Public Employees Retirement System of Ohio Takes $1.02 Million Position in Ero Copper Corp. $ERO

Key Points

• Public Employees Retirement System of Ohio purchased 38,193 shares of Ero Copper, valued at approximately $1.02 million, during the second quarter. Institutional investors collectively own 71.3% of the company.
• Ero Copper reported quarterly earnings of $0.83 per share, exceeding analyst expectations of $0.74, while revenue of $284.3 million also topped estimates.
• ERO shares were up 8.8% and opened at $37.98, above the analyst consensus price target of $32.33. Despite some bullish ratings, the overall analyst consensus remains “Hold.”

Public Employees Retirement System of Ohio purchased a new stake in Ero Copper Corp. (NYSE:ERO - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 38,193 shares of the company's stock, valued at approximately $1,019,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Royal Bank of Canada raised its position in shares of Ero Copper by 2.3% in the 1st quarter. Royal Bank of Canada now owns 188,384 shares of the company's stock valued at $2,283,000 after acquiring an additional 4,325 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in Ero Copper in the first quarter worth $217,000. Goldman Sachs Group Inc. boosted its position in shares of Ero Copper by 82.0% during the first 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 acquired a new position in shares of Ero Copper in the 1st quarter valued at $356,000. Finally, Geode Capital Management LLC grew its holdings in shares of Ero Copper by 3.4% in 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 period. Institutional investors own 71.30% of the company's stock.

Ero Copper Stock Up 8.8%

Shares of ERO stock opened at $37.98 on Wednesday. The firm's fifty day moving average price is $30.88 and its two-hundred day moving average price is $29.26. The company has a current ratio of 1.30, a quick ratio of 0.81 and a debt-to-equity ratio of 0.50. Ero Copper Corp. has a 1 year low of $15.70 and a 1 year high of $40.83. The firm has a market capitalization of $3.96 billion, a P/E ratio of 12.75, a PEG ratio of 0.28 and a beta of 1.27.

Ero Copper (NYSE:ERO - Get Free Report) last posted 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 during the quarter, compared to the consensus estimate of $277.64 million. Ero Copper had a return on equity of 30.32% and a net margin of 29.79%. On average, equities analysts predict that Ero Copper Corp. will post 3.96 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have weighed in on ERO shares. Scotiabank reiterated an "outperform" rating on shares of Ero Copper in a report on Monday, June 15th. Wall Street Zen lowered Ero Copper from a "buy" rating to a "hold" rating in a research report on Saturday, August 29th. Bradesco Corretora cut Ero Copper from an "outperform" rating to a "neutral" rating in a report on Wednesday, September 2nd. Zacks Research cut Ero Copper from a "hold" rating to a "strong sell" rating in a research note on Monday, August 17th. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Ero Copper in a research note on Tuesday, September 1st. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $32.33.

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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