Ero Copper (NYSE:ERO) Stock Price Down 9.8% – What’s Next?

Ero Copper Corp. (NYSE:ERO)’s share price was down 9.8% on Friday . The stock traded as low as $28.05 and last traded at $27.7490. Approximately 436,500 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 1,543,093 shares. The stock had previously closed at $30.76.

Analyst Ratings Changes

Several research analysts have recently weighed in on ERO shares. Wall Street Zen downgraded shares of Ero Copper from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. The Goldman Sachs Group downgraded shares of Ero Copper from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $33.00 to $31.00 in a research report on Tuesday, April 14th. National Bank Financial raised shares of Ero Copper from a “sector perform” rating to an “outperform” rating in a research report on Tuesday, May 5th. Raymond James Financial downgraded shares of Ero Copper from a “moderate buy” rating to a “hold” rating in a research report on Monday, February 9th. Finally, Zacks Research downgraded shares of Ero Copper from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 12th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, Ero Copper presently has a consensus rating of “Moderate Buy” and an average price target of $31.50.

Ero Copper Price Performance

The stock’s 50-day moving average is $28.30 and its 200 day moving average is $28.41. The stock has a market capitalization of $2.68 billion, a PE ratio of 9.15 and a beta of 1.17. The company has a quick ratio of 0.46, a current ratio of 1.30 and a debt-to-equity ratio of 0.50.

Ero Copper (NYSE:ERO) last announced its quarterly earnings data on Monday, May 4th. The company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.13. Ero Copper had a net margin of 31.63% and a return on equity of 27.33%. The firm had revenue of $263.20 million for the quarter, compared to the consensus estimate of $245.51 million. As a group, equities analysts predict that Ero Copper Corp. will post 3.92 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada lifted its stake in Ero Copper by 2.3% in the first quarter. Royal Bank of Canada now owns 188,384 shares of the company’s stock valued at $2,283,000 after acquiring an additional 4,325 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in Ero Copper in the first quarter valued at approximately $217,000. Goldman Sachs Group Inc. lifted its stake in Ero Copper by 82.0% in the first quarter. Goldman Sachs Group Inc. now owns 275,598 shares of the company’s stock valued at $3,340,000 after acquiring an additional 124,179 shares during the last quarter. Empowered Funds LLC acquired a new stake in Ero Copper in the first quarter valued at approximately $356,000. Finally, Geode Capital Management LLC lifted its stake in Ero Copper by 3.4% in the second quarter. Geode Capital Management LLC now owns 55,170 shares of the company’s stock valued at $936,000 after acquiring an additional 1,823 shares during the last quarter. 71.30% of the stock is owned by hedge funds and other institutional investors.

About Ero Copper

Ero Copper Corp (NYSE: ERO) is a Canada-based natural resource company focused on the production of copper concentrate from its Brazilian operations. The company’s flagship asset is the Vale do Curaçá mining complex in the state of Bahia, which includes multiple underground mines and a centralized processing facility. Ero Copper’s primary product is copper concentrate, which is sold to smelters and end users around the world.

The Vale do Curaçá complex comprises the Pilar and Surubim underground mines, supported by a fully integrated processing plant.