Ero Copper (NYSE:ERO) Releases Quarterly Earnings Results, Beats Expectations By $0.09 EPS

Ero Copper (NYSE:ERO) released its quarterly earnings results on Wednesday. The company reported $0.83 EPS for the quarter, beating the consensus estimate of $0.74 by $0.09, Zacks reports. Ero Copper had a net margin of 31.63% and a return on equity of 27.33%.

Ero Copper Trading Up 5.0%

Shares of NYSE ERO traded up $1.45 during mid-day trading on Wednesday, hitting $30.45. The company’s stock had a trading volume of 1,270,495 shares, compared to its average volume of 831,735. Ero Copper has a one year low of $13.37 and a one year high of $39.80. The company’s fifty day simple moving average is $27.32 and its 200-day simple moving average is $28.61. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.30 and a quick ratio of 0.81. The stock has a market cap of $3.18 billion, a price-to-earnings ratio of 11.79, a price-to-earnings-growth ratio of 0.23 and a beta of 1.21.

Hedge Funds Weigh In On Ero Copper

Large investors have recently bought and sold shares of the business. FIL Ltd grew its holdings in Ero Copper by 74.1% during the 4th quarter. FIL Ltd now owns 11,670,422 shares of the company’s stock worth $330,161,000 after acquiring an additional 4,966,427 shares during the period. Vanguard Group Inc. raised its position in shares of Ero Copper by 1,614.0% during the 3rd quarter. Vanguard Group Inc. now owns 1,434,428 shares of the company’s stock valued at $29,056,000 after acquiring an additional 1,350,738 shares during the last quarter. Bank of America Corp DE lifted its stake in shares of Ero Copper by 82.6% in the 2nd quarter. Bank of America Corp DE now owns 1,775,632 shares of the company’s stock valued at $29,919,000 after purchasing an additional 803,320 shares during the period. Invesco Ltd. lifted its stake in shares of Ero Copper by 24.8% in the 3rd quarter. Invesco Ltd. now owns 2,553,915 shares of the company’s stock valued at $51,666,000 after purchasing an additional 507,217 shares during the period. Finally, Van ECK Associates Corp boosted its position in shares of Ero Copper by 527.2% in the 3rd quarter. Van ECK Associates Corp now owns 534,948 shares of the company’s stock worth $10,833,000 after purchasing an additional 449,659 shares during the last quarter. 71.30% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently weighed in on ERO shares. Jefferies Financial Group restated a “hold” rating on shares of Ero Copper in a research report on Monday, July 6th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Ero Copper in a research report on Thursday, June 4th. National Bank Financial raised Ero Copper from a “sector perform” rating to an “outperform” rating in a research note on Tuesday, May 5th. Wall Street Zen downgraded Ero Copper from a “buy” rating to a “hold” rating in a research report on Sunday, July 12th. Finally, The Goldman Sachs Group lowered Ero Copper from a “buy” rating to a “neutral” rating and cut their price target for the company from $33.00 to $31.00 in a research note on Tuesday, April 14th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $32.33.

About Ero Copper

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.