Ero Copper Corp. (NYSE:ERO) Sees Significant Decline in Short Interest

Ero Copper Corp. (NYSE:ERO) was the target of a significant decline in short interest in the month of September. As of September 15th, there was short interest totalling 2,850,000 shares, a decline of 5.3% from the August 31st total of 3,010,000 shares. Approximately 3.0% of the shares of the company are sold short. Based on an average daily volume of 286,700 shares, the short-interest ratio is currently 9.9 days.

Institutional Investors Weigh In On Ero Copper

Hedge funds have recently made changes to their positions in the company. Platinum Investment Management Ltd. purchased a new stake in shares of Ero Copper in the fourth quarter worth about $257,000. TD Asset Management Inc raised its position in Ero Copper by 48.7% during the fourth quarter. TD Asset Management Inc now owns 595,283 shares of the company’s stock valued at $9,458,000 after purchasing an additional 194,976 shares during the period. Boston Partners raised its position in Ero Copper by 226.9% during the first quarter. Boston Partners now owns 726,068 shares of the company’s stock valued at $14,010,000 after purchasing an additional 503,972 shares during the period. Jennison Associates LLC grew its stake in shares of Ero Copper by 39.0% during the first quarter. Jennison Associates LLC now owns 3,998,246 shares of the company’s stock valued at $77,117,000 after buying an additional 1,121,095 shares during the last quarter. Finally, Goehring & Rozencwajg Associates LLC grew its stake in shares of Ero Copper by 22.5% during the second quarter. Goehring & Rozencwajg Associates LLC now owns 340,008 shares of the company’s stock valued at $7,266,000 after buying an additional 62,500 shares during the last quarter. 71.30% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on ERO shares. Jefferies Financial Group raised Ero Copper from a “hold” rating to a “buy” rating in a report on Monday, August 5th. Bank of America started coverage on Ero Copper in a report on Tuesday, September 3rd. They set a “buy” rating and a $28.00 price target for the company. BMO Capital Markets upgraded Ero Copper from a “market perform” rating to an “outperform” rating in a research report on Wednesday, June 26th. Ventum Cap Mkts upgraded Ero Copper from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 22nd. Finally, Raymond James upgraded Ero Copper from a “market perform” rating to an “outperform” rating in a research report on Tuesday, September 3rd. One investment analyst has rated the stock with a sell rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $30.00.

Ero Copper Price Performance

NYSE:ERO opened at $22.46 on Wednesday. The company has a current ratio of 0.82, a quick ratio of 0.60 and a debt-to-equity ratio of 0.59. The company has a market capitalization of $2.32 billion, a P/E ratio of 34.55 and a beta of 1.19. Ero Copper has a 12 month low of $11.35 and a 12 month high of $24.34. The business’s 50-day moving average is $20.11 and its 200 day moving average is $20.59.

Ero Copper (NYSE:ERO) last posted its earnings results on Thursday, August 1st. The company reported $0.18 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.01. The company had revenue of $117.10 million for the quarter. Ero Copper had a positive return on equity of 9.89% and a negative net margin of 4.79%. During the same quarter in the prior year, the firm posted $0.24 earnings per share. On average, equities research analysts forecast that Ero Copper will post 1.68 earnings per share for the current fiscal 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.