Ero Copper (NYSE:ERO) Raised to Sector Outperform at Scotiabank

Key Points

• Scotiabank upgraded Ero Copper from “sector perform” to “sector outperform,” although the broader analyst consensus remains “Hold” with a $32.33 price target.
• Ero Copper shares rose 5.1% to $30.66. The company recently exceeded quarterly expectations, reporting $1.22 in EPS versus the $1.05 consensus and revenue of $348 million.
• Institutional investors and hedge funds own 71.3% of Ero Copper’s shares, with several firms recently initiating or increasing positions.

Ero Copper (NYSE:ERO - Get Free Report) was upgraded by investment analysts at Scotiabank from a "sector perform" rating to a "sector outperform" rating in a report issued on Tuesday, Marketbeat Ratings reports.

Other research analysts have also issued reports about the stock. Bradesco Corretora lowered shares of Ero Copper from an "outperform" rating to a "neutral" rating in a research note on Wednesday, September 2nd. Weiss Ratings downgraded Ero Copper from a "buy (b)" rating to a "buy (b-)" rating in a research report on Wednesday, October 28th. Wall Street Zen lowered Ero Copper from a "buy" rating to a "hold" rating in a research report on Saturday, October 17th. Freedom Broker lowered Ero Copper from a "strong-buy" rating to a "hold" rating in a research report on Thursday, September 3rd. Finally, Canadian Imperial Bank of Commerce reiterated a "neutral" rating on shares of Ero Copper in a research report on Wednesday, September 23rd. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $32.33.

Ero Copper Stock Up 5.1%

Shares of NYSE:ERO traded up $1.50 on Tuesday, reaching $30.66. The company had a trading volume of 931,159 shares, compared to its average volume of 1,444,992. 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 firm has a market capitalization of $3.20 billion, a PE ratio of 10.27, a PEG ratio of 0.29 and a beta of 1.27. Ero Copper has a 52-week low of $19.09 and a 52-week high of $40.83. The firm's 50 day simple moving average is $35.27 and its 200-day simple moving average is $30.68.

Ero Copper (NYSE:ERO - Get Free Report) last announced its quarterly earnings data on Monday, November 2nd. The company reported $1.22 EPS for the quarter, beating the consensus estimate of $1.05 by $0.17. Ero Copper had a net margin of 29.79% and a return on equity of 30.32%. The business had revenue of $348.00 million during the quarter, compared to analysts' expectations of $342.91 million. As a group, analysts expect that Ero Copper will post 3.91 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ero Copper

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Hilton Head Capital Partners LLC grew its position in Ero Copper by 250.0% during the third quarter. Hilton Head Capital Partners LLC now owns 700 shares of the company's stock valued at $26,000 after acquiring an additional 500 shares during the last quarter. Hughes Financial Services LLC bought a new stake in shares of Ero Copper during the third quarter valued at approximately $52,000. PenderFund Capital Management Ltd. bought a new stake in shares of Ero Copper in the second quarter worth approximately $39,000. XML Financial LLC bought a new position in Ero Copper in the third quarter valued at about $209,000. Finally, Kercheville Advisors LLC purchased a new position in shares of Ero Copper during the 3rd quarter worth $295,000. Institutional investors and hedge funds own 71.30% of the company's stock.

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.

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