Ero Copper (NYSE:ERO) Shares Down 4.2% – Here’s What Happened

Shares of Ero Copper Corp. (NYSE:ERO) dropped 4.2% during trading on Wednesday. The stock traded as low as $31.11 and last traded at $31.5330. Approximately 248,594 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 1,435,951 shares. The stock had previously closed at $32.90.

Wall Street Analysts Forecast Growth

ERO has been the subject of several analyst reports. Weiss Ratings upgraded Ero Copper from a “hold (c+)” rating to a “buy (b)” rating in a report on Thursday, October 8th. Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Ero Copper in a report on Wednesday, September 23rd. Bradesco Corretora downgraded Ero Copper from an “outperform” rating to a “neutral” rating in a research report on Wednesday, September 2nd. Bank of America upgraded Ero Copper from a “neutral” rating to a “buy” rating and upped their target price for the company from $30.00 to $34.00 in a research note on Thursday, July 16th. Finally, Scotiabank downgraded Ero Copper from a “sector outperform” rating to a “sector perform” rating in a research report on Tuesday, October 13th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, eight have given 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 an average price target of $32.33.

Ero Copper Price Performance

The company’s 50-day moving average is $35.89 and its 200-day moving average is $30.90. The firm has a market capitalization of $3.16 billion, a price-to-earnings ratio of 10.16, a PEG ratio of 0.28 and a beta of 1.27. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.30 and a quick ratio of 0.81.

Ero Copper (NYSE:ERO) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.83 EPS for the quarter, topping the consensus estimate of $0.74 by $0.09. The firm had revenue of $284.30 million during the quarter, compared to analyst estimates of $277.64 million. Ero Copper had a net margin of 29.79% and a return on equity of 30.32%. On average, research analysts expect that Ero Copper Corp. will post 3.91 earnings per share for the current year.

Institutional Trading of Ero Copper

A number of institutional investors and hedge funds have recently made changes to their positions in the company. James Investment Research Inc. lifted its stake in shares of Ero Copper by 8.8% in the 3rd quarter. James Investment Research Inc. now owns 21,743 shares of the company’s stock valued at $798,000 after purchasing an additional 1,750 shares in the last quarter. Oakmont Investment Advisors Inc. grew its holdings in shares of Ero Copper by 18.5% during the 3rd quarter. Oakmont Investment Advisors Inc. now owns 72,914 shares of the company’s stock worth $2,675,000 after purchasing an additional 11,405 shares during the period. Kapitalo Investimentos Ltda increased its position in Ero Copper by 0.5% during the 3rd quarter. Kapitalo Investimentos Ltda now owns 1,082,320 shares of the company’s stock worth $39,710,000 after purchasing an additional 5,624 shares in the last quarter. Genesee Capital Advisors LLC purchased a new position in Ero Copper in the third quarter valued at approximately $337,000. Finally, Kercheville Advisors LLC acquired a new position in Ero Copper during the third quarter valued at approximately $295,000. 71.30% of the stock is currently owned by institutional investors and hedge funds.

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.