Ero Copper (NYSE:ERO) Stock Breaks Above 200-Day Moving Average - What's Next?

Key Points

• Ero Copper shares broke above their 200-day moving average of $30.65, reaching $31.44 before trading near $31.20, with volume of approximately 1.59 million shares.
• Analyst sentiment is mixed but remains positive overall: Ero Copper has a consensus “Moderate Buy” rating and a $32.33 target price, with ratings including two Strong Buys, five Buys, eight Holds, and one Sell.
• The company exceeded quarterly expectations, reporting $0.83 EPS versus the $0.74 consensus and $284.3 million in revenue versus estimates of $277.64 million. Institutional investors own 71.3% of the stock, with several firms recently increasing or initiating positions.

Shares of Ero Copper Corp. (NYSE:ERO - Get Free Report) passed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $30.65 and traded as high as $31.44. Ero Copper shares last traded at $31.2030, with a volume of 1,590,852 shares.

Analyst Ratings Changes

ERO has been the subject of several recent research reports. Wall Street Zen lowered Ero Copper from a "buy" rating to a "hold" rating in a research report on Saturday, October 17th. Jefferies Financial Group reaffirmed a "hold" rating on shares of Ero Copper in a research report on Monday, July 6th. Weiss Ratings raised shares of Ero Copper from a "hold (c+)" rating to a "buy (b)" rating in a research report on Thursday, October 8th. Bradesco Corretora lowered shares of Ero Copper from an "outperform" rating to a "neutral" rating in a research note on Wednesday, September 2nd. Finally, Freedom Broker cut shares of Ero Copper from a "strong-buy" rating to a "hold" rating in a research report on Thursday, September 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Ero Copper currently has a consensus rating of "Moderate Buy" and a consensus target price of $32.33.

Ero Copper Stock Performance

The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.81 and a current ratio of 1.30. The stock has a market capitalization of $3.26 billion, a P/E ratio of 10.47, a PEG ratio of 0.27 and a beta of 1.27. The business has a 50-day moving average price of $35.80 and a 200 day moving average price of $30.65.

Ero Copper (NYSE:ERO - Get Free Report) last posted its quarterly earnings data 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. Ero Copper had a return on equity of 30.32% and a net margin of 29.79%. The company had revenue of $284.30 million during the quarter, compared to analyst estimates of $277.64 million. As a group, sell-side analysts forecast that Ero Copper Corp. will post 3.91 EPS for the current fiscal year.

Institutional Investors Weigh In On Ero Copper

A number of institutional investors have recently modified their holdings of ERO. Amundi grew its position in Ero Copper by 85.8% during the 2nd quarter. Amundi now owns 965,346 shares of the company's stock valued at $25,823,000 after purchasing an additional 445,849 shares during the last quarter. BlackRock Inc. purchased a new stake in Ero Copper during the 2nd quarter valued at about $4,122,000. Legal & General Group Plc bought a new stake in Ero Copper during the 2nd quarter valued at about $2,563,000. Royal Bank of Canada increased its stake in Ero Copper by 123.7% during the 1st quarter. Royal Bank of Canada now owns 354,638 shares of the company's stock valued at $9,459,000 after purchasing an additional 196,101 shares in the last quarter. Finally, Jupiter Topco LLC bought a new stake in Ero Copper during the 2nd quarter valued at about $9,397,000. 71.30% of the stock is owned by hedge funds and other institutional investors.

About Ero Copper

Ero Copper Corp. is a Canadian-based mining company focused on the exploration, development and production of copper and associated minerals. Its shares trade under the symbol ERO on the New York Stock Exchange and the Toronto Stock Exchange.

The company's principal assets are in Brazil. Its Caraíba Operations in the state of Bahia include underground and open-pit copper mines, processing facilities and related infrastructure. Ero Copper also operates the Tucumã copper mine in the state of Pará, while advancing additional exploration and development opportunities in Brazil.

Ero Copper was established in 2016 and has built its business around operating and expanding its Brazilian mining portfolio.

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