Ero Copper (NYSE:ERO) Upgraded by Wall Street Zen to "Buy" Rating

Key Points

• Ero Copper has been upgraded from a "hold" to a "buy" rating by Wall Street Zen, reflecting increased analyst confidence in the company's stock.
• The stock currently has a market capitalization of $2.22 billion and a consensus rating of "Moderate Buy" with an average target price of $19.00.
• Institutional investors have significantly increased their holdings in Ero Copper, with some firms like GMT Capital and Bank of America Corp DE raising their positions by over 80% in recent months.

Ero Copper (NYSE:ERO - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a report issued on Monday.

A number of other brokerages have also recently commented on ERO. Stifel Nicolaus initiated coverage on shares of Ero Copper in a research note on Wednesday, July 9th. They set a "buy" rating on the stock. Stifel Canada raised shares of Ero Copper to a "strong-buy" rating in a research note on Tuesday, July 8th. BMO Capital Markets reaffirmed an "outperform" rating on shares of Ero Copper in a research note on Friday, July 4th. National Bankshares reaffirmed a "sector perform" rating on shares of Ero Copper in a research note on Tuesday, August 5th. Finally, Zacks Research raised shares of Ero Copper from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, September 30th. Two research 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 company. Based on data from MarketBeat.com, the stock currently 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 $21.44 on Monday. The business's 50 day moving average price is $15.60 and its 200 day moving average price is $14.40. The firm has a market cap of $2.22 billion, a P/E ratio of 15.65 and a beta of 1.24. Ero Copper has a 52 week low of $9.30 and a 52 week high of $22.31. The company has a quick ratio of 0.80, a current ratio of 1.05 and a debt-to-equity ratio of 0.83.

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, beating analysts' consensus estimates of $0.33 by $0.13. The firm had revenue of $163.50 million for the quarter, compared to analyst estimates of $263.23 million. Ero Copper had a return on equity of 17.96% and a net margin of 26.63%. On average, sell-side analysts expect that Ero Copper will post 0.71 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in ERO. GMT Capital Corp lifted its position in shares of Ero Copper by 22.9% during the 1st quarter. GMT Capital Corp now owns 6,931,025 shares of the company's stock valued at $83,938,000 after buying an additional 1,292,100 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted 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 purchasing an additional 885,630 shares in the last quarter. Bank of America Corp DE lifted 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 purchasing an additional 803,320 shares in the last quarter. TD Asset Management Inc lifted 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 purchasing an additional 655,232 shares in the last quarter. Finally, Marshall Wace LLP lifted 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 purchasing an additional 585,087 shares in the last quarter. Hedge funds and other 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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