Ero Copper (NYSE:ERO) Downgraded by Wall Street Zen to Hold

Key Points

• Ero Copper has been downgraded from a "buy" to a "hold" rating by analysts at Wall Street Zen, reflecting a shift in outlook on the company’s stock.
• Multiple analysts have issued conflicting ratings on Ero Copper, with some downgrading it to "hold" while others still maintain a "strong-buy" or "buy" rating, leading to an average rating of "Moderate Buy."
• The company reported an EPS of $0.46 for the last quarter, surpassing expectations, but its revenue of $163.5 million fell short of estimates of $263.23 million.

Ero Copper (NYSE:ERO - Get Free Report) was downgraded by analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a note issued to investors on Tuesday.

A number of other analysts also recently issued reports on ERO. Cibc World Mkts downgraded shares of Ero Copper from a "strong-buy" rating to a "hold" rating in a report on Thursday, October 9th. National Bankshares reissued a "sector perform" rating on shares of Ero Copper in a report on Tuesday, August 5th. Zacks Research raised shares of Ero Copper from a "hold" rating to a "strong-buy" rating in a report on Tuesday, September 30th. National Bank Financial downgraded shares of Ero Copper from an "outperform" rating to a "sector perform" rating in a report on Wednesday, July 9th. Finally, Raymond James Financial reissued an "outperform" rating on shares of Ero Copper in a report on Friday. Two equities research 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, the company currently has an average rating of "Moderate Buy" and an average price target of $19.00.

Ero Copper Stock Performance

Shares of ERO stock opened at $22.67 on Tuesday. The company has a market capitalization of $2.35 billion, a price-to-earnings ratio of 16.55 and a beta of 1.24. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.80 and a current ratio of 1.05. The company has a 50-day simple moving average of $16.64 and a 200 day simple moving average of $14.78. Ero Copper has a 52 week low of $9.30 and a 52 week high of $24.02.

Ero Copper (NYSE:ERO - Get Free Report) last announced its 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. The business had revenue of $163.50 million during the quarter, compared to the consensus estimate of $263.23 million. Ero Copper had a net margin of 26.63% and a return on equity of 17.96%. On average, sell-side analysts predict that Ero Copper will post 0.71 earnings per share for the current year.

Hedge Funds Weigh In On Ero Copper

Several hedge funds and other institutional investors have recently modified their holdings of ERO. Acuitas Investments LLC bought a new position in shares of Ero Copper in the 1st quarter valued at $39,000. Northwest & Ethical Investments L.P. increased its position in Ero Copper by 22.6% during the 1st quarter. Northwest & Ethical Investments L.P. now owns 8,033 shares of the company's stock worth $97,000 after purchasing an additional 1,483 shares in the last quarter. Letko Brosseau & Associates Inc. acquired a new position in Ero Copper during the 1st quarter worth approximately $176,000. Virtu Financial LLC acquired a new position in Ero Copper during the 1st quarter worth approximately $180,000. Finally, XTX Topco Ltd acquired a new position in Ero Copper during the 1st quarter worth approximately $188,000. Institutional investors own 71.30% of the company's stock.

About Ero Copper

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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