Short Interest in Ero Copper Corp. (NYSE:ERO) Drops By 5.3%

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

Institutional Trading of Ero Copper

Hedge funds have recently modified their holdings of the company. Toronto Dominion Bank grew 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 purchasing an additional 709 shares in the last quarter. Platinum Investment Management Ltd. purchased a new position in shares of Ero Copper in the 4th quarter worth $257,000. Chesapeake Capital Corp IL bought a new stake in shares of Ero Copper in the 2nd quarter worth about $351,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position 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 buying an additional 1,277 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in shares of Ero Copper by 28.2% in the 1st quarter. Janus Henderson Group PLC now owns 32,994 shares of the company’s stock valued at $637,000 after acquiring an additional 7,257 shares during the last quarter. 71.30% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on ERO shares. StockNews.com lowered shares of Ero Copper from a “hold” rating to a “sell” rating in a research report on Friday, July 19th. Ventum Cap Mkts raised shares of Ero Copper from a “hold” rating to a “strong-buy” rating in a report on Monday, July 22nd. Jefferies Financial Group raised Ero Copper from a “hold” rating to a “buy” rating in a report on Monday, August 5th. Bank of America assumed coverage on Ero Copper in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $28.00 price objective on the stock. Finally, BMO Capital Markets upgraded Ero Copper from a “market perform” rating to an “outperform” rating in a research report on Wednesday, June 26th. One analyst has rated the stock with a sell rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Ero Copper has an average rating of “Moderate Buy” and an average price target of $30.00.

Ero Copper Price Performance

NYSE ERO traded down $0.49 on Monday, reaching $22.27. The company had a trading volume of 221,532 shares, compared to its average volume of 335,691. The stock has a market capitalization of $2.30 billion, a PE ratio of 34.26 and a beta of 1.19. Ero Copper has a 12 month low of $11.35 and a 12 month high of $24.34. 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’s 50 day moving average price is $20.00 and its 200 day moving average price is $20.54.

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

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.