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

Key Points

• Zacks Research upgraded Ero Copper from “strong sell” to “hold.” Despite the upgrade, the broader analyst consensus remains “Moderate Buy,” with an average price target of $32.33.
• Ero Copper shares opened at $32.29, down 0.7%, with a market capitalization of approximately $3.37 billion. The stock has traded between $16.37 and $40.83 over the past year.
• The company exceeded quarterly expectations, reporting $0.83 in EPS versus the $0.74 consensus and revenue of $284.30 million versus $277.64 million expected. Institutional investors own 71.3% of the stock.

Ero Copper (NYSE:ERO - Get Free Report) was upgraded by analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research report issued to clients and investors on Tuesday, Zacks reports.

A number of other analysts have also recently weighed in on ERO. TD Securities reaffirmed a "hold" rating on shares of Ero Copper in a report on Friday, August 7th. Freedom Broker downgraded Ero Copper from a "strong-buy" rating to a "hold" rating in a research report on Thursday, September 3rd. Jefferies Financial Group reissued a "hold" rating on shares of Ero Copper in a report on Monday, July 6th. Bank of America upgraded Ero Copper from a "neutral" rating to a "buy" rating and raised their target price for the company from $30.00 to $34.00 in a research report on Thursday, July 16th. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Ero Copper in a research note on Tuesday, September 1st. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and eleven have assigned a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $32.33.

Ero Copper Stock Down 0.7%

Shares of Ero Copper stock opened at $32.29 on Tuesday. The stock has a market capitalization of $3.37 billion, a price-to-earnings ratio of 10.83, a PEG ratio of 0.27 and a beta of 1.27. Ero Copper has a twelve month low of $16.37 and a twelve month high of $40.83. 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 business's 50 day simple moving average is $31.96 and its 200-day simple moving average is $29.36.

Ero Copper (NYSE:ERO - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.83 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 during the quarter, compared to the consensus estimate of $277.64 million. Equities research analysts forecast that Ero Copper will post 3.96 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Cape Ann Asset Management Ltd boosted its stake in Ero Copper by 13.5% during the 1st quarter. Cape Ann Asset Management Ltd now owns 1,949,128 shares of the company's stock valued at $51,983,000 after purchasing an additional 231,485 shares in the last quarter. Hillsdale Investment Management Inc. lifted its holdings in shares of Ero Copper by 602.9% in the fourth quarter. Hillsdale Investment Management Inc. now owns 1,685,445 shares of the company's stock valued at $47,767,000 after buying an additional 1,445,645 shares during the period. Impala Asset Management LLC bought a new position in Ero Copper during the second quarter valued at about $31,201,000. Kapitalo Investimentos Ltda bought a new position in Ero Copper during the second quarter valued at about $28,802,000. Finally, Dimensional Fund Advisors LP grew its holdings in Ero Copper by 2.9% during the first quarter. Dimensional Fund Advisors LP now owns 986,385 shares of the company's stock worth $26,298,000 after acquiring an additional 28,231 shares during the period. Institutional investors and hedge funds own 71.30% of the company's stock.

About Ero Copper

Ero Copper Corp. is a Canadian mining company focused on the exploration, development and production of copper and associated mineral products. The company's operations are located in Brazil, where it produces copper concentrate and may recover gold and other byproducts from its mineral deposits.

Ero Copper's principal assets include the Caraíba Operations in the state of Bahia and the Tucumã Project in the state of Pará. Caraíba is an established copper mining complex that includes underground and open-pit mines, processing facilities and related infrastructure.

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