Price T Rowe Associates Inc. MD Sells 272,589 Shares of Ero Copper Corp. $ERO

Key Points

• Price T Rowe Associates Inc. has reduced its stake in Ero Copper Corp. by 3.0%, now owning approximately 8.54% of the company after selling 272,589 shares in the first quarter.
• Ero Copper reported a quarterly earnings of $0.46 EPS, exceeding analysts' expectations of $0.33, while revenue was $163.5 million, falling short of the anticipated $263.23 million.
• Wall Street analysts have mixed opinions on Ero Copper, with a consensus rating categorized as "Moderate Buy" and a price target set at $23.50.

Price T Rowe Associates Inc. MD lessened its stake in shares of Ero Copper Corp. (NYSE:ERO - Free Report) by 3.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 8,840,202 shares of the company's stock after selling 272,589 shares during the period. Price T Rowe Associates Inc. MD owned about 8.54% of Ero Copper worth $107,144,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Northwest & Ethical Investments L.P. raised its holdings in Ero Copper by 22.6% during the 1st quarter. Northwest & Ethical Investments L.P. now owns 8,033 shares of the company's stock worth $97,000 after buying an additional 1,483 shares during the period. Nuveen LLC purchased a new position in Ero Copper during the 1st quarter valued at about $1,025,000. Virtu Financial LLC acquired a new position in shares of Ero Copper in the 1st quarter valued at about $180,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Ero Copper in the 1st quarter valued at about $8,994,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Ero Copper by 20.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 58,295 shares of the company's stock valued at $706,000 after purchasing an additional 9,810 shares during the period. Institutional investors and hedge funds own 71.30% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on ERO. TD Securities reiterated a "buy" rating on shares of Ero Copper in a report on Wednesday, May 7th. National Bank Financial cut Ero Copper from an "outperform" rating to a "sector perform" rating in a research note on Wednesday, July 9th. National Bankshares reissued a "sector perform" rating on shares of Ero Copper in a research note on Tuesday, August 5th. Raymond James Financial raised Ero Copper to a "moderate buy" rating in a research report on Monday, June 30th. Finally, Stifel Canada raised Ero Copper to a "strong-buy" rating in a research report on Tuesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $23.50.

Ero Copper Price Performance

Ero Copper stock traded up $0.34 during mid-day trading on Friday, hitting $14.37. 723,768 shares of the company were exchanged, compared to its average volume of 566,417. Ero Copper Corp. has a 1-year low of $9.30 and a 1-year high of $23.40. The company has a market capitalization of $1.49 billion, a PE ratio of 10.49 and a beta of 1.16. The company has a quick ratio of 0.80, a current ratio of 1.05 and a debt-to-equity ratio of 0.83. The business has a fifty day moving average of $14.69 and a 200 day moving average of $13.62.

Ero Copper (NYSE:ERO - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported $0.46 EPS for the quarter, topping analysts' consensus estimates of $0.33 by $0.13. The firm had revenue of $163.50 million during the quarter, compared to analyst estimates of $263.23 million. Ero Copper had a return on equity of 17.96% and a net margin of 26.63%. As a group, sell-side analysts expect that Ero Copper Corp. will post 0.71 earnings per share for the current year.

About Ero Copper

Ero Copper Corp. engages in the exploration, development, and production of mining projects in Brazil. The company is involved in the production and sale of copper concentrate from the Caraíba operations located in the Curaçá Valley, northeastern Bahia state, Brazil, as well as gold and silver by-products.