Ero Copper (NYSE:ERO) Stock Price Down 2.3% – Here’s What Happened

Shares of Ero Copper Corp. (NYSE:ERO) dropped 2.3% during mid-day trading on Tuesday . The stock traded as low as $10.59 and last traded at $10.66. Approximately 20,230 shares traded hands during trading, a decline of 95% from the average daily volume of 396,577 shares. The stock had previously closed at $10.91.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on ERO shares. TD Cowen upgraded Ero Copper from a “hold” rating to a “buy” rating in a report on Wednesday, February 12th. Desjardins started coverage on shares of Ero Copper in a research report on Friday, April 4th. They issued a “hold” rating for the company. Raymond James reiterated an “outperform” rating on shares of Ero Copper in a research note on Friday, April 4th. Finally, TD Securities upgraded shares of Ero Copper from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 12th. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $26.33.

Ero Copper Price Performance

The firm has a market cap of $1.09 billion, a P/E ratio of 62.12 and a beta of 1.10. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.68 and a quick ratio of 0.45. The company’s 50-day moving average is $12.44 and its two-hundred day moving average is $14.82.

Ero Copper (NYSE:ERO) last issued its quarterly earnings results on Thursday, March 6th. The company reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.04). The firm had revenue of $122.50 million for the quarter, compared to the consensus estimate of $183.26 million. Ero Copper had a return on equity of 11.30% and a net margin of 3.67%. Sell-side analysts anticipate that Ero Copper Corp. will post 0.71 EPS for the current fiscal year.

Hedge Funds Weigh In On Ero Copper

Several hedge funds and other institutional investors have recently modified their holdings of the business. Toronto Dominion Bank boosted its stake in Ero Copper by 2,172.6% in the third quarter. Toronto Dominion Bank now owns 57,702 shares of the company’s stock valued at $1,285,000 after buying an additional 55,163 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Ero Copper in the 4th quarter valued at approximately $991,000. Jennison Associates LLC grew its holdings in shares of Ero Copper by 3.5% during the 4th quarter. Jennison Associates LLC now owns 5,909,627 shares of the company’s stock valued at $79,645,000 after purchasing an additional 198,800 shares during the last quarter. Canoe Financial LP acquired a new position in Ero Copper during the 4th quarter worth approximately $456,000. Finally, Montrusco Bolton Investments Inc. lifted its stake in Ero Copper by 3.9% in the 4th quarter. Montrusco Bolton Investments Inc. now owns 775,356 shares of the company’s stock valued at $10,448,000 after purchasing an additional 28,999 shares during the last quarter. Institutional investors own 71.30% of the company’s stock.

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.