Ero Copper Corp. (NYSE:ERO) Receives Average Rating of "Moderate Buy" from Brokerages

Key Points

• Ero Copper holds a “Moderate Buy” consensus rating from 17 brokerages, with six buys, two strong buys, eight holds, and one sell. The average 12-month price target is $32.33.
• Institutional investors own 71.3% of the company, with several funds increasing their stakes, including Royal Bank of Canada, Cape Ann Asset Management, and Temasek Holdings.
• Ero Copper exceeded quarterly expectations, reporting $0.83 in earnings per share and $284.3 million in revenue versus estimates of $0.74 EPS and $277.64 million in revenue.

Ero Copper Corp. (NYSE:ERO - Get Free Report) has received an average rating of "Moderate Buy" from the seventeen brokerages that are covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $32.3333.

Several research firms have recently commented on ERO. Jefferies Financial Group reaffirmed a "hold" rating on shares of Ero Copper in a report on Monday, July 6th. Bank of America raised 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. Wall Street Zen upgraded shares of Ero Copper from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Bradesco Corretora raised shares of Ero Copper to an "outperform" rating in a report on Monday, July 20th. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Ero Copper in a research report on Thursday, June 4th.

Institutional Trading of Ero Copper

A number of hedge funds have recently modified their holdings of the stock. Concurrent Investment Advisors LLC purchased a new position in Ero Copper during the fourth quarter valued at approximately $1,142,000. Royal Bank of Canada boosted its position in Ero Copper by 123.7% in the 1st quarter. Royal Bank of Canada now owns 354,638 shares of the company's stock worth $9,459,000 after purchasing an additional 196,101 shares in the last quarter. Cape Ann Asset Management Ltd grew its stake in shares of 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 worth $51,983,000 after purchasing an additional 231,485 shares during the period. Artemis Investment Management LLP acquired a new stake in shares of Ero Copper during the 4th quarter worth approximately $14,363,000. Finally, Temasek Holdings Private Ltd lifted its stake in shares of Ero Copper by 22.3% in the 1st quarter. Temasek Holdings Private Ltd now owns 579,162 shares of the company's stock valued at $15,396,000 after purchasing an additional 105,502 shares during the period. Hedge funds and other institutional investors own 71.30% of the company's stock.

Ero Copper Price Performance

Shares of NYSE ERO opened at $38.88 on Friday. The business's 50 day moving average price is $29.70 and its 200 day moving average price is $29.02. The firm has a market cap of $4.06 billion, a P/E ratio of 13.05, a P/E/G ratio of 0.32 and a beta of 1.21. Ero Copper has a 52 week low of $13.91 and a 52 week high of $40.83. 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 issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.09. Ero Copper had a net margin of 29.79% and a return on equity of 30.32%. The company had revenue of $284.30 million for the quarter, compared to the consensus estimate of $277.64 million. On average, sell-side analysts expect that Ero Copper will post 3.98 earnings per share for the current year.

About Ero Copper

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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