Impala Asset Management LLC Makes New Investment in Ero Copper Corp. $ERO

Impala Asset Management LLC bought a new stake in Ero Copper Corp. (NYSE:ERO) in the 2nd quarter, according to its most recent filing with the SEC. The fund bought 1,169,000 shares of the company’s stock, valued at approximately $31,201,000. Ero Copper accounts for 17.7% of Impala Asset Management LLC’s investment portfolio, making the stock its 2nd largest holding.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ERO. Caitong International Asset Management Co. Ltd purchased a new position in shares of Ero Copper in the 4th quarter valued at about $38,000. PenderFund Capital Management Ltd. acquired a new stake in Ero Copper in the 2nd quarter valued at $39,000. Kestra Advisory Services LLC purchased a new stake in Ero Copper in the 4th quarter worth $56,000. Banque Cantonale Vaudoise purchased a new stake in Ero Copper in the 3rd quarter worth $111,000. Finally, Shay Capital LLC acquired a new position in Ero Copper during the third quarter worth $202,000. Institutional investors and hedge funds own 71.30% of the company’s stock.

Ero Copper Trading Up 1.5%

ERO opened at $39.81 on Friday. 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 Corp. has a one year low of $13.91 and a one year high of $40.83. The business’s 50-day simple moving average is $29.51 and its 200-day simple moving average is $28.95. The company has a market cap of $4.15 billion, a P/E ratio of 13.36, a PEG ratio of 0.31 and a beta of 1.21.

Ero Copper (NYSE:ERO) last announced its quarterly earnings results 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 net margin of 29.79% and a return on equity of 30.32%. The firm had revenue of $284.30 million during the quarter, compared to analysts’ expectations of $277.64 million. As a group, equities research analysts expect that Ero Copper Corp. will post 3.98 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently weighed in on ERO. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Ero Copper in a research note on Thursday, June 4th. Bradesco Corretora upgraded shares of Ero Copper to an “outperform” rating in a research report on Monday, July 20th. Zacks Research downgraded Ero Copper from a “hold” rating to a “strong sell” rating in a research report on Monday, August 17th. Bank of America upgraded shares of Ero Copper from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $30.00 to $34.00 in a report on Thursday, July 16th. Finally, TD Securities reissued a “hold” rating on shares of Ero Copper in a research note on Friday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Ero Copper currently has an average rating of “Moderate Buy” and an average target price of $32.33.

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.