Ero Copper (NYSE:ERO) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded Ero Copper from “buy” to “hold,” while broader analyst sentiment remains “Moderate Buy” with an average price target of $32.33.
• Ero Copper’s shares opened at $34.09, down 1.9%, and trade below their 52-week high of $40.83. The company recently exceeded quarterly expectations, reporting $0.83 in EPS and $284.3 million in revenue.
• Institutional ownership stands at 71.3%, with several major investors—including Impala Asset Management, Kapitalo Investimentos and Bank of America—recently establishing or increasing positions.

Ero Copper (NYSE:ERO - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

Several other equities analysts have also recently issued reports on ERO. Weiss Ratings raised shares of Ero Copper from a "hold (c+)" rating to a "buy (b)" rating in a research note on Thursday, October 8th. Bradesco Corretora lowered shares of Ero Copper from an "outperform" rating to a "neutral" rating in a research note on Wednesday, September 2nd. Freedom Broker lowered shares of Ero Copper from a "strong-buy" rating to a "hold" rating in a research note on Thursday, September 3rd. Bank of America upgraded shares of Ero Copper from a "neutral" rating to a "buy" rating and raised their target price for the stock from $30.00 to $34.00 in a report on Thursday, July 16th. Finally, Jefferies Financial Group restated a "hold" rating on shares of Ero Copper in a research report on Monday, July 6th. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and eleven have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $32.33.

Ero Copper Trading Down 1.9%

Shares of ERO stock opened at $34.09 on Friday. The stock has a 50-day simple moving average of $36.17 and a 200 day simple moving average of $30.73. Ero Copper has a fifty-two week low of $19.09 and a fifty-two week high of $40.83. The stock has a market capitalization of $3.56 billion, a P/E ratio of 12.28, a P/E/G ratio of 0.27 and a beta of 1.27. The company has a quick ratio of 0.81, a current ratio of 1.30 and a debt-to-equity ratio of 0.50.

Ero Copper (NYSE:ERO - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $0.83 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.74 by $0.09. Ero Copper had a return on equity of 30.32% and a net margin of 29.79%. The firm had revenue of $284.30 million for the quarter, compared to analyst estimates of $277.64 million. On average, sell-side analysts expect that Ero Copper will post 4.28 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Impala Asset Management LLC purchased a new position in shares of Ero Copper in the second quarter worth approximately $31,201,000. Kapitalo Investimentos Ltda purchased a new stake in shares of Ero Copper in the 2nd quarter valued at approximately $28,802,000. Arrowstreet Capital Limited Partnership lifted its position in shares of Ero Copper by 4,913.8% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 974,932 shares of the company's stock valued at $26,000,000 after acquiring an additional 955,487 shares in the last quarter. Bank of America Corp DE acquired a new position in Ero Copper in the 2nd quarter worth approximately $25,121,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in Ero Copper in the 2nd quarter worth approximately $19,887,000. 71.30% of the stock is currently owned by institutional investors and hedge funds.

Ero Copper Company Profile

Ero Copper Corp. is a Canadian mining company focused on the exploration, development and production of copper, gold and other mineral resources in Brazil. The company is headquartered in Vancouver, British Columbia, and its shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol ERO.

Ero Copper's principal assets include the Caraíba Mining Complex in the state of Bahia, which produces copper, and the NX Gold operation in Mato Grosso, which produces gold.

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