Ero Copper (NYSE:ERO) Stock Sees Heavy Call Option Buying
by Tristan Rich · The Markets DailyEro Copper Corp. (NYSE:ERO – Get Free Report) was the target of some unusual options trading on Wednesday. Stock traders purchased 5,882 call options on the company. This represents an increase of approximately 63% compared to the typical volume of 3,608 call options.
Ero Copper Stock Performance
NYSE ERO traded down $0.97 on Wednesday, hitting $31.93. 836,864 shares of the stock traded hands, compared to its average volume of 1,438,785. The business’s fifty day moving average is $36.06 and its two-hundred day moving average is $30.86. Ero Copper has a 12 month low of $19.09 and a 12 month high of $40.83. The firm has a market capitalization of $3.33 billion, a price-to-earnings ratio of 10.73, a PEG ratio of 0.27 and a beta of 1.27. 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 (NYSE:ERO – Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.09. Ero Copper had a return on equity of 30.32% and a net margin of 29.79%. The business had revenue of $284.30 million during the quarter, compared to the consensus estimate of $277.64 million. As a group, equities analysts anticipate that Ero Copper will post 4.28 EPS for the current fiscal year.
Wall Street Analysts Forecast Growth
ERO has been the subject of several analyst reports. Bradesco Corretora downgraded Ero Copper from an “outperform” rating to a “neutral” rating in a research note on Wednesday, September 2nd. Wall Street Zen cut Ero Copper from a “buy” rating to a “hold” rating in a research report on Saturday. Jefferies Financial Group reiterated a “hold” rating on shares of Ero Copper in a report on Monday, July 6th. Bank of America upgraded Ero Copper from a “neutral” rating to a “buy” rating and upped their price target for the stock from $30.00 to $34.00 in a report on Thursday, July 16th. Finally, Zacks Research lowered Ero Copper from a “hold” rating to a “strong sell” rating in a research report on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Ero Copper presently has a consensus rating of “Moderate Buy” and a consensus price target of $32.33.
Check Out Our Latest Report on Ero Copper
Institutional Investors Weigh In On Ero Copper
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Impala Asset Management LLC purchased a new stake in shares of Ero Copper in the second quarter worth about $31,201,000. Kapitalo Investimentos Ltda bought a new position in shares of Ero Copper in the second quarter valued at approximately $28,802,000. Arrowstreet Capital Limited Partnership grew its stake in Ero Copper by 4,913.8% during the first quarter. Arrowstreet Capital Limited Partnership now owns 974,932 shares of the company’s stock valued at $26,000,000 after acquiring an additional 955,487 shares in the last quarter. Bank of America Corp DE purchased a new position in Ero Copper during the second quarter valued at approximately $25,121,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in Ero Copper in the 2nd quarter valued at $19,887,000. 71.30% of the stock is currently owned by institutional investors.
Ero Copper Company Profile
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.