Southern Copper Corp. (NASDAQ:SCCO) was upgraded by equities research analysts at Cowen and Company from an “underperform” rating to a “market perform” rating in a research note issued to investors on Wednesday, TheFlyOnTheWall.com reports. The firm currently has a $30.00 price target on the stock, up from their previous price target of $24.00. Cowen and Company’s price objective suggests a potential upside of 6.88% from the company’s current price.
The analysts wrote, “SCCO is one of the lowest cost copper producers in the world with its portfolio of tier one assets. Through the various investment projects on the horizon (including Buenavista, Toquepala, Tia Maria, Cuajone, etc.), SCCO is aiming to reduce gross and net cash costs to $1.50/lb and $0.90/lb, respectively. In 3Q13, gross cash costs were $1.79/lb and net cash costs were $0.98/lb, declining sequentially by 12.7% and 10.1%, respectively. We view these cost reduction efforts favorably, especially given the recent volatility in copper prices and the uncertainty surrounding the copper market as a result of potential new or expanded supply coming online in the near to medium term.”
Shares of Southern Copper Corp. (NASDAQ:SCCO) traded up 1.15% during mid-day trading on Wednesday, hitting $28.3928. 173,940 shares of the company’s stock traded hands. Southern Copper Corp. has a 1-year low of $25.75 and a 1-year high of $42.03. The stock’s 50-day moving average is $28.16 and its 200-day moving average is $29.14. The company has a market cap of $23.887 billion and a price-to-earnings ratio of 13.59.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, November 21st. Shareholders of record on Thursday, November 7th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.71%. The ex-dividend date is Tuesday, November 5th.
Several other analysts have also recently commented on the stock. Analysts at Zacks upgraded shares of Southern Copper Corp. from an “underperform” rating to a “neutral” rating in a research note to investors on Thursday, October 17th. They now have a $28.90 price target on the stock. Separately, analysts at Deutsche Bank reiterated a “hold” rating on shares of Southern Copper Corp. in a research note to investors on Wednesday, October 2nd. They now have a $36.00 price target on the stock, down previously from $41.00. Ten research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $33.84.
Southern Copper Corporation (NASDAQ:SCCO) is an integrated copper producer.
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