Jennison Associates LLC Trims Position in Ero Copper Corp. $ERO

Jennison Associates LLC trimmed its holdings in shares of Ero Copper Corp. (NYSE:ERO) by 9.7% in the 1st quarter, HoldingsChannel.com reports. The fund owned 1,647,950 shares of the company’s stock after selling 176,263 shares during the quarter. Jennison Associates LLC’s holdings in Ero Copper were worth $43,951,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. FNY Investment Advisers LLC acquired a new stake in shares of Ero Copper in the fourth quarter worth $25,000. Caitong International Asset Management Co. Ltd acquired a new position in Ero Copper during the fourth quarter valued at $38,000. Kestra Advisory Services LLC purchased a new stake in Ero Copper in the fourth quarter valued at $56,000. Banque Cantonale Vaudoise purchased a new stake in Ero Copper in the third quarter valued at $111,000. Finally, SG Americas Securities LLC acquired a new stake in Ero Copper during the 4th quarter worth about $115,000. 71.30% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on ERO shares. Scotiabank reiterated an “outperform” rating on shares of Ero Copper in a research note on Monday, June 15th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Ero Copper in a report on Thursday, June 4th. Jefferies Financial Group reiterated a “hold” rating on shares of Ero Copper in a research report on Monday, July 6th. Wall Street Zen downgraded Ero Copper from a “buy” rating to a “hold” rating in a report on Sunday, July 12th. Finally, Bradesco Corretora upgraded Ero Copper to an “outperform” rating in a research report on Monday. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $32.33.

Ero Copper Trading Up 4.1%

ERO stock opened at $25.12 on Tuesday. The company’s 50-day simple moving average is $27.60 and its 200-day simple moving average is $28.83. The company has a quick ratio of 0.81, a current ratio of 1.30 and a debt-to-equity ratio of 0.50. Ero Copper Corp. has a 52-week low of $12.79 and a 52-week high of $39.80. The firm has a market cap of $2.62 billion, a P/E ratio of 8.94, a PEG ratio of 0.19 and a beta of 1.20.

Ero Copper (NYSE:ERO) last announced its quarterly earnings results on Monday, May 4th. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.13. Ero Copper had a return on equity of 27.33% and a net margin of 31.63%.The firm had revenue of $263.20 million during the quarter, compared to analyst estimates of $245.51 million. As a group, equities analysts forecast that Ero Copper Corp. will post 3.98 EPS for the current fiscal year.

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.