Ero Copper (NYSE:ERO) Upgraded by Canaccord Genuity Group to “Buy” Rating

Ero Copper (NYSE:ERO) was upgraded by Canaccord Genuity Group from a “hold” rating to a “buy” rating in a report issued on Wednesday, MarketBeat Ratings reports.

Other research analysts have also issued research reports about the stock. Ventum Cap Mkts upgraded shares of Ero Copper to a “strong-buy” rating in a report on Monday, November 3rd. Cibc World Mkts cut shares of Ero Copper from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 9th. Scotiabank raised shares of Ero Copper from a “hold” rating to an “outperform” rating in a report on Thursday, November 6th. Loop Capital set a $32.00 price objective on Ero Copper in a research note on Tuesday, December 30th. Finally, Stifel Canada lowered Ero Copper from a “strong-buy” rating to a “hold” rating in a 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 stock. According to MarketBeat.com, Ero Copper presently has a consensus rating of “Moderate Buy” and a consensus target price of $32.50.

Ero Copper Stock Down 3.8%

Shares of Ero Copper stock opened at $29.85 on Wednesday. The business has a fifty day simple moving average of $25.36 and a 200 day simple moving average of $19.94. The stock has a market cap of $3.10 billion, a PE ratio of 22.44 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 has a 12 month low of $9.30 and a 12 month high of $31.75.

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Royal Bank of Canada lifted its stake in Ero Copper by 2.3% in the 1st quarter. Royal Bank of Canada now owns 188,384 shares of the company’s stock valued at $2,283,000 after acquiring an additional 4,325 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of Ero Copper in the first quarter worth $217,000. Goldman Sachs Group Inc. lifted its position in shares of Ero Copper by 82.0% in the first quarter. Goldman Sachs Group Inc. now owns 275,598 shares of the company’s stock worth $3,340,000 after purchasing an additional 124,179 shares in the last quarter. Empowered Funds LLC acquired a new position in Ero Copper during the first quarter worth $356,000. Finally, Canoe Financial LP grew its position in Ero Copper by 6.6% in the second quarter. Canoe Financial LP now owns 33,756 shares of the company’s stock valued at $571,000 after purchasing an additional 2,100 shares in the last quarter. 71.30% of the stock is currently owned by institutional investors.

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.