Ero Copper (NYSE:ERO) Shares Gap Up Following Analyst Upgrade

Ero Copper Corp. (NYSE:ERO)’s stock price gapped up prior to trading on Wednesday after Canaccord Genuity Group upgraded the stock from a hold rating to a buy rating. The stock had previously closed at $29.83, but opened at $31.20. Ero Copper shares last traded at $30.8520, with a volume of 482,962 shares traded.

ERO has been the subject of a number of other research reports. Jefferies Financial Group lowered Ero Copper from a “buy” rating to a “hold” rating in a research note on Sunday, December 7th. Wall Street Zen raised shares of Ero Copper from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Raymond James Financial reaffirmed an “outperform” rating on shares of Ero Copper in a research note on Friday, October 10th. Freedom Capital raised Ero Copper to a “strong-buy” rating in a research note on Tuesday, December 30th. Finally, Ventum Cap Mkts upgraded Ero Copper to a “strong-buy” rating in a report on Monday, November 3rd. Three investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $32.50.

Hedge Funds Weigh In On Ero Copper

Large investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. increased its holdings in shares of Ero Copper by 82.0% in the first quarter. Goldman Sachs Group Inc. now owns 275,598 shares of the company’s stock worth $3,340,000 after purchasing an additional 124,179 shares during the last quarter. Frontier Capital Management Co. LLC grew its holdings in Ero Copper by 21.5% during the 2nd quarter. Frontier Capital Management Co. LLC now owns 1,354,239 shares of the company’s stock valued at $22,819,000 after buying an additional 239,935 shares in the last quarter. Impala Asset Management LLC increased its stake in Ero Copper by 3.0% in the 2nd quarter. Impala Asset Management LLC now owns 1,699,100 shares of the company’s stock worth $28,494,000 after acquiring an additional 49,199 shares during the last quarter. Boston Partners raised its holdings in shares of Ero Copper by 37.5% during the 2nd quarter. Boston Partners now owns 889,154 shares of the company’s stock worth $14,979,000 after acquiring an additional 242,594 shares in the last quarter. Finally, Scotia Capital Inc. raised its holdings in shares of Ero Copper by 12.3% during the 2nd quarter. Scotia Capital Inc. now owns 303,008 shares of the company’s stock worth $5,039,000 after acquiring an additional 33,146 shares in the last quarter. Hedge funds and other institutional investors own 71.30% of the company’s stock.

Ero Copper Stock Up 4.0%

The business has a 50-day moving average price of $25.36 and a 200 day moving average price of $19.94. The company has a current ratio of 0.82, a quick ratio of 0.46 and a debt-to-equity ratio of 0.64. The stock has a market capitalization of $3.23 billion, a P/E ratio of 23.36 and a beta of 1.22.

Ero Copper (NYSE:ERO) last issued its quarterly earnings results on Tuesday, November 4th. The company reported $0.27 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.09). The firm had revenue of $177.10 million for the quarter, compared to the consensus estimate of $309.30 million. Ero Copper had a net margin of 23.44% and a return on equity of 17.07%. On average, equities analysts expect that Ero Copper Corp. will post 0.71 EPS for the current fiscal year.

Ero Copper Company Profile

Ero Copper Corp (NYSE: ERO) is a Canada-based natural resource company focused on the production of copper concentrate from its Brazilian operations. The company’s flagship asset is the Vale do Curaçá mining complex in the state of Bahia, which includes multiple underground mines and a centralized processing facility. Ero Copper’s primary product is copper concentrate, which is sold to smelters and end users around the world.

The Vale do Curaçá complex comprises the Pilar and Surubim underground mines, supported by a fully integrated processing plant.