Raymond James Financial Inc. recently acquired a stake in Ero Copper Corp. during the fourth quarter. According to the latest 13F filing with the Securities & Exchange Commission, the firm purchased 73,550 shares of Ero Copper’s stock valued at around $991,000. This move positioned Raymond James Financial Inc. as an owner of approximately 0.07% of Ero Copper as per the most recent SEC filing.
Aside from Raymond James Financial Inc., other institutional investors have also adjusted their positions in Ero Copper. Geode Capital Management LLC, for instance, increased its stake by 16.1% in the third quarter, while Barclays PLC raised its position by 64.4% during the same period. Tidal Investments LLC saw a 142.5% increase in its stake in the company, and Canoe Financial LP and Stonehage Fleming Financial Services Holdings Ltd also entered the scene as new stakeholders in Ero Copper during the fourth quarter.
Various equity analysts have shared their insights on Ero Copper, with ratings ranging from “hold” to “strong buy” for the company’s stock. Raymond James reiterated an “outperform” rating, while National Bank Financial upgraded Ero Copper to “strong buy.” Desjardins initiated coverage with a “hold” rating, and TD Cowen and BMO Capital Markets both raised their ratings to “buy” and “outperform,” respectively. Overall, analysts’ consensus rating for Ero Copper stands at “buy,” with an average price target of $26.33.
Ero Copper’s stock performance on the NYSE saw it trading at $13.39, with a market capitalization of $1.39 billion. The company reported earnings results exceeding expectations, with $0.35 EPS for the quarter, surpassing the consensus estimate by $0.18. Ero Copper’s revenue for the quarter was reported at $125.10 million against analysts’ predictions of $179.45 million. The company’s net margin stood at 3.67%, with a return on equity of 11.30%. Analysts anticipate Ero Copper to post 0.71 earnings per share for the current fiscal year.
Ero Copper Corp. is primarily engaged in mining projects in Brazil, focusing on the production and sale of copper concentrate from its Caraíba operations in northeastern Bahia state. The company also deals with gold and silver by-products, diversifying its portfolio within the mining sector.
Considering the recent developments and analyst sentiments, Ero Copper remains a stock of interest for investors looking to capitalize on the company’s performance and potential growth within the mining industry. With a solid financial standing and positive market outlook, Ero Copper presents itself as a compelling investment opportunity in the current market landscape.
