Scotiabank Boosts Southern Copper (NYSE:SCCO) Price Target to $135.00

Southern Copper (NYSE:SCCO) had its price target boosted by equities research analysts at Scotiabank from $133.00 to $135.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a “sector underperform” rating on the basic materials company’s stock. Scotiabank’s target price would suggest a potential downside of 23.84% from the stock’s previous close.

Several other equities analysts have also recently weighed in on SCCO. UBS Group decreased their target price on shares of Southern Copper from $150.00 to $140.00 and set a “sell” rating for the company in a research note on Friday, March 27th. The Goldman Sachs Group raised Southern Copper from a “sell” rating to a “neutral” rating and set a $178.00 target price for the company in a report on Friday, April 10th. JPMorgan Chase & Co. lifted their target price on Southern Copper from $117.50 to $127.00 and gave the stock an “underweight” rating in a report on Friday, April 10th. Wall Street Zen raised Southern Copper from a “hold” rating to a “buy” rating in a research note on Saturday, March 21st. Finally, Morgan Stanley boosted their price target on Southern Copper from $155.00 to $160.00 and gave the company an “underweight” rating in a research note on Thursday, April 9th. Two investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and seven have given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Reduce” and a consensus target price of $144.43.

Southern Copper Trading Down 6.0%

Shares of NYSE:SCCO traded down $11.25 during mid-day trading on Friday, reaching $177.26. The stock had a trading volume of 475,569 shares, compared to its average volume of 1,914,308. The firm has a 50 day simple moving average of $179.79 and a two-hundred day simple moving average of $168.03. Southern Copper has a twelve month low of $88.54 and a twelve month high of $223.88. The company has a current ratio of 4.38, a quick ratio of 3.89 and a debt-to-equity ratio of 0.57. The firm has a market cap of $145.19 billion, a PE ratio of 29.30, a price-to-earnings-growth ratio of 1.88 and a beta of 1.07.

Southern Copper (NYSE:SCCO) last posted its earnings results on Wednesday, April 29th. The basic materials company reported $1.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.88 by $0.04. Southern Copper had a return on equity of 45.63% and a net margin of 34.13%.The business had revenue of $4.25 billion during the quarter, compared to analysts’ expectations of $3.96 billion. On average, research analysts predict that Southern Copper will post 6.99 EPS for the current fiscal year.

Insider Transactions at Southern Copper

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 193 shares of the business’s stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $174.60, for a total value of $33,697.80. Following the transaction, the director directly owned 1,707 shares of the company’s stock, valued at approximately $298,042.20. The trade was a 10.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.07% of the company’s stock.

Hedge Funds Weigh In On Southern Copper

A number of institutional investors have recently modified their holdings of SCCO. Royal Bank of Canada raised its position in shares of Southern Copper by 42.1% during the first quarter. Royal Bank of Canada now owns 44,879 shares of the basic materials company’s stock worth $4,194,000 after purchasing an additional 13,293 shares during the period. Empowered Funds LLC grew its stake in Southern Copper by 17.9% in the 1st quarter. Empowered Funds LLC now owns 6,705 shares of the basic materials company’s stock valued at $627,000 after purchasing an additional 1,020 shares during the period. Focus Partners Wealth increased its holdings in Southern Copper by 21.5% in the 1st quarter. Focus Partners Wealth now owns 5,944 shares of the basic materials company’s stock worth $556,000 after acquiring an additional 1,052 shares during the last quarter. First Trust Advisors LP increased its holdings in Southern Copper by 37.4% in the 2nd quarter. First Trust Advisors LP now owns 73,379 shares of the basic materials company’s stock worth $7,424,000 after acquiring an additional 19,957 shares during the last quarter. Finally, Baird Financial Group Inc. increased its holdings in Southern Copper by 17.7% in the 2nd quarter. Baird Financial Group Inc. now owns 4,864 shares of the basic materials company’s stock worth $492,000 after acquiring an additional 731 shares during the last quarter. 7.94% of the stock is owned by institutional investors and hedge funds.

About Southern Copper

Southern Copper Corporation (NYSE: SCCO) is a large, integrated copper producer whose operations span the full value chain from exploration and mining to smelting, refining and the sale of copper and other metal products. The company produces a range of copper products including copper concentrate and refined cathodes, and recovers valuable byproducts such as molybdenum, silver and zinc. Southern Copper concentrates on high-volume, long-life assets designed to support steady production and processing capabilities.

Southern Copper’s operations are concentrated in Peru and Mexico, where it owns and operates multiple large-scale mining and processing facilities.