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

Ero Copper Corp. (NYSE:ERO) was the target of a large growth in short interest during the month of June. As of June 15th, there was short interest totalling 2,070,000 shares, a growth of 26.2% from the May 31st total of 1,640,000 shares. Approximately 2.2% of the shares of the company are sold short. Based on an average daily volume of 403,900 shares, the days-to-cover ratio is currently 5.1 days.

Institutional Trading of Ero Copper

Several large investors have recently modified their holdings of the stock. Impala Asset Management LLC lifted its position in Ero Copper by 23.1% during the third quarter. Impala Asset Management LLC now owns 1,836,510 shares of the company’s stock worth $31,661,000 after purchasing an additional 344,410 shares during the period. Public Sector Pension Investment Board increased its stake in Ero Copper by 3.9% in the third quarter. Public Sector Pension Investment Board now owns 175,208 shares of the company’s stock valued at $3,035,000 after acquiring an additional 6,631 shares during the last quarter. Raymond James & Associates increased its stake in shares of Ero Copper by 2.7% in the 4th quarter. Raymond James & Associates now owns 50,551 shares of the company’s stock valued at $798,000 after purchasing an additional 1,346 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Ero Copper by 25.9% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,247,918 shares of the company’s stock valued at $35,715,000 after acquiring an additional 461,998 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Ero Copper by 21.3% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,656 shares of the company’s stock worth $328,000 after acquiring an additional 3,632 shares in the last quarter. 71.30% of the stock is owned by institutional investors and hedge funds.

Ero Copper Stock Performance

NYSE ERO opened at $21.30 on Tuesday. Ero Copper has a 12-month low of $11.35 and a 12-month high of $24.38. The firm has a 50-day moving average price of $21.15 and a two-hundred day moving average price of $18.58. The company has a market capitalization of $2.20 billion, a P/E ratio of 32.77 and a beta of 1.19. The company has a quick ratio of 0.60, a current ratio of 0.82 and a debt-to-equity ratio of 0.59.

Ero Copper (NYSE:ERO) last issued its quarterly earnings results on Tuesday, May 7th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.11. Ero Copper had a return on equity of 10.68% and a net margin of 14.23%. The business had revenue of $105.80 million during the quarter, compared to analysts’ expectations of $104.40 million. Analysts anticipate that Ero Copper will post 1.7 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have commented on ERO. Ventum Cap Mkts downgraded shares of Ero Copper from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 28th. Pi Financial upgraded shares of Ero Copper from a “neutral” rating to a “buy” rating in a research note on Thursday, April 18th. StockNews.com downgraded shares of Ero Copper from a “hold” rating to a “sell” rating in a research report on Saturday. Scotiabank upgraded Ero Copper from a “sector perform” rating to a “sector outperform” rating in a research note on Thursday, May 30th. Finally, TheStreet raised Ero Copper from a “c” rating to a “b-” rating in a report on Friday, March 8th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold”.

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.