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

Ero Copper Corp. (NYSE:ERO) saw a significant increase in short interest during the month of December. As of December 15th, there was short interest totalling 2,560,000 shares, an increase of 6.7% from the November 30th total of 2,400,000 shares. Approximately 2.7% of the shares of the company are sold short. Based on an average trading volume of 367,400 shares, the days-to-cover ratio is presently 7.0 days.

Ero Copper Trading Up 1.2 %

Ero Copper stock opened at $13.48 on Thursday. Ero Copper has a 12-month low of $12.78 and a 12-month high of $24.34. The firm has a market capitalization of $1.39 billion, a price-to-earnings ratio of 79.29 and a beta of 1.12. The firm has a 50 day moving average of $15.53 and a 200 day moving average of $18.78. The company has a current ratio of 0.68, a quick ratio of 0.45 and a debt-to-equity ratio of 0.71.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Exchange Traded Concepts LLC purchased a new position in Ero Copper in the 3rd quarter worth approximately $38,000. Toronto Dominion Bank raised its position in shares of Ero Copper by 38.7% during the second quarter. Toronto Dominion Bank now owns 2,539 shares of the company’s stock valued at $54,000 after buying an additional 709 shares during the last quarter. Chesapeake Capital Corp IL purchased a new position in shares of Ero Copper in the second quarter worth $351,000. Sentry Investment Management LLC bought a new position in shares of Ero Copper during the third quarter worth $457,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in 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 acquiring an additional 1,277 shares in the last quarter. Hedge funds and other institutional investors own 71.30% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on ERO. The Goldman Sachs Group assumed coverage on Ero Copper in a research report on Monday, December 2nd. They issued a “buy” rating and a $19.00 target price on the stock. StockNews.com raised shares of Ero Copper from a “sell” rating to a “hold” rating in a report on Friday, October 25th. One equities research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $26.33.

Ero Copper Company Profile

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.