Ero Copper (NYSE:ERO) Cut to "Hold" at Cibc World Mkts

Key Points

• Ero Copper has been downgraded from a "strong-buy" to a "hold" rating by Cibc World Mkts analysts.
• Despite the downgrade, analysts have mixed views, with several firms recently upgrading the stock to "buy" or "strong-buy" based on positive market performance.
• The stock currently has an average target price of $19.00 and a market cap of $2.21 billion, with recent earnings reporting higher EPS than expected.

Ero Copper (NYSE:ERO - Get Free Report) was downgraded by analysts at Cibc World Mkts from a "strong-buy" rating to a "hold" rating in a research note issued to investors on Thursday,Zacks.com reports.

Several other equities research analysts have also recently commented on ERO. Wall Street Zen raised shares of Ero Copper from a "hold" rating to a "buy" rating in a research report on Monday, October 6th. Raymond James Financial reissued an "outperform" rating on shares of Ero Copper in a research report on Friday. Scotiabank reissued an "outperform" rating on shares of Ero Copper in a research report on Tuesday, July 8th. Zacks Research raised shares of Ero Copper from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, September 30th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Ero Copper in a research report on Wednesday. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $19.00.

Ero Copper Price Performance

Shares of NYSE ERO opened at $21.37 on Thursday. The firm has a market cap of $2.21 billion, a PE ratio of 15.60 and a beta of 1.24. The company has a current ratio of 1.05, a quick ratio of 0.80 and a debt-to-equity ratio of 0.83. Ero Copper has a 1-year low of $9.30 and a 1-year high of $24.02. The company has a fifty day moving average price of $16.46 and a 200 day moving average price of $14.69.

Ero Copper (NYSE:ERO - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.33 by $0.13. Ero Copper had a net margin of 26.63% and a return on equity of 17.96%. The firm had revenue of $163.50 million for the quarter, compared to analysts' expectations of $263.23 million. Research analysts predict that Ero Copper will post 0.71 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ero Copper

A number of institutional investors and hedge funds have recently modified their holdings of ERO. GMT Capital Corp raised its holdings in shares of Ero Copper by 22.9% in the 1st quarter. GMT Capital Corp now owns 6,931,025 shares of the company's stock valued at $83,938,000 after purchasing an additional 1,292,100 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Ero Copper by 119.3% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,628,030 shares of the company's stock valued at $27,515,000 after acquiring an additional 885,630 shares during the period. Bank of America Corp DE raised its holdings in Ero Copper by 82.6% in the 2nd quarter. Bank of America Corp DE now owns 1,775,632 shares of the company's stock valued at $29,919,000 after acquiring an additional 803,320 shares during the period. TD Asset Management Inc raised its holdings in Ero Copper by 234.1% in the 1st quarter. TD Asset Management Inc now owns 935,090 shares of the company's stock valued at $11,324,000 after acquiring an additional 655,232 shares during the period. Finally, Marshall Wace LLP raised its holdings in Ero Copper by 2,384.8% in the 2nd quarter. Marshall Wace LLP now owns 609,621 shares of the company's stock valued at $10,272,000 after acquiring an additional 585,087 shares during the period. 71.30% of the stock is owned by institutional investors.

Ero Copper Company Profile

Ero Copper Corp. engages in the exploration, development, and production of mining projects in Brazil. The company is involved in the production and sale of copper concentrate from the Caraíba operations located in the Curaçá Valley, northeastern Bahia state, Brazil, as well as gold and silver by-products.

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