Ero Copper (NYSE:ERO) Given Outperform Rating at BMO Capital Markets

by · The Markets Daily

Ero Copper (NYSE:ERO – Get Free Report)‘s stock had its “outperform” rating restated by equities researchers at BMO Capital Markets in a research note issued on Monday. They currently have a C$52.00 price objective on the stock. The rating follows a visit to ERO Copper’s operations after the company’s investor day. Matthew Murphy noted progress across the company’s assets.

Several other research analysts have also recently issued reports on ERO. Weiss Ratings restated a “hold (c+)” rating on shares of Ero Copper in a report on Tuesday, September 1st. Jefferies Financial Group reissued a “hold” rating on shares of Ero Copper in a research report on Monday, July 6th. TD Securities reissued a “hold” rating on shares of Ero Copper in a report on Friday, August 7th. Bradesco Corretora cut shares of Ero Copper from an “outperform” rating to a “neutral” rating in a research report on Wednesday, September 2nd. Finally, Zacks Research raised shares of Ero Copper from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 15th. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat, Ero Copper has an average rating of “Moderate Buy” and an average price target of $32.33.

Check Out Our Latest Research Report on ERO

Ero Copper Trading Up 1.5%

Shares of ERO traded up $0.52 during trading hours on Monday, hitting $34.69. The company had a trading volume of 1,128,707 shares, compared to its average volume of 1,464,920. Ero Copper has a 52-week low of $16.88 and a 52-week high of $40.83. The company has a quick ratio of 0.81, a current ratio of 1.30 and a debt-to-equity ratio of 0.50. The stock’s 50 day moving average price is $32.30 and its 200 day moving average price is $29.35. The firm has a market cap of $3.62 billion, a P/E ratio of 11.64, a P/E/G ratio of 0.29 and a beta of 1.27.

Ero Copper (NYSE:ERO – Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.09. The business had revenue of $284.30 million for the quarter, compared to analyst estimates of $277.64 million. Ero Copper had a return on equity of 30.32% and a net margin of 29.79%. On average, research analysts predict that Ero Copper will post 3.96 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Engineers Gate Manager LP raised its holdings in Ero Copper by 0.8% in the 2nd quarter. Engineers Gate Manager LP now owns 37,573 shares of the company’s stock worth $1,005,000 after purchasing an additional 285 shares in the last quarter. Corient Private Wealth LP boosted its stake in shares of Ero Copper by 4.0% during the 2nd quarter. Corient Private Wealth LP now owns 9,046 shares of the company’s stock valued at $242,000 after purchasing an additional 348 shares in the last quarter. Amundi boosted its stake in shares of Ero Copper by 85.8% during the 2nd quarter. Amundi now owns 965,346 shares of the company’s stock valued at $25,823,000 after purchasing an additional 445,849 shares in the last quarter. Oakmont Investment Advisors Inc. purchased a new position in shares of Ero Copper during the second quarter valued at about $1,645,000. Finally, Van ECK Associates Corp increased its position in shares of Ero Copper by 22.9% during the second quarter. Van ECK Associates Corp now owns 111,171 shares of the company’s stock valued at $2,974,000 after buying an additional 20,698 shares during the period. 71.30% of the stock is owned by hedge funds and other institutional investors.

Ero Copper Company Profile

(Get Free Report)

Ero Copper Corp. is a Canadian mining company focused on the exploration, development and production of copper and associated mineral products. The company’s operations are located in Brazil, where it produces copper concentrate and may recover gold and other byproducts from its mineral deposits.

Ero Copper’s principal assets include the Caraíba Operations in the state of Bahia and the Tucumã Project in the state of Pará. Caraíba is an established copper mining complex that includes underground and open-pit mines, processing facilities and related infrastructure.

Featured Articles