Ero Copper (NYSE:ERO) Stock Rating Lowered by Zacks Research

Key Points

• Zacks Research downgraded Ero Copper from “hold” to “strong sell,” adding to a mixed analyst outlook. MarketBeat reports an overall “Moderate Buy” consensus and an average price target of $32.33.
• Ero Copper’s shares opened at $32.84, compared with a 52-week range of $19.09 to $40.83, while institutional investors own 71.30% of the company.
• The company recently exceeded quarterly expectations, reporting $0.83 in earnings per share versus a $0.74 consensus estimate and revenue of $284.30 million versus $277.64 million expected.

Ero Copper (NYSE:ERO - Get Free Report) was downgraded by Zacks Research from a "hold" rating to a "strong sell" rating in a research note issued to investors on Monday, Zacks reports.

Other equities research analysts have also issued research reports about the company. Wall Street Zen lowered Ero Copper from a "buy" rating to a "hold" rating in a research report on Saturday. Scotiabank cut Ero Copper from a "sector outperform" rating to a "sector perform" rating in a research note on Tuesday, October 13th. Bradesco Corretora downgraded Ero Copper from an "outperform" rating to a "neutral" rating in a research report on Wednesday, September 2nd. Canadian Imperial Bank of Commerce reaffirmed a "neutral" rating on shares of Ero Copper in a research note on Wednesday, September 23rd. Finally, Bank of America raised Ero Copper from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $30.00 to $34.00 in a research note on Thursday, July 16th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently 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 $32.84 on Monday. 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 has a twelve month low of $19.09 and a twelve month high of $40.83. The stock has a market cap of $3.43 billion, a price-to-earnings ratio of 11.02, a P/E/G ratio of 0.27 and a beta of 1.27. The company's fifty day moving average is $36.06 and its 200 day moving average is $30.86.

Ero Copper (NYSE:ERO - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.83 earnings per share for the quarter, beating analysts' consensus estimates of $0.74 by $0.09. The business had revenue of $284.30 million during the quarter, compared to the consensus estimate of $277.64 million. Ero Copper had a return on equity of 30.32% and a net margin of 29.79%. Sell-side analysts forecast that Ero Copper will post 4.28 EPS for the current year.

Hedge Funds Weigh In On Ero Copper

Hedge funds have recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd bought a new stake in Ero Copper in the fourth quarter worth approximately $38,000. PenderFund Capital Management Ltd. acquired a new position in Ero Copper in the second quarter valued at approximately $39,000. Banque Cantonale Vaudoise lifted its stake in Ero Copper by 20.0% in the first quarter. Banque Cantonale Vaudoise now owns 9,000 shares of the company's stock valued at $239,000 after buying an additional 1,500 shares during the period. Corient Private Wealth LP bought a new position in shares of Ero Copper during the 2nd quarter worth approximately $242,000. Finally, Themes Management Co LLC bought a new position in shares of Ero Copper during the 1st quarter worth approximately $255,000. Institutional investors 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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