Ero Copper (NYSE:ERO) Cut to Hold at Freedom Broker

Key Points

• Freedom Broker downgraded Ero Copper from “strong buy” to “hold,” following similar rating cuts from Bradesco Corretora, Zacks Research and Wall Street Zen. The broader analyst consensus is “Hold,” with an average price target of $32.33.
• Ero Copper shares opened at $35.29, near the upper end of their 52-week range of $14.35 to $40.83, and above their 50-day and 200-day moving averages.
• The company reported quarterly EPS of $0.83, exceeding the $0.74 consensus estimate, while revenue of $284.3 million also topped expectations. Institutional investors and hedge funds own approximately 71.3% of the stock.

Ero Copper (NYSE:ERO - Get Free Report) was downgraded by equities research analysts at Freedom Broker from a "strong-buy" rating to a "hold" rating in a report released on Thursday, Zacks reports.

A number of other equities research analysts have also recently weighed in on ERO. Bradesco Corretora cut Ero Copper from an "outperform" rating to a "neutral" rating in a research note on Wednesday. Scotiabank reiterated an "outperform" rating on shares of Ero Copper in a research note on Monday, June 15th. Zacks Research downgraded shares of Ero Copper from a "hold" rating to a "strong sell" rating in a report on Monday, August 17th. Wall Street Zen lowered shares of Ero Copper from a "buy" rating to a "hold" rating in a research report on Saturday, August 29th. Finally, Jefferies Financial Group restated a "hold" rating on shares of Ero Copper in a report on Monday, July 6th. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Ero Copper presently has a consensus rating of "Hold" and an average target price of $32.33.

Ero Copper Stock Performance

Shares of NYSE:ERO opened at $35.29 on Thursday. The firm has a 50 day moving average of $30.31 and a 200 day moving average of $29.14. The company has a quick ratio of 0.81, a current ratio of 1.30 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $3.68 billion, a price-to-earnings ratio of 11.84, a price-to-earnings-growth ratio of 0.28 and a beta of 1.27. Ero Copper has a 52 week low of $14.35 and a 52 week high of $40.83.

Ero Copper (NYSE:ERO - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.09. Ero Copper had a return on equity of 30.32% and a net margin of 29.79%.The business had revenue of $284.30 million for the quarter, compared to analysts' expectations of $277.64 million. On average, sell-side analysts predict that Ero Copper will post 3.98 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ero Copper

Several hedge funds have recently made changes to their positions in ERO. Caitong International Asset Management Co. Ltd acquired a new stake in Ero Copper during the 4th quarter worth about $38,000. PenderFund Capital Management Ltd. acquired a new position in shares of Ero Copper in the second quarter valued at about $39,000. Kestra Advisory Services LLC acquired a new position in shares of Ero Copper in the fourth quarter valued at about $56,000. Banque Cantonale Vaudoise purchased a new position in shares of Ero Copper in the third quarter worth about $111,000. Finally, Barclays PLC raised its stake in shares of Ero Copper by 1,243.1% in the fourth quarter. Barclays PLC now owns 7,508 shares of the company's stock worth $212,000 after purchasing an additional 6,949 shares during the last quarter. 71.30% of the stock is owned by institutional investors and hedge funds.

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.

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