Ero Copper Corp. (NYSE:ERO) Sees Significant Decline in Short Interest

Ero Copper Corp. (NYSE:ERO) was the recipient of a significant decrease in short interest during the month of September. As of September 15th, there was short interest totalling 2,850,000 shares, a decrease of 5.3% from the August 31st total of 3,010,000 shares. Approximately 3.0% of the company’s shares are sold short. Based on an average daily trading volume, of 286,700 shares, the days-to-cover ratio is currently 9.9 days.

Analysts Set New Price Targets

ERO has been the topic of a number of analyst reports. Jefferies Financial Group raised Ero Copper from a “hold” rating to a “buy” rating in a research note on Monday, August 5th. Bank of America initiated coverage on Ero Copper in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $28.00 price objective on the stock. Raymond James raised Ero Copper from a “market perform” rating to an “outperform” rating in a research note on Tuesday, September 3rd. BMO Capital Markets raised Ero Copper from a “market perform” rating to an “outperform” rating in a research note on Wednesday, June 26th. Finally, StockNews.com cut Ero Copper from a “hold” rating to a “sell” rating in a research note on Friday, July 19th. One equities research analyst has rated the stock with a sell rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Ero Copper has a consensus rating of “Moderate Buy” and a consensus price target of $30.00.

Ero Copper Stock Up 0.9 %

Ero Copper stock opened at $22.46 on Wednesday. The business has a fifty day moving average of $20.11 and a two-hundred day moving average of $20.59. The company has a quick ratio of 0.60, a current ratio of 0.82 and a debt-to-equity ratio of 0.59. The firm has a market cap of $2.32 billion, a P/E ratio of 34.55 and a beta of 1.19. Ero Copper has a twelve month low of $11.35 and a twelve month high of $24.34.

Ero Copper (NYSE:ERO) last posted its earnings results on Thursday, August 1st. The company reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.01. The company had revenue of $117.10 million during the quarter. Ero Copper had a positive return on equity of 9.89% and a negative net margin of 4.79%. During the same quarter in the prior year, the company earned $0.24 EPS. On average, analysts forecast that Ero Copper will post 1.68 earnings per share for the current fiscal year.

Institutional Trading of Ero Copper

Hedge funds have recently bought and sold shares of the stock. Toronto Dominion Bank lifted its holdings in shares of Ero Copper by 38.7% during the 2nd quarter. Toronto Dominion Bank now owns 2,539 shares of the company’s stock valued at $54,000 after purchasing an additional 709 shares during the last quarter. National Bank of Canada FI lifted its holdings in shares of Ero Copper by 1.4% during the 2nd quarter. National Bank of Canada FI now owns 58,271 shares of the company’s stock valued at $1,238,000 after purchasing an additional 793 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings 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 valued at $469,000 after purchasing an additional 1,277 shares during the last quarter. Platinum Investment Management Ltd. lifted its holdings in shares of Ero Copper by 15.9% during the 1st quarter. Platinum Investment Management Ltd. now owns 18,738 shares of the company’s stock valued at $362,000 after purchasing an additional 2,564 shares during the last quarter. Finally, CIBC Asset Management Inc lifted its holdings in shares of Ero Copper by 3.2% during the 4th quarter. CIBC Asset Management Inc now owns 90,121 shares of the company’s stock valued at $1,429,000 after purchasing an additional 2,772 shares during the last quarter. Hedge funds and other 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.