group Inc. raised its stake in shares of Ero Copper by 82.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 275,598 shares of the company's stock worth $3,340,000 after purchasing an additional 124,179 shares in the last quarter. Empowered Funds LLC purchased a new stake in shares of Ero Copper during the 1st quarter worth about $356,000. Finally, Geode Capital Management LLC lifted its holdings in shares of Ero Copper by 3.4% during the 2nd quarter. Geode Capital Management LLC now owns 55,170 shares of the company's stock valued at $936,000 after buying an additional 1,823 shares during the last quarter. 71.30% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently commented on ERO. ATB Cormark Capital Markets raised Ero Copper to a "moderate buy" rating in a research note on Friday, February 6th. Canaccord Genuity Group raised shares of Ero Copper from a "hold" rating to a "buy" rating in a research report on Wednesday, January 14th. The Goldman Sachs Group cut shares of Ero Copper from a "buy" rating to a "neutral" rating and reduced their target price for the company from $33.00 to $31.00 in a research note on Tuesday, April 14th. Zacks Research downgraded shares of Ero Copper from a "strong-buy" rating to a "hold" rating in a research report on Thursday, February 12th. Finally, Bank of America lowered shares of Ero Copper from a "buy" rating to a "neutral" rating in a research note on Monday, February 9th. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $31.50.

Ero Copper Price Performance

Shares of NYSE:ERO opened at $25.84 on Friday. The stock has a market capitalization of $2.70 billion, a P/E ratio of 10.17 and a beta of 1.29. The business has a 50-day moving average of $28.34 and a two-hundred day moving average of $27.20. Ero Copper Corp. has a fifty-two week low of $12.38 and a fifty-two week high of $39.80. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.82 and a quick ratio of 0.46.

Ero Copper (NYSE:ERO - Get Free Report) last issued its quarterly earnings data on Thursday, March 5th. The company reported $1.04 EPS for the quarter, missing analysts' consensus estimates of $1.06 by ($0.02). Ero Copper had a net margin of 33.56% and a return on equity of 27.09%. The company had revenue of $320.20 million for the quarter, compared to analyst estimates of $430.46 million. On average, equities research analysts predict that Ero Copper Corp. will post 4.05 EPS 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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