Ero Copper (NYSE:ERO) Shares Gap Up Following Analyst Upgrade

Ero Copper Corp. (NYSE:ERO) gapped up prior to trading on Wednesday after Canaccord Genuity Group upgraded the stock from a hold rating to a buy rating. The stock had previously closed at $29.83, but opened at $31.20. Ero Copper shares last traded at $30.8520, with a volume of 482,962 shares.

A number of other research firms have also recently weighed in on ERO. Scotiabank raised Ero Copper from a “hold” rating to an “outperform” rating in a research report on Thursday, November 6th. Ventum Cap Mkts upgraded Ero Copper to a “strong-buy” rating in a research note on Monday, November 3rd. The Goldman Sachs Group raised their price target on Ero Copper from $25.00 to $33.00 and gave the stock a “buy” rating in a report on Wednesday. Freedom Capital upgraded shares of Ero Copper to a “strong-buy” rating in a report on Tuesday, December 30th. Finally, Zacks Research raised shares of Ero Copper from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 6th. Three analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat, Ero Copper currently has a consensus rating of “Moderate Buy” and a consensus target price of $32.50.

Institutional Investors Weigh In On Ero Copper

A number of large investors have recently bought and sold shares of ERO. Banque Cantonale Vaudoise acquired a new position in Ero Copper in the 3rd quarter worth approximately $111,000. SG Americas Securities LLC purchased a new stake in shares of Ero Copper in the 4th quarter valued at $115,000. Shay Capital LLC acquired a new stake in shares of Ero Copper in the third quarter worth $202,000. Versor Investments LP purchased a new position in shares of Ero Copper during the third quarter worth $217,000. Finally, Dynamic Technology Lab Private Ltd purchased a new position in shares of Ero Copper during the first quarter worth $217,000. Hedge funds and other institutional investors own 71.30% of the company’s stock.

Ero Copper Stock Up 2.7%

The company has a quick ratio of 0.46, a current ratio of 0.82 and a debt-to-equity ratio of 0.64. The company has a market capitalization of $3.18 billion, a price-to-earnings ratio of 23.02 and a beta of 1.22. The business’s 50-day moving average is $25.55 and its 200-day moving average is $20.01.

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

Ero Copper Company Profile

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.