The Manufacturers Life Insurance Company Takes Position in Ero Copper Corp. $ERO

Key Points

• The Manufacturers Life Insurance Company acquired 559,319 shares of Ero Copper worth approximately $14.9 million, representing a 0.54% stake. Institutional investors collectively own 71.30% of the company.
• Analysts maintain a generally positive outlook, with Ero Copper receiving a consensus “Moderate Buy” rating and an average price target of $32.33; Bank of America recently upgraded the stock to “buy” with a $34 target.
• Ero Copper exceeded quarterly expectations, reporting $0.83 in earnings per share versus the $0.74 estimate and revenue of $284.3 million versus $277.64 million expected. The stock recently opened at $38.88, near its 52-week high of $40.83.

The Manufacturers Life Insurance Company 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 SEC. The firm purchased 559,319 shares of the company's stock, valued at approximately $14,905,000. The Manufacturers Life Insurance Company owned 0.54% of Ero Copper as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ERO. Royal Bank of Canada lifted its holdings 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 in the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Ero Copper in the first quarter valued at about $217,000. Goldman Sachs Group Inc. increased its stake 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 purchased a new stake in shares of Ero Copper during the first quarter worth about $356,000. Finally, Geode Capital Management LLC raised its position 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 worth $936,000 after purchasing an additional 1,823 shares during the last quarter. Hedge funds and other institutional investors own 71.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ERO. Bradesco Corretora raised shares of Ero Copper to an "outperform" rating in a research note on Monday, July 20th. Jefferies Financial Group reiterated a "hold" rating on shares of Ero Copper in a research note on Monday, July 6th. TD Securities restated a "hold" rating on shares of Ero Copper in a research report on Friday, August 7th. Bank of America upgraded Ero Copper from a "neutral" rating to a "buy" rating and raised their target price for the company from $30.00 to $34.00 in a research report on Thursday, July 16th. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Ero Copper in a research note on Thursday, June 4th. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Ero Copper presently has a consensus rating of "Moderate Buy" and a consensus target price of $32.33.

Ero Copper Stock Performance

NYSE:ERO opened at $38.88 on Friday. The company's 50-day moving average price is $29.70 and its 200-day moving average price is $29.02. The company has a current ratio of 1.30, a quick ratio of 0.81 and a debt-to-equity ratio of 0.50. The company has a market cap of $4.06 billion, a P/E ratio of 13.05, a P/E/G ratio of 0.32 and a beta of 1.21. Ero Copper Corp. has a twelve month low of $13.91 and a twelve month high of $40.83.

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, topping analysts' consensus estimates of $0.74 by $0.09. Ero Copper had a net margin of 29.79% and a return on equity of 30.32%. The firm had revenue of $284.30 million for the quarter, compared to analyst estimates of $277.64 million. On average, sell-side analysts forecast that Ero Copper Corp. will post 3.98 earnings per share for the current fiscal year.

Ero Copper Company 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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