Analysts Issue Forecasts for Ero Copper Corp.’s FY2024 Earnings (NYSE:ERO)

Ero Copper Corp. (NYSE:ERO) – Investment analysts at Raymond James cut their FY2024 earnings per share (EPS) estimates for Ero Copper in a research note issued on Tuesday, September 17th. Raymond James analyst F. Hamed now forecasts that the company will post earnings per share of $1.81 for the year, down from their prior 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.

Several other research firms also recently weighed in on ERO. Scotiabank upgraded Ero Copper from a “sector perform” rating to a “sector outperform” rating in a research report on Thursday, May 30th. Bank of America initiated coverage on Ero Copper in a report on Tuesday, September 3rd. They issued a “buy” rating and a $28.00 price target for the company. Jefferies Financial Group upgraded Ero Copper from a “hold” rating to a “buy” rating in a report on Monday, August 5th. Ventum Cap Mkts upgraded Ero Copper from a “hold” rating to a “strong-buy” rating in a report on Monday, July 22nd. Finally, BMO Capital Markets upgraded Ero Copper from a “market perform” rating to an “outperform” rating in a research note on Wednesday, June 26th. One investment analyst has rated the stock with a sell rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Ero Copper currently has a consensus rating of “Moderate Buy” and a consensus price target of $30.00.

Ero Copper Trading Down 1.9 %

Shares of NYSE ERO opened at $21.03 on Thursday. The business’s 50 day moving average price is $19.83 and its 200-day moving average price is $20.32. Ero Copper has a fifty-two week low of $11.35 and a fifty-two week high of $24.34. 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 company has a market cap of $2.17 billion, a price-to-earnings ratio of 32.35 and a beta of 1.19.

Ero Copper (NYSE:ERO) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.18 EPS for the quarter, beating the consensus estimate 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 company had revenue of $117.10 million for the quarter. During the same quarter in the previous year, the company posted $0.24 earnings per share.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of ERO. Toronto Dominion Bank boosted its stake in 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 position in Ero Copper during the 4th quarter worth $257,000. Chesapeake Capital Corp IL acquired a new position in Ero Copper during the 2nd quarter valued at about $351,000. Aigen Investment Management LP purchased a new stake in Ero Copper in the fourth quarter valued at about $356,000. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in Ero Copper in the fourth quarter worth about $385,000. 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.