Zacks Research Downgrades Ero Copper (NYSE:ERO) to Strong Sell

Ero Copper (NYSE:ERO) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Monday,Zacks.com reports.

Several other analysts also recently weighed in on ERO. Weiss Ratings reissued a “hold (c+)” rating on shares of Ero Copper in a report on Thursday, June 4th. National Bank Financial upgraded Ero Copper from a “sector perform” rating to an “outperform” rating in a research note on Tuesday, May 5th. Wall Street Zen raised Ero Copper from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Bradesco Corretora upgraded Ero Copper to an “outperform” rating in a research note on Monday, July 20th. Finally, Bank of America raised Ero Copper from a “neutral” rating to a “buy” rating and increased their price objective for the company from $30.00 to $34.00 in a report on Thursday, July 16th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $32.33.

Ero Copper Stock Performance

Shares of Ero Copper stock opened at $33.00 on Monday. The business has a 50-day simple moving average of $28.24 and a 200-day simple moving average of $28.76. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.81 and a current ratio of 1.30. Ero Copper has a one year low of $13.37 and a one year high of $39.80. The company has a market cap of $3.44 billion, a PE ratio of 11.07, a P/E/G ratio of 0.27 and a beta of 1.21.

Ero Copper (NYSE:ERO) last posted its earnings results on Wednesday, August 5th. The company reported $0.83 EPS for the quarter, beating the consensus estimate of $0.74 by $0.09. Ero Copper had a return on equity of 30.32% and a net margin of 29.79%.The firm had revenue of $284.30 million for the quarter, compared to analyst estimates of $277.64 million. On average, equities research analysts forecast that Ero Copper will post 4.02 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in ERO. FIL Ltd grew its position in Ero Copper by 74.1% during the fourth quarter. FIL Ltd now owns 11,670,422 shares of the company’s stock valued at $330,161,000 after acquiring an additional 4,966,427 shares during the period. Hillsdale Investment Management Inc. raised its holdings in shares of Ero Copper by 602.9% in the 4th quarter. Hillsdale Investment Management Inc. now owns 1,685,445 shares of the company’s stock worth $47,767,000 after purchasing an additional 1,445,645 shares during the period. Vanguard Group Inc. raised its holdings in shares of Ero Copper by 1,614.0% in the 3rd quarter. Vanguard Group Inc. now owns 1,434,428 shares of the company’s stock worth $29,056,000 after purchasing an additional 1,350,738 shares during the period. Impala Asset Management LLC acquired a new position in shares of Ero Copper in the 2nd quarter valued at about $31,201,000. Finally, Kapitalo Investimentos Ltda acquired a new position in shares of Ero Copper in the 2nd quarter valued at about $28,802,000. 71.30% of the stock is currently owned by institutional investors and hedge funds.

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.