Ero Copper (NYSE:ERO) Shares Down 9.8% – Here’s Why

Ero Copper Corp. (NYSE:ERO) dropped 9.8% on Friday . The company traded as low as $28.05 and last traded at $27.7490. Approximately 436,500 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 1,543,093 shares. The stock had previously closed at $30.76.

Wall Street Analysts Forecast Growth

ERO has been the subject of a number of research reports. National Bank Financial raised Ero Copper from a “sector perform” rating to an “outperform” rating in a research note on Tuesday, May 5th. The Goldman Sachs Group lowered Ero Copper from a “buy” rating to a “neutral” rating and decreased their target price for the company from $33.00 to $31.00 in a report on Tuesday, April 14th. Wall Street Zen lowered Ero Copper from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Raymond James Financial lowered Ero Copper from a “moderate buy” rating to a “hold” rating in a report on Monday, February 9th. Finally, Bank of America lowered Ero Copper from a “buy” rating to a “neutral” rating in a report on Monday, February 9th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat, Ero Copper currently has a consensus rating of “Moderate Buy” and an average target price of $31.50.

Ero Copper Stock Performance

The stock has a market capitalization of $2.80 billion, a PE ratio of 9.53 and a beta of 1.17. The stock has a fifty day moving average of $28.29 and a 200-day moving average of $28.43. The company has a quick ratio of 0.46, a current ratio of 0.82 and a debt-to-equity ratio of 0.64.

Ero Copper (NYSE:ERO) last released its earnings results on Monday, May 4th. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.13. The firm had revenue of $263.20 million during the quarter, compared to analyst estimates of $245.51 million. Ero Copper had a return on equity of 29.86% and a net margin of 31.63%. Equities analysts anticipate that Ero Copper Corp. will post 3.92 earnings per share for the current fiscal year.

Institutional Trading of Ero Copper

A number of institutional investors have recently bought and sold shares of the business. FIL Ltd lifted 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 buying an additional 4,966,427 shares during the last quarter. Invesco Ltd. lifted its holdings in Ero Copper by 10.7% during the 4th quarter. Invesco Ltd. now owns 2,827,385 shares of the company’s stock worth $79,987,000 after buying an additional 273,470 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Ero Copper by 77.6% during the 4th quarter. Vanguard Group Inc. now owns 2,546,856 shares of the company’s stock worth $72,051,000 after buying an additional 1,112,428 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Ero Copper by 11.1% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,507,087 shares of the company’s stock worth $50,794,000 after buying an additional 250,303 shares during the last quarter. Finally, Cape Ann Asset Management Ltd lifted its holdings in Ero Copper by 13.5% during the 1st quarter. Cape Ann Asset Management Ltd now owns 1,949,128 shares of the company’s stock worth $51,983,000 after buying an additional 231,485 shares during the last quarter. 71.30% of the stock is owned by hedge funds and other institutional investors.

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.