Ero Copper (NYSE:ERO) Raised to Buy at Bank of America

Ero Copper (NYSE:ERO) was upgraded by research analysts at Bank of America from a “neutral” rating to a “buy” rating in a note issued to investors on Thursday, Marketbeat reports. The brokerage presently has a $34.00 price objective on the stock, up from their previous price objective of $30.00. Bank of America‘s target price suggests a potential upside of 40.61% from the company’s current price.

ERO has been the topic of a number of other research reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of Ero Copper in a research note on Thursday, June 4th. Jefferies Financial Group restated a “hold” rating on shares of Ero Copper in a report on Monday, July 6th. National Bank Financial raised shares of Ero Copper from a “sector perform” rating to an “outperform” rating in a research report on Tuesday, May 5th. The Goldman Sachs Group cut shares of Ero Copper from a “buy” rating to a “neutral” rating and cut their price target for the company from $33.00 to $31.00 in a research note on Tuesday, April 14th. Finally, Wall Street Zen downgraded shares of Ero Copper from a “buy” rating to a “hold” rating in a research report on Sunday, July 12th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $32.33.

Ero Copper Trading Down 1.4%

Ero Copper stock opened at $24.18 on Thursday. The company has a market cap of $2.52 billion, a price-to-earnings ratio of 8.61 and a beta of 1.20. The firm has a 50-day moving average of $27.68 and a 200-day moving average of $28.85. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.30 and a quick ratio of 0.81. Ero Copper has a one year low of $12.79 and a one year high of $39.80.

Ero Copper (NYSE:ERO) last released its earnings results on Monday, May 4th. The company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.13. Ero Copper had a return on equity of 27.33% and a net margin of 31.63%.The business had revenue of $263.20 million for the quarter, compared to analyst estimates of $245.51 million. On average, equities analysts expect that Ero Copper will post 4.06 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ero Copper

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ERO. TD Waterhouse Canada Inc. boosted its stake in shares of Ero Copper by 2.2% during the fourth quarter. TD Waterhouse Canada Inc. now owns 17,852 shares of the company’s stock valued at $503,000 after purchasing an additional 380 shares in the last quarter. Pictet Asset Management Holding SA raised its holdings in Ero Copper by 3.3% in the 4th quarter. Pictet Asset Management Holding SA now owns 18,103 shares of the company’s stock valued at $513,000 after buying an additional 574 shares during the last quarter. FNY Investment Advisers LLC bought a new position in Ero Copper in the 4th quarter valued at approximately $25,000. Public Employees Retirement System of Ohio boosted its position in Ero Copper by 3.5% during the 4th quarter. Public Employees Retirement System of Ohio now owns 32,833 shares of the company’s stock worth $933,000 after buying an additional 1,107 shares during the period. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in Ero Copper during the 4th quarter worth approximately $38,000. 71.30% of the stock is owned by institutional investors.

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.