Bank of America Initiates Coverage on Ero Copper (NYSE:ERO)

Bank of America initiated coverage on shares of Ero Copper (NYSE:ERO) in a research report sent to investors on Tuesday, MarketBeat Ratings reports. The brokerage issued a buy rating and a $28.00 price objective on the stock.

Several other analysts have also recently commented on the stock. BMO Capital Markets raised shares of Ero Copper from a market perform rating to an outperform rating in a research note on Wednesday, June 26th. Ventum Cap Mkts raised shares of Ero Copper from a hold rating to a strong-buy rating in a research note on Monday, July 22nd. Raymond James raised Ero Copper from a market perform rating to an outperform rating in a research note on Tuesday. Jefferies Financial Group raised shares of Ero Copper from a hold rating to a buy rating in a research note on Monday, August 5th. Finally, StockNews.com lowered Ero Copper from a hold rating to a sell rating in a report on Friday, July 19th. One analyst has rated the stock with a sell rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $30.00.

Ero Copper Stock Performance

NYSE ERO opened at $18.30 on Tuesday. The firm has a market cap of $1.89 billion, a price-to-earnings ratio of 28.15 and a beta of 1.19. The company has a current ratio of 0.82, a quick ratio of 0.60 and a debt-to-equity ratio of 0.59. Ero Copper has a 1-year low of $11.35 and a 1-year high of $24.34. The company has a 50 day moving average of $20.26 and a 200-day moving average of $20.07.

Ero Copper (NYSE:ERO) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.18 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.01. Ero Copper had a positive return on equity of 9.89% and a negative net margin of 4.79%. The company had revenue of $117.10 million for the quarter. During the same period in the prior year, the firm posted $0.24 EPS. On average, equities analysts forecast that Ero Copper will post 1.83 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ero Copper

A number of hedge funds and other institutional investors have recently bought and sold shares of ERO. Toronto Dominion Bank boosted its holdings in Ero Copper by 38.7% during the second quarter. Toronto Dominion Bank now owns 2,539 shares of the company’s stock worth $54,000 after purchasing an additional 709 shares during the last quarter. Stonehage Fleming Financial Services Holdings Ltd bought a new stake in shares of Ero Copper in the 4th quarter valued at about $79,000. Platinum Investment Management Ltd. acquired a new stake in shares of Ero Copper in the fourth quarter valued at approximately $257,000. Chesapeake Capital Corp IL bought a new stake in Ero Copper in the 2nd quarter valued at $351,000. Finally, Aigen Investment Management LP acquired a new position in shares of Ero Copper in the fourth quarter valued at $356,000. Institutional investors and hedge funds own 71.30% of the company’s stock.

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.