Raymond James Weighs in on Ero Copper Corp.’s FY2024 Earnings (NYSE:ERO)

Ero Copper Corp. (NYSE:ERO) – Equities research analysts at Raymond James cut their FY2024 earnings estimates for Ero Copper in a note issued to investors on Tuesday, September 17th. Raymond James analyst F. Hamed now anticipates that the company will post earnings per share of $1.81 for the year, down from their previous forecast of $2.01. Raymond James has a “Outperform” rating on the stock. The consensus estimate for Ero Copper’s current full-year earnings is $1.75 per share. Raymond James also issued estimates for Ero Copper’s Q4 2024 earnings at $1.21 EPS.

ERO has been the subject of a number of other reports. Ventum Cap Mkts upgraded Ero Copper from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 22nd. Scotiabank upgraded shares of Ero Copper from a “sector perform” rating to a “sector outperform” rating in a report on Thursday, May 30th. Jefferies Financial Group upgraded shares of Ero Copper from a “hold” rating to a “buy” rating in a report on Monday, August 5th. Bank of America initiated coverage on shares of Ero Copper in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $28.00 price objective for the company. Finally, StockNews.com cut Ero Copper from a “hold” rating to a “sell” rating in a research note on Friday, July 19th. One investment analyst has rated the stock with a sell rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $30.00.

Ero Copper Price Performance

Shares of Ero Copper stock opened at $21.45 on Thursday. The stock has a market cap of $2.21 billion, a price-to-earnings ratio of 33.00 and a beta of 1.19. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.60 and a current ratio of 0.82. The stock has a 50 day moving average price of $19.87 and a 200-day moving average price of $20.30. Ero Copper has a one year low of $11.35 and a one year high of $24.34.

Ero Copper (NYSE:ERO) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.18 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.01. Ero Copper had a negative net margin of 4.79% and a positive return on equity of 9.89%. The firm had revenue of $117.10 million during the quarter. During the same period in the previous year, the business posted $0.24 EPS.

Hedge Funds Weigh In On Ero Copper

Institutional investors have recently modified their holdings of the stock. Toronto Dominion Bank raised its holdings in shares of 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 acquiring an additional 709 shares in the last quarter. Platinum Investment Management Ltd. purchased a new stake in shares of Ero Copper in the 4th quarter worth approximately $257,000. Chesapeake Capital Corp IL purchased a new stake in shares of Ero Copper in the 2nd quarter worth approximately $351,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Ero Copper by 6.2% during the second 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 in the last quarter. Finally, Aigen Investment Management LP purchased a new position in Ero Copper during the fourth quarter valued at approximately $356,000. 71.30% of the stock is owned by hedge funds and other institutional investors.

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.