Ero Copper (NYSE:ERO) Reaches New 12-Month High Following Analyst Upgrade

Ero Copper Corp. (NYSE:ERO) shares hit a new 52-week high during trading on Monday after Wall Street Zen upgraded the stock from a hold rating to a buy rating. The company traded as high as $21.94 and last traded at $21.91, with a volume of 36813 shares traded. The stock had previously closed at $21.44.

Other analysts have also recently issued research reports about the company. National Bank Financial cut Ero Copper from an “outperform” rating to a “sector perform” rating in a research report on Wednesday, July 9th. Stifel Canada upgraded Ero Copper to a “strong-buy” rating in a research report on Tuesday, July 8th. Weiss Ratings reiterated a “hold (c)” rating on shares of Ero Copper in a research report on Saturday, September 27th. Raymond James Financial upgraded Ero Copper to a “moderate buy” rating in a research report on Monday, June 30th. Finally, Stifel Nicolaus started coverage on Ero Copper in a research report on Wednesday, July 9th. They set a “buy” rating for the company. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $19.00.

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. Acuitas Investments LLC bought a new position in Ero Copper during the first quarter valued at approximately $39,000. Northwest & Ethical Investments L.P. boosted its stake in Ero Copper by 22.6% during the first quarter. Northwest & Ethical Investments L.P. now owns 8,033 shares of the company’s stock valued at $97,000 after buying an additional 1,483 shares during the last quarter. Letko Brosseau & Associates Inc. bought a new position in Ero Copper during the first quarter valued at approximately $176,000. Virtu Financial LLC bought a new position in Ero Copper during the first quarter valued at approximately $180,000. Finally, XTX Topco Ltd bought a new position in Ero Copper during the first quarter valued at approximately $188,000. 71.30% of the stock is owned by institutional investors.

Ero Copper Stock Performance

The company has a market capitalization of $2.25 billion, a P/E ratio of 15.82 and a beta of 1.24. The business has a 50 day moving average of $15.75 and a 200 day moving average of $14.46. The company has a quick ratio of 0.80, a current ratio of 1.05 and a debt-to-equity ratio of 0.83.

Ero Copper (NYSE:ERO) last posted its quarterly earnings data on Thursday, July 31st. The company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.13. The business had revenue of $163.50 million during the quarter, compared to analyst estimates of $263.23 million. Ero Copper had a return on equity of 17.96% and a net margin of 26.63%. On average, sell-side analysts predict that Ero Copper Corp. will post 0.71 earnings per share for the current year.

Ero Copper Company Profile

Ero Copper Corp. engages in the exploration, development, and production of mining projects in Brazil. The company is involved in the production and sale of copper concentrate from the Caraíba operations located in the Curaçá Valley, northeastern Bahia state, Brazil, as well as gold and silver by-products.