Ero Copper (NYSE:ERO) Shares Gap Up – Time to Buy?

Ero Copper Corp. (NYSE:ERO)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $34.90, but opened at $36.83. Ero Copper shares last traded at $38.4140, with a volume of 272,562 shares changing hands.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Jefferies Financial Group restated a “hold” rating on shares of Ero Copper in a research report on Monday, July 6th. Freedom Broker cut shares of Ero Copper from a “strong-buy” rating to a “hold” rating in a research report on Thursday, September 3rd. Scotiabank reiterated an “outperform” rating on shares of Ero Copper in a research report on Monday, June 15th. Zacks Research downgraded shares of Ero Copper from a “hold” rating to a “strong sell” rating in a research note on Monday, August 17th. Finally, TD Securities restated a “hold” rating on shares of Ero Copper in a report on Friday, August 7th. Two research 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 assigned a Sell rating to the stock. According to MarketBeat, Ero Copper currently has a consensus rating of “Hold” and a consensus target price of $32.33.

Ero Copper Trading Up 12.3%

The firm has a 50-day moving average of $30.66 and a 200 day moving average of $29.20. The company has a market cap of $4.09 billion, a P/E ratio of 13.16, a price-to-earnings-growth ratio of 0.28 and a beta of 1.27. 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 (NYSE:ERO) last issued its 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. The business 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, analysts predict that Ero Copper Corp. will post 3.96 earnings per share for the current fiscal year.

Institutional Trading of Ero Copper

Several large investors have recently modified their holdings of ERO. FIL Ltd increased its stake in shares of Ero Copper by 74.1% in the 4th quarter. FIL Ltd now owns 11,670,422 shares of the company’s stock valued at $330,161,000 after acquiring an additional 4,966,427 shares in the last quarter. Invesco Ltd. lifted its position in shares of Ero Copper by 10.7% during the 4th quarter. Invesco Ltd. now owns 2,827,385 shares of the company’s stock valued at $79,987,000 after acquiring an additional 273,470 shares during the period. Vanguard Group Inc. boosted its stake in Ero Copper by 77.6% during the fourth quarter. Vanguard Group Inc. now owns 2,546,856 shares of the company’s stock worth $72,051,000 after acquiring an additional 1,112,428 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Ero Copper by 11.1% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,507,087 shares of the company’s stock worth $50,794,000 after acquiring an additional 250,303 shares in the last quarter. Finally, Cape Ann Asset Management Ltd grew its holdings in 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 worth $51,983,000 after purchasing an additional 231,485 shares during the period. Institutional investors and hedge funds own 71.30% of the company’s stock.

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.