Short Interest in Ero Copper Corp. (NYSE:ERO) Declines By 30.9%

Ero Copper Corp. (NYSE:ERO) saw a significant decline in short interest in November. As of November 15th, there was short interest totalling 2,300,000 shares, a decline of 30.9% from the October 31st total of 3,330,000 shares. Based on an average daily trading volume, of 327,400 shares, the short-interest ratio is presently 7.0 days. Currently, 2.4% of the company’s stock are sold short.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on ERO shares. Jefferies Financial Group raised Ero Copper from a “hold” rating to a “buy” rating in a research report on Monday, August 5th. Bank of America initiated coverage on shares of Ero Copper in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $28.00 price objective on the stock. StockNews.com raised shares of Ero Copper from a “sell” rating to a “hold” rating in a research report on Friday, October 25th. Finally, Raymond James raised shares of Ero Copper from a “market perform” rating to an “outperform” rating in a report on Tuesday, September 3rd. One analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Ero Copper has a consensus rating of “Buy” and an average target price of $30.00.

Ero Copper Stock Performance

Shares of NYSE:ERO traded down $0.04 during midday trading on Friday, reaching $15.22. The company’s stock had a trading volume of 153,536 shares, compared to its average volume of 336,613. The firm has a market capitalization of $1.57 billion, a PE ratio of 89.53 and a beta of 1.23. The stock has a fifty day moving average of $18.82 and a 200 day moving average of $20.02. Ero Copper has a twelve month low of $11.96 and a twelve month high of $24.34. The company has a quick ratio of 0.45, a current ratio of 0.68 and a debt-to-equity ratio of 0.71.

Institutional Investors Weigh In On Ero Copper

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Exchange Traded Concepts LLC acquired a new stake in shares of Ero Copper during the 3rd quarter worth approximately $38,000. Toronto Dominion Bank increased its holdings in Ero Copper by 38.7% in the second quarter. Toronto Dominion Bank now owns 2,539 shares of the company’s stock valued at $54,000 after buying an additional 709 shares in the last quarter. Chesapeake Capital Corp IL acquired a new position in shares of Ero Copper in the second quarter worth about $351,000. Sentry Investment Management LLC acquired a new position in shares of Ero Copper in the third quarter worth about $457,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Ero Copper by 6.2% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,933 shares of the company’s stock worth $469,000 after acquiring an additional 1,277 shares in the last quarter. 71.30% of the stock is owned by institutional investors and hedge funds.

Ero Copper Company Profile

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.