Ero Copper (NYSE:ERO) Upgraded at Canaccord Genuity Group

Canaccord Genuity Group upgraded shares of Ero Copper (NYSE:ERO) from a hold rating to a buy rating in a research note issued to investors on Wednesday, Marketbeat Ratings reports.

Other analysts have also recently issued research reports about the stock. TD Cowen reiterated a “hold” rating on shares of Ero Copper in a research note on Tuesday, October 21st. Ventum Cap Mkts raised shares of Ero Copper to a “strong-buy” rating in a report on Monday, November 3rd. Loop Capital set a $32.00 price target on Ero Copper in a report on Tuesday, December 30th. Jefferies Financial Group downgraded Ero Copper from a “buy” rating to a “hold” rating in a research report on Sunday, December 7th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Ero Copper in a research report on Monday, December 29th. Three investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $32.50.

Ero Copper Stock Performance

Shares of NYSE ERO opened at $29.54 on Wednesday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.46 and a current ratio of 0.82. The stock has a 50 day moving average price of $25.88 and a 200 day moving average price of $20.17. The stock has a market capitalization of $3.08 billion, a PE ratio of 22.21 and a beta of 1.22. Ero Copper has a 52 week low of $9.30 and a 52 week high of $31.75.

Ero Copper (NYSE:ERO) last announced its quarterly earnings data on Tuesday, November 4th. The company reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.09). Ero Copper had a return on equity of 17.07% and a net margin of 23.44%.The company had revenue of $177.10 million for the quarter, compared to the consensus estimate of $309.30 million. Analysts predict that Ero Copper will post 0.71 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ero Copper

Several institutional investors and hedge funds have recently made changes to their positions in the company. GMT Capital Corp lifted its holdings in Ero Copper by 7.7% during the 2nd quarter. GMT Capital Corp now owns 7,467,055 shares of the company’s stock worth $125,865,000 after purchasing an additional 536,030 shares during the last quarter. Jennison Associates LLC increased its position in Ero Copper by 5.0% during the 2nd quarter. Jennison Associates LLC now owns 5,487,290 shares of the company’s stock worth $92,651,000 after buying an additional 259,830 shares during the period. Invesco Ltd. lifted its holdings in shares of Ero Copper by 24.8% during the third quarter. Invesco Ltd. now owns 2,553,915 shares of the company’s stock worth $51,666,000 after buying an additional 507,217 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Ero Copper by 11.1% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,507,087 shares of the company’s stock valued at $50,794,000 after acquiring an additional 250,303 shares during the period. Finally, Bank of America Corp DE boosted its position in shares of Ero Copper by 82.6% in the second quarter. Bank of America Corp DE now owns 1,775,632 shares of the company’s stock valued at $29,919,000 after acquiring an additional 803,320 shares during the period. Institutional investors and hedge funds own 71.30% of the company’s stock.

About Ero Copper

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.