Ero Copper (NYSE:ERO) Reaches New 52-Week High – Still a Buy?

by · The Markets Daily

Ero Copper Corp. (NYSE:ERO – Get Free Report) shares hit a new 52-week high during trading on Friday . The company traded as high as $26.87 and last traded at $26.72, with a volume of 482010 shares trading hands. The stock had previously closed at $25.53.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. TD Cowen reiterated a “hold” rating on shares of Ero Copper in a research report on Tuesday, October 21st. The Goldman Sachs Group increased their price objective on shares of Ero Copper from $18.50 to $25.00 and gave the company a “buy” rating in a report on Wednesday, October 29th. Ventum Cap Mkts upgraded shares of Ero Copper to a “strong-buy” rating in a research note on Monday, November 3rd. Zacks Research downgraded Ero Copper from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 29th. Finally, Jefferies Financial Group lowered Ero Copper from a “buy” rating to a “hold” rating in a research note on Sunday, December 7th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and twelve have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $25.00.

View Our Latest Report on ERO

Ero Copper Price Performance

The company has a market cap of $2.73 billion, a price-to-earnings ratio of 19.80 and a beta of 1.23. The company has a current ratio of 0.82, a quick ratio of 0.46 and a debt-to-equity ratio of 0.64. The business has a 50-day moving average price of $22.84 and a 200 day moving average price of $18.27.

Ero Copper (NYSE:ERO – Get Free Report) last announced its earnings results on Tuesday, November 4th. The company reported $0.27 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.09). Ero Copper had a net margin of 23.44% and a return on equity of 17.07%. The company had revenue of $177.10 million for the quarter, compared to analysts’ expectations of $309.30 million. As a group, research analysts expect that Ero Copper Corp. will post 0.71 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted its position in shares of Ero Copper by 20.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 58,295 shares of the company’s stock valued at $706,000 after acquiring an additional 9,810 shares in the last quarter. Nuveen LLC bought a new position in Ero Copper during the first quarter valued at approximately $1,025,000. Northwest & Ethical Investments L.P. grew its position in Ero Copper by 22.6% in the first quarter. Northwest & Ethical Investments L.P. now owns 8,033 shares of the company’s stock worth $97,000 after acquiring an additional 1,483 shares in the last quarter. Sprott Inc. grew its position in Ero Copper by 64.3% in the first quarter. Sprott Inc. now owns 748,185 shares of the company’s stock worth $9,068,000 after acquiring an additional 292,896 shares in the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in shares of Ero Copper by 25.6% during the 1st quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 52,845 shares of the company’s stock worth $640,000 after purchasing an additional 10,764 shares during the last quarter. 71.30% of the stock is owned by hedge funds and other institutional investors.

About Ero Copper

(Get Free Report)

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.

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