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

Key Points

• Analysts maintain a “Moderate Buy” consensus on Ero Copper, with five buy ratings, two strong-buy ratings, and eleven hold ratings. The average 12-month price target is $32.33.
• Ero Copper shares were trading at $37.30, up 7.5%, near their 12-month high of $40.83. The stock has gained above its 50-day and 200-day moving averages.
• The company exceeded quarterly expectations, reporting $0.83 in EPS versus a $0.74 consensus and revenue of $284.3 million versus estimates of $277.64 million; institutional investors own 71.3% of the stock.

Shares of Ero Copper Corp. (NYSE:ERO - Get Free Report) have received an average rating of "Moderate Buy" from the eighteen brokerages that are presently covering the company, MarketBeat.com reports. Eleven equities research analysts have rated the stock with a hold recommendation, five have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $32.3333.

ERO has been the topic of a number of analyst reports. Freedom Broker cut shares of Ero Copper from a "strong-buy" rating to a "hold" rating in a report on Thursday, September 3rd. Zacks Research raised shares of Ero Copper from a "strong sell" rating to a "hold" rating in a research note on Tuesday, September 15th. Scotiabank restated an "outperform" rating on shares of Ero Copper in a research report on Monday, June 15th. TD Securities restated a "hold" rating on shares of Ero Copper in a research note on Friday, August 7th. Finally, Bank of America raised Ero Copper from a "neutral" rating to a "buy" rating and lifted their price target for the company from $30.00 to $34.00 in a report on Thursday, July 16th.

Institutional Trading of Ero Copper

Hedge funds have recently added to or reduced their stakes in the business. Engineers Gate Manager LP grew its stake in shares of Ero Copper by 0.8% in the second quarter. Engineers Gate Manager LP now owns 37,573 shares of the company's stock worth $1,005,000 after purchasing an additional 285 shares in the last quarter. Corient Private Wealth LP raised its stake in shares of Ero Copper by 4.0% during the second quarter. Corient Private Wealth LP now owns 9,046 shares of the company's stock valued at $242,000 after purchasing an additional 348 shares in the last quarter. Amundi raised its stake in shares of Ero Copper by 85.8% during the second quarter. Amundi now owns 965,346 shares of the company's stock valued at $25,823,000 after purchasing an additional 445,849 shares in the last quarter. Oakmont Investment Advisors Inc. acquired a new stake in Ero Copper in the second quarter worth about $1,645,000. Finally, Van ECK Associates Corp grew its position in Ero Copper by 22.9% in the 2nd quarter. Van ECK Associates Corp now owns 111,171 shares of the company's stock valued at $2,974,000 after buying an additional 20,698 shares in the last quarter. Institutional investors own 71.30% of the company's stock.

Ero Copper Trading Up 7.5%

Shares of NYSE ERO opened at $37.30 on Wednesday. Ero Copper has a 12-month low of $17.10 and a 12-month high of $40.83. The company has a market cap of $3.89 billion, a price-to-earnings ratio of 12.52, a price-to-earnings-growth ratio of 0.29 and a beta of 1.27. 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 stock's 50 day simple moving average is $32.73 and its 200 day simple moving average is $29.42.

Ero Copper (NYSE:ERO - Get Free Report) last issued its 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 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. Equities research analysts expect that Ero Copper will post 3.96 EPS for the current year.

Ero Copper Company Profile

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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