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

Key Points

• Ero Copper's stock has been downgraded from a "buy" to a "hold" rating by analysts at Wall Street Zen.
• Despite the downgrade, Ero Copper holds an average rating of "Moderate Buy" with a target price of $23.50 and has received mixed ratings from various analysts.
• The company's latest quarterly earnings showed an EPS of $0.46, exceeding estimates, though revenue was below expectations at $163.50 million.

Wall Street Zen downgraded shares of Ero Copper (NYSE:ERO - Free Report) from a buy rating to a hold rating in a research note released on Saturday.

Several other research firms have also weighed in on ERO. Scotiabank reiterated an "outperform" rating on shares of Ero Copper in a report on Tuesday, July 8th. Stifel Canada upgraded shares of Ero Copper to a "strong-buy" rating in a report on Tuesday, July 8th. National Bankshares restated a "sector perform" rating on shares of Ero Copper in a report on Tuesday, August 5th. BMO Capital Markets restated an "outperform" rating on shares of Ero Copper in a report on Friday, July 4th. Finally, Stifel Nicolaus initiated coverage on shares of Ero Copper in a report on Wednesday, July 9th. They set a "buy" rating on the stock. Four research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $23.50.

Ero Copper Price Performance

Shares of ERO traded down $0.40 during mid-day trading on Friday, hitting $13.56. 503,739 shares of the company traded hands, compared to its average volume of 571,911. Ero Copper has a one year low of $9.30 and a one year high of $23.40. The stock has a market capitalization of $1.40 billion, a price-to-earnings ratio of 9.89 and a beta of 1.16. The company has a current ratio of 1.05, a quick ratio of 0.80 and a debt-to-equity ratio of 0.83. The business has a 50-day moving average of $15.13 and a 200 day moving average of $13.57.

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

Institutional Trading of Ero Copper

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC boosted its holdings in shares of Ero Copper by 3.4% during the 2nd quarter. Geode Capital Management LLC now owns 55,170 shares of the company's stock worth $936,000 after buying an additional 1,823 shares during the period. Samalin Investment Counsel LLC boosted its holdings in shares of Ero Copper by 5.6% during the 2nd quarter. Samalin Investment Counsel LLC now owns 36,158 shares of the company's stock worth $609,000 after buying an additional 1,931 shares during the period. Rathbones Group PLC boosted its holdings in shares of Ero Copper by 19.3% during the 2nd quarter. Rathbones Group PLC now owns 15,903 shares of the company's stock worth $268,000 after buying an additional 2,570 shares during the period. Campbell & CO Investment Adviser LLC boosted its holdings in shares of Ero Copper by 59.8% during the 2nd quarter. Campbell & CO Investment Adviser LLC now owns 38,349 shares of the company's stock worth $646,000 after buying an additional 14,349 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Ero Copper by 119.3% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,628,030 shares of the company's stock worth $27,515,000 after buying an additional 885,630 shares during the period. 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.