Ero Copper (NYSE:ERO) Reaches New 52-Week High After Analyst Upgrade

Key Points

• Ero Copper shares hit a new 52-week high of $21.94 after being upgraded from a hold to a buy rating by Wall Street Zen, reflecting positive market sentiment.
• Institutional investors own 71.30% of Ero Copper's stock, indicating strong backing from major funds, with notable recent investments from Acuitas Investments LLC and others.
• The company reported earnings of $0.46 EPS for the last quarter, exceeding analyst expectations, and is projected to post 0.71 EPS for the current fiscal year.

Ero Copper Corp. (NYSE:ERO - Get Free Report) shares hit a new 52-week high during mid-day trading on Monday after Wall Street Zen upgraded the stock from a hold rating to a buy rating. The stock traded as high as $21.94 and last traded at $21.91, with a volume of 36813 shares changing hands. The stock had previously closed at $21.44.

Other equities research analysts have also issued reports about the company. Raymond James Financial raised Ero Copper to a "moderate buy" rating in a research report on Monday, June 30th. Stifel Nicolaus began coverage on Ero Copper in a research report on Wednesday, July 9th. They issued a "buy" rating for the company. BMO Capital Markets reissued an "outperform" rating on shares of Ero Copper in a research report on Friday, July 4th. Weiss Ratings reissued a "hold (c)" rating on shares of Ero Copper in a research report on Saturday, September 27th. Finally, National Bank Financial downgraded Ero Copper from an "outperform" rating to a "sector perform" rating in a research note on Wednesday, July 9th. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, Ero Copper presently has an average rating of "Moderate Buy" and an average target price of $19.00.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Acuitas Investments LLC bought a new position in shares of Ero Copper during the 1st quarter worth $39,000. Northwest & Ethical Investments L.P. grew its stake in shares of 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 acquiring an additional 1,483 shares during the period. Letko Brosseau & Associates Inc. bought a new position in shares of Ero Copper during the 1st quarter worth $176,000. Virtu Financial LLC bought a new position in shares of Ero Copper during the 1st quarter worth $180,000. Finally, XTX Topco Ltd bought a new position in Ero Copper in the 1st quarter worth about $188,000. Institutional investors own 71.30% of the company's stock.

Ero Copper Trading Up 2.5%

The firm has a 50 day simple moving average of $15.60 and a 200 day simple moving average of $14.40. 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 firm has a market cap of $2.28 billion, a P/E ratio of 16.00 and a beta of 1.24.

Ero Copper (NYSE:ERO - Get Free Report) last issued 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. Ero Copper had a return on equity of 17.96% and a net margin of 26.63%.The business had revenue of $163.50 million during the quarter, compared to the consensus estimate of $263.23 million. On average, equities research analysts predict that Ero Copper Corp. will post 0.71 EPS for the current fiscal year.

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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