Ero Copper (NYSE:ERO) Upgraded by Bank of America to “Buy” Rating

Ero Copper (NYSE:ERO) was upgraded by analysts at Bank of America from a “neutral” rating to a “buy” rating in a report released on Thursday,Benzinga reports. The brokerage presently has a $34.00 price objective on the stock, up from their prior price objective of $30.00. Bank of America‘s price target points to a potential upside of 34.34% from the company’s previous close.

A number of other equities analysts have also recently issued reports on ERO. Scotiabank reissued an “outperform” rating on shares of Ero Copper in a research report on Monday, June 15th. The Goldman Sachs Group downgraded shares of Ero Copper from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $33.00 to $31.00 in a research report on Tuesday, April 14th. Wall Street Zen lowered Ero Copper from a “buy” rating to a “hold” rating in a report on Sunday. National Bank Financial raised shares of Ero Copper from a “sector perform” rating to an “outperform” rating in a research report on Tuesday, May 5th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Ero Copper in a research report on Thursday, June 4th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $32.33.

Ero Copper Stock Performance

Shares of Ero Copper stock opened at $25.31 on Thursday. The business has a 50-day moving average price of $27.81 and a two-hundred day moving average price of $28.91. Ero Copper has a 1-year low of $12.79 and a 1-year high of $39.80. The company has a current ratio of 1.30, a quick ratio of 0.81 and a debt-to-equity ratio of 0.50. The company has a market cap of $2.64 billion, a P/E ratio of 9.01 and a beta of 1.20.

Ero Copper (NYSE:ERO) last issued its earnings results on Monday, May 4th. The company reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.13. The business had revenue of $263.20 million during the quarter, compared to the consensus estimate of $245.51 million. Ero Copper had a return on equity of 27.33% and a net margin of 31.63%. As a group, analysts anticipate that Ero Copper will post 4.06 EPS for the current year.

Institutional Trading of Ero Copper

Several hedge funds and other institutional investors have recently modified their holdings of ERO. FNY Investment Advisers LLC bought a new position in Ero Copper in the 4th quarter worth approximately $25,000. Caitong International Asset Management Co. Ltd bought a new stake in Ero Copper during the 4th quarter valued at $38,000. Kestra Advisory Services LLC bought a new stake in Ero Copper during the 4th quarter valued at $56,000. Banque Cantonale Vaudoise purchased a new stake in shares of Ero Copper during the third quarter worth $111,000. Finally, SG Americas Securities LLC purchased a new stake in shares of Ero Copper during the fourth quarter worth $115,000. Institutional investors own 71.30% of the company’s stock.

About Ero Copper

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.