Ero Copper (NYSE:ERO) Shares Gap Up Following Analyst Upgrade

Ero Copper Corp. (NYSE:ERO) shares gapped up prior to trading on Wednesday after Canaccord Genuity Group upgraded the stock from a hold rating to a buy rating. The stock had previously closed at $29.83, but opened at $31.20. Ero Copper shares last traded at $30.8520, with a volume of 482,962 shares traded.

Other equities research analysts have also issued research reports about the company. Loop Capital set a $32.00 target price on Ero Copper in a research report on Tuesday, December 30th. Stifel Canada downgraded shares of Ero Copper from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 21st. Ventum Cap Mkts upgraded shares of Ero Copper to a “strong-buy” rating in a report on Monday, November 3rd. Zacks Research upgraded shares of Ero Copper from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 6th. Finally, TD Cowen reissued a “hold” rating on shares of Ero Copper in a research report on Tuesday, October 21st. Three investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $32.50.

Hedge Funds Weigh In On Ero Copper

A number of hedge funds have recently bought and sold shares of ERO. Synergy Asset Management LLC acquired a new position in Ero Copper in the fourth quarter valued at approximately $305,000. SG Americas Securities LLC bought a new stake in shares of Ero Copper in the 4th quarter valued at $115,000. Polar Asset Management Partners Inc. acquired a new position in shares of Ero Copper during the 3rd quarter valued at $770,000. CANADA LIFE ASSURANCE Co lifted its position in shares of Ero Copper by 46.0% during the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 126,360 shares of the company’s stock valued at $2,506,000 after acquiring an additional 39,832 shares during the period. Finally, Prelude Capital Management LLC bought a new position in Ero Copper during the third quarter worth $248,000. Institutional investors own 71.30% of the company’s stock.

Ero Copper Trading Up 4.0%

The firm’s 50 day simple moving average is $25.36 and its two-hundred day simple moving average is $19.94. The stock has a market capitalization of $3.23 billion, a P/E ratio of 23.36 and a beta of 1.22. The company has a quick ratio of 0.46, a current ratio of 0.82 and a debt-to-equity ratio of 0.64.

Ero Copper (NYSE:ERO) last announced its earnings results on Tuesday, November 4th. The company reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.09). Ero Copper had a net margin of 23.44% and a return on equity of 17.07%. The company had revenue of $177.10 million for the quarter, compared to analysts’ expectations of $309.30 million. As a group, analysts forecast that Ero Copper Corp. will post 0.71 earnings per share for the current fiscal year.

Ero Copper Company Profile

Ero Copper Corp (NYSE: ERO) is a Canada-based natural resource company focused on the production of copper concentrate from its Brazilian operations. The company’s flagship asset is the Vale do Curaçá mining complex in the state of Bahia, which includes multiple underground mines and a centralized processing facility. Ero Copper’s primary product is copper concentrate, which is sold to smelters and end users around the world.

The Vale do Curaçá complex comprises the Pilar and Surubim underground mines, supported by a fully integrated processing plant.