Tidal Investments LLC Trims Stock Position in Ero Copper Corp. $ERO

Key Points

• Tidal Investments cut its Ero Copper stake by 30.5% in the second quarter, selling 60,029 shares and retaining 136,523 shares worth approximately $3.65 million. Institutional investors collectively own 71.3% of the company.
• Ero Copper exceeded quarterly expectations, reporting $0.83 in adjusted EPS versus a $0.74 estimate and revenue of $284.3 million against a $277.6 million consensus forecast.
• Analyst sentiment has weakened, with several firms downgrading the stock; Ero Copper carries a consensus “Hold” rating and an average price target of $32.33, below its reported opening price of $33.64.

Tidal Investments LLC decreased its position in Ero Copper Corp. (NYSE:ERO - Free Report) by 30.5% in the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 136,523 shares of the company's stock after selling 60,029 shares during the period. Tidal Investments LLC owned 0.13% of Ero Copper worth $3,652,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Cape Ann Asset Management Ltd raised its holdings in shares of Ero Copper by 13.5% in the first quarter. Cape Ann Asset Management Ltd now owns 1,949,128 shares of the company's stock valued at $51,983,000 after acquiring an additional 231,485 shares in the last quarter. Hillsdale Investment Management Inc. boosted its position in Ero Copper by 602.9% during the 4th quarter. Hillsdale Investment Management Inc. now owns 1,685,445 shares of the company's stock valued at $47,767,000 after acquiring an additional 1,445,645 shares in the last quarter. Impala Asset Management LLC purchased a new position in shares of Ero Copper in the 2nd quarter valued at $31,201,000. Kapitalo Investimentos Ltda bought a new stake in shares of Ero Copper in the 2nd quarter valued at about $28,802,000. Finally, Dimensional Fund Advisors LP grew its position in shares of Ero Copper by 2.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 986,385 shares of the company's stock worth $26,298,000 after buying an additional 28,231 shares during the last quarter. Institutional investors own 71.30% of the company's stock.

Ero Copper Stock Performance

Shares of NYSE ERO opened at $33.64 on Tuesday. The company's fifty day moving average price is $31.64 and its 200 day moving average price is $29.38. Ero Copper Corp. has a 1 year low of $16.37 and a 1 year high of $40.83. The company has a market capitalization of $3.51 billion, a PE ratio of 11.29, a price-to-earnings-growth ratio of 0.30 and a beta of 1.27. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.81 and a current ratio of 1.30.

Ero Copper (NYSE:ERO - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.83 EPS for the quarter, beating the consensus estimate of $0.74 by $0.09. Ero Copper had a net margin of 29.79% and a return on equity of 30.32%. The company had revenue of $284.30 million for the quarter, compared to analyst estimates of $277.64 million. On average, research analysts predict that Ero Copper Corp. will post 3.96 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Bradesco Corretora downgraded shares of Ero Copper from an "outperform" rating to a "neutral" rating in a research note on Wednesday, September 2nd. Freedom Broker cut Ero Copper from a "strong-buy" rating to a "hold" rating in a research report on Thursday, September 3rd. Zacks Research downgraded Ero Copper from a "hold" rating to a "strong sell" rating in a research note on Monday, August 17th. Wall Street Zen lowered Ero Copper from a "buy" rating to a "hold" rating in a research report on Saturday, August 29th. Finally, Jefferies Financial Group reaffirmed a "hold" rating on shares of Ero Copper in a research report on Monday, July 6th. Two investment analysts have rated the stock with a Strong Buy rating, five have issued 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, Ero Copper currently has a consensus rating of "Hold" and an average target price of $32.33.

Ero Copper Company Profile

Ero Copper Corp. is a Canadian mining company focused on the exploration, development and production of copper and associated mineral products. The company's operations are located in Brazil, where it produces copper concentrate and may recover gold and other byproducts from its mineral deposits.

Ero Copper's principal assets include the Caraíba Operations in the state of Bahia and the Tucumã Project in the state of Pará. Caraíba is an established copper mining complex that includes underground and open-pit mines, processing facilities and related infrastructure.

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