Ero Copper (NYSE:ERO) Cut to Hold at Zacks Research

Zacks Research cut shares of Ero Copper (NYSE:ERO) from a strong-buy rating to a hold rating in a research report released on Wednesday,Zacks.com reports.

ERO has been the topic of several other reports. Raymond James Financial reaffirmed an “outperform” rating on shares of Ero Copper in a research report on Friday, October 10th. Stifel Nicolaus began coverage on Ero Copper in a research report on Wednesday, July 9th. They set a “buy” rating on the stock. Stifel Canada lowered Ero Copper from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 21st. The Goldman Sachs Group upped their target price on Ero Copper from $18.50 to $25.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, National Bank Financial lowered Ero Copper from an “outperform” rating to a “sector perform” rating in a research report on Wednesday, July 9th. Four equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Ero Copper currently has an average rating of “Hold” and an average target price of $25.00.

Ero Copper Trading Down 0.6%

Shares of NYSE ERO opened at $21.37 on Wednesday. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.05 and a quick ratio of 0.80. The stock has a market capitalization of $2.21 billion, a P/E ratio of 15.60 and a beta of 1.24. Ero Copper has a 1-year low of $9.30 and a 1-year high of $24.48. The business has a fifty day moving average price of $18.84 and a 200 day moving average price of $15.81.

Ero Copper (NYSE:ERO) last issued its quarterly earnings data on Thursday, July 31st. The company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.13. The firm had revenue of $163.50 million during the quarter, compared to analysts’ expectations of $263.23 million. Ero Copper had a return on equity of 17.96% and a net margin of 26.63%. Equities research analysts expect that Ero Copper will post 0.71 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. CIBC Asset Management Inc increased its holdings in shares of Ero Copper by 3.3% in the third quarter. CIBC Asset Management Inc now owns 93,129 shares of the company’s stock valued at $1,884,000 after purchasing an additional 2,974 shares during the period. Olympiad Research LP acquired a new position in shares of Ero Copper in the third quarter valued at about $248,000. Samalin Investment Counsel LLC increased its holdings in shares of Ero Copper by 5.3% in the third quarter. Samalin Investment Counsel LLC now owns 38,074 shares of the company’s stock valued at $770,000 after purchasing an additional 1,916 shares during the period. Spire Wealth Management acquired a new position in shares of Ero Copper in the third quarter valued at about $586,000. Finally, Sheets Smith Wealth Management acquired a new position in shares of Ero Copper in the third quarter valued at about $417,000. 71.30% of the stock is owned by institutional investors and hedge funds.

About Ero Copper

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.