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

Bank of America upgraded shares of Ero Copper (NYSE:ERO) from a neutral rating to a buy rating in a research note released on Thursday morning, MarketBeat Ratings reports. They currently have $34.00 price objective on the stock, up from their previous price objective of $30.00.

A number of other research firms also recently commented on ERO. Jefferies Financial Group reaffirmed a “hold” rating on shares of Ero Copper in a report on Monday, July 6th. National Bank Financial raised Ero Copper from a “sector perform” rating to an “outperform” rating in a research report on Tuesday, May 5th. Scotiabank restated an “outperform” rating on shares of Ero Copper in a research note on Monday, June 15th. The Goldman Sachs Group downgraded shares of Ero Copper from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $33.00 to $31.00 in a report on Tuesday, April 14th. Finally, Wall Street Zen lowered shares of Ero Copper from a “buy” rating to a “hold” rating in a research note on Sunday, July 12th. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $32.33.

Ero Copper Trading Down 3.2%

NYSE ERO opened at $24.54 on Thursday. Ero Copper has a 12 month low of $12.79 and a 12 month high of $39.80. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.30 and a quick ratio of 0.81. The company has a market capitalization of $2.56 billion, a price-to-earnings ratio of 8.73 and a beta of 1.20. The company’s fifty day moving average price is $27.76 and its two-hundred day moving average price is $28.88.

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

Hedge Funds Weigh In On Ero Copper

Institutional investors have recently made changes to their positions in the stock. Concurrent Investment Advisors LLC acquired a new stake in shares of Ero Copper in the 4th quarter worth about $1,142,000. Artemis Investment Management LLP acquired a new position in Ero Copper during the 4th quarter valued at about $14,363,000. J. Safra Sarasin Holding AG boosted its stake in Ero Copper by 80.7% during the 4th quarter. J. Safra Sarasin Holding AG now owns 66,336 shares of the company’s stock valued at $1,879,000 after purchasing an additional 29,623 shares during the period. Polar Asset Management Partners Inc. bought a new position in Ero Copper in the 3rd quarter worth about $770,000. Finally, SG Americas Securities LLC increased its stake in shares of Ero Copper by 14,631.8% in the first quarter. SG Americas Securities LLC now owns 599,878 shares of the company’s stock valued at $15,999,000 after purchasing an additional 595,806 shares during the period. 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.