Ero Copper (NYSE:ERO) Shares Gap Up to $21.01

Ero Copper Corp. (NYSE:ERO) gapped up before the market opened on Friday . The stock had previously closed at $21.01, but opened at $21.52. Ero Copper shares last traded at $21.42, with a volume of 42,739 shares traded.

Analyst Ratings Changes

A number of brokerages have recently commented on ERO. TheStreet raised shares of Ero Copper from a “c” rating to a “b-” rating in a research report on Friday, March 8th. Pi Financial cut Ero Copper from a “buy” rating to a “neutral” rating in a report on Friday, March 8th. Five equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, Ero Copper presently has a consensus rating of “Hold” and a consensus price target of $24.00.

Ero Copper Stock Performance

The firm has a market capitalization of $2.12 billion, a price-to-earnings ratio of 21.04 and a beta of 1.26. The firm’s 50 day simple moving average is $17.80 and its 200 day simple moving average is $15.71. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.94 and a current ratio of 1.23.

Ero Copper (NYSE:ERO) last issued its earnings results on Thursday, March 7th. The company reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.02). Ero Copper had a return on equity of 13.16% and a net margin of 21.71%. The company had revenue of $116.41 million during the quarter, compared to analysts’ expectations of $104.20 million. During the same quarter in the previous year, the company earned $0.24 EPS. Sell-side analysts forecast that Ero Copper Corp. will post 1.56 earnings per share for the current fiscal year.

Institutional Trading of Ero Copper

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Montrusco Bolton Investments Inc. raised its holdings in shares of Ero Copper by 245.2% in the 3rd quarter. Montrusco Bolton Investments Inc. now owns 642,010 shares of the company’s stock valued at $11,121,000 after buying an additional 456,033 shares during the period. Timelo Investment Management Inc. acquired a new position in Ero Copper in the 4th quarter valued at about $987,000. Jennison Associates LLC increased its stake in Ero Copper by 4.9% during the third quarter. Jennison Associates LLC now owns 3,544,861 shares of the company’s stock worth $61,161,000 after purchasing an additional 165,982 shares during the period. Public Sector Pension Investment Board lifted its position in shares of Ero Copper by 3.9% during the third quarter. Public Sector Pension Investment Board now owns 175,208 shares of the company’s stock worth $3,035,000 after purchasing an additional 6,631 shares in the last quarter. Finally, Impala Asset Management LLC boosted its stake in shares of Ero Copper by 23.1% in the third quarter. Impala Asset Management LLC now owns 1,836,510 shares of the company’s stock valued at $31,661,000 after purchasing an additional 344,410 shares during the period. 71.30% of the stock is owned by institutional investors and hedge funds.

About Ero Copper

Ero Copper Corp. engages in the exploration, development, and production of mining projects in Brazil. The company is involved in the production and sale of copper concentrate from the Caraíba operations located in the Curaçá Valley, northeastern Bahia state, Brazil, as well as gold and silver by-products.