Ero Copper (NYSE:ERO) Raised to Sector Outperform at Scotiabank

Ero Copper (NYSE:ERO) was upgraded by research analysts at Scotiabank from a “sector perform” rating to a “sector outperform” rating in a research note issued to investors on Tuesday, Marketbeat.com reports.

Several other equities research analysts also recently weighed in on the stock. Canadian Imperial Bank of Commerce reaffirmed a “neutral” rating on shares of Ero Copper in a research note on Wednesday, September 23rd. Bradesco Corretora downgraded shares of Ero Copper from an “outperform” rating to a “neutral” rating in a research report on Wednesday, September 2nd. Jefferies Financial Group reaffirmed a “hold” rating on shares of Ero Copper in a report on Monday, July 6th. Wall Street Zen downgraded Ero Copper from a “buy” rating to a “hold” rating in a research report on Saturday, October 17th. Finally, Weiss Ratings downgraded Ero Copper from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, October 28th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $32.33.

Ero Copper Stock Up 5.1%

Shares of ERO stock traded up $1.50 during mid-day trading on Tuesday, hitting $30.66. 931,159 shares of the stock traded hands, compared to its average volume of 1,444,992. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.30 and a quick ratio of 0.81. The stock has a market cap of $3.20 billion, a P/E ratio of 10.27, a P/E/G ratio of 0.29 and a beta of 1.27. Ero Copper has a 52-week low of $19.09 and a 52-week high of $40.83. The stock’s fifty day moving average is $35.27 and its two-hundred day moving average is $30.68.

Ero Copper (NYSE:ERO) last released its quarterly earnings data on Monday, November 2nd. The company reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.17. Ero Copper had a net margin of 29.79% and a return on equity of 30.32%. The firm had revenue of $348.00 million for the quarter, compared to analyst estimates of $342.91 million. Equities analysts predict that Ero Copper will post 3.91 EPS for the current year.

Institutional Investors Weigh In On Ero Copper

Hedge funds have recently bought and sold shares of the business. Amundi boosted its holdings in Ero Copper by 85.8% in the second quarter. Amundi now owns 965,346 shares of the company’s stock worth $25,823,000 after purchasing an additional 445,849 shares in the last quarter. BlackRock Inc. acquired a new position in shares of Ero Copper in the 2nd quarter valued at $4,122,000. Legal & General Group Plc bought a new stake in shares of Ero Copper in the 2nd quarter valued at approximately $2,563,000. Royal Bank of Canada grew its holdings in shares of Ero Copper by 123.7% in the 1st quarter. Royal Bank of Canada now owns 354,638 shares of the company’s stock worth $9,459,000 after purchasing an additional 196,101 shares during the last quarter. Finally, Jupiter Topco LLC bought a new stake in Ero Copper during the 2nd quarter worth approximately $9,397,000. 71.30% of the stock is owned by hedge funds and other institutional investors.

About Ero Copper

Ero Copper Corp. is a Canadian-based mining company focused on the exploration, development and production of copper and associated minerals. Its shares trade under the symbol ERO on the New York Stock Exchange and the Toronto Stock Exchange.

The company’s principal assets are in Brazil. Its Caraíba Operations in the state of Bahia include underground and open-pit copper mines, processing facilities and related infrastructure. Ero Copper also operates the Tucumã copper mine in the state of Pará, while advancing additional exploration and development opportunities in Brazil.

Ero Copper was established in 2016 and has built its business around operating and expanding its Brazilian mining portfolio.