Ero Copper (NYSE:ERO) Stock Breaks Above Two Hundred Day Moving Average – Here’s What Happened

Shares of Ero Copper Corp. (NYSE:ERO) passed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $30.68 and traded as high as $31.62. Ero Copper shares last traded at $30.8380, with a volume of 1,597,995 shares.

Wall Street Analysts Forecast Growth

ERO has been the subject of a number of research analyst reports. Zacks Research cut Ero Copper from a “hold” rating to a “strong sell” rating in a report on Monday, October 19th. Freedom Broker downgraded Ero Copper from a “strong-buy” rating to a “hold” rating in a research report on Thursday, September 3rd. Bradesco Corretora lowered Ero Copper from an “outperform” rating to a “neutral” rating in a research note on Wednesday, September 2nd. Canadian Imperial Bank of Commerce reiterated a “neutral” rating on shares of Ero Copper in a research report on Wednesday, September 23rd. Finally, Weiss Ratings downgraded Ero Copper from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, October 28th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Ero Copper has an average rating of “Hold” and a consensus price target of $32.33.

Ero Copper Stock Up 2.6%

The stock has a market capitalization of $3.01 billion, a price-to-earnings ratio of 7.71, a price-to-earnings-growth ratio of 0.26 and a beta of 1.32. The company has a quick ratio of 0.81, a current ratio of 1.30 and a debt-to-equity ratio of 0.50. The business’s 50-day moving average is $34.47 and its two-hundred day moving average is $30.67.

Ero Copper (NYSE:ERO) last released its quarterly earnings data on Monday, November 2nd. The company reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of $1.05 by $0.17. Ero Copper had a net margin of 32.21% and a return on equity of 38.98%. The company had revenue of $348.00 million during the quarter, compared to the consensus estimate of $342.91 million. Equities analysts anticipate that Ero Copper Corp. will post 3.91 EPS for the current year.

Institutional Investors Weigh In On Ero Copper

Hedge funds and other institutional investors have recently made changes to their positions in the stock. William Blair Investment Management LLC lifted its holdings in Ero Copper by 25.1% in the third quarter. William Blair Investment Management LLC now owns 550,048 shares of the company’s stock valued at $20,181,000 after acquiring an additional 110,408 shares during the last quarter. Hughes Financial Services LLC purchased a new position in Ero Copper in the third quarter worth approximately $52,000. XML Financial LLC purchased a new position in Ero Copper in the third quarter worth approximately $209,000. Hilton Head Capital Partners LLC increased its stake in Ero Copper by 250.0% during the third quarter. Hilton Head Capital Partners LLC now owns 700 shares of the company’s stock worth $26,000 after acquiring an additional 500 shares during the last quarter. Finally, James Investment Research Inc. increased its stake in Ero Copper by 8.8% during the third quarter. James Investment Research Inc. now owns 21,743 shares of the company’s stock worth $798,000 after acquiring an additional 1,750 shares during the last quarter. Institutional investors and hedge funds own 71.30% of the company’s stock.

About Ero Copper

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.