Ero Copper (NYSE:ERO) Stock Rating Cut to Strong Sell at Zacks Research

Zacks Research cut shares of Ero Copper (NYSE:ERO) from a hold rating to a strong sell rating in a report published on Monday,Zacks reports.

A number of other research analysts have also issued reports on ERO. Bradesco Corretora lowered Ero Copper from an “outperform” rating to a “neutral” rating in a research report on Wednesday, September 2nd. Wall Street Zen cut shares of Ero Copper from a “buy” rating to a “hold” rating in a research note on Saturday. Weiss Ratings raised shares of Ero Copper from a “hold (c+)” rating to a “buy (b)” rating in a report on Thursday, October 8th. Freedom Broker lowered shares of Ero Copper from a “strong-buy” rating to a “hold” rating in a report on Thursday, September 3rd. Finally, Bank of America upgraded shares of Ero Copper from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $30.00 to $34.00 in a research report on Thursday, July 16th. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $32.33.

Ero Copper Stock Performance

Shares of ERO stock opened at $32.84 on Monday. The company has a current ratio of 1.30, a quick ratio of 0.81 and a debt-to-equity ratio of 0.50. Ero Copper has a 12-month low of $19.09 and a 12-month high of $40.83. The business’s 50 day moving average is $36.06 and its two-hundred day moving average is $30.86. The company has a market capitalization of $3.43 billion, a P/E ratio of 11.02, a P/E/G ratio of 0.27 and a beta of 1.27.

Ero Copper (NYSE:ERO) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.09. The business had revenue of $284.30 million during the quarter, compared to analysts’ expectations of $277.64 million. Ero Copper had a return on equity of 30.32% and a net margin of 29.79%. Analysts expect that Ero Copper will post 4.28 EPS for the current fiscal year.

Institutional Investors Weigh In On Ero Copper

Several institutional investors have recently bought and sold shares of the company. Amundi boosted its stake in shares of Ero Copper by 85.8% in the second quarter. Amundi now owns 965,346 shares of the company’s stock worth $25,823,000 after acquiring an additional 445,849 shares during the last quarter. BlackRock Inc. purchased a new stake in shares of Ero Copper during the second quarter worth approximately $4,122,000. Legal & General Group Plc purchased a new stake in shares of Ero Copper during the second quarter worth approximately $2,563,000. Royal Bank of Canada raised its stake in Ero Copper by 123.7% in the 1st quarter. Royal Bank of Canada now owns 354,638 shares of the company’s stock valued at $9,459,000 after purchasing an additional 196,101 shares during the last quarter. Finally, Jupiter Topco LLC acquired a new position in Ero Copper in the 2nd quarter valued at $9,397,000. 71.30% of the stock is currently owned by institutional investors and hedge funds.

About Ero Copper

Ero Copper Corp. is a Canadian-based mining company focused on the exploration, development and production of copper and associated minerals. Its shares trade under the symbol ERO on the New York Stock Exchange and the Toronto Stock Exchange.

The company’s principal assets are in Brazil. Its Caraíba Operations in the state of Bahia include underground and open-pit copper mines, processing facilities and related infrastructure. Ero Copper also operates the Tucumã copper mine in the state of Pará, while advancing additional exploration and development opportunities in Brazil.

Ero Copper was established in 2016 and has built its business around operating and expanding its Brazilian mining portfolio.