Southern Copper (NYSE:SCCO) Price Target Raised to $190.00

Southern Copper (NYSE:SCCO) had its target price boosted by Wells Fargo & Company from $172.00 to $190.00 in a research report sent to investors on Tuesday morning,Benzinga reports. The firm currently has an equal weight rating on the basic materials company’s stock.

Several other research firms also recently commented on SCCO. Weiss Ratings raised shares of Southern Copper from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, July 28th. Citigroup reaffirmed a “positive” rating on shares of Southern Copper in a research report on Wednesday, July 15th. Barclays set a $164.03 price target on shares of Southern Copper and gave the stock an “underweight” rating in a report on Thursday, July 23rd. Morgan Stanley upped their target price on Southern Copper from $144.27 to $156.13 and gave the company an “underweight” rating in a research report on Wednesday, July 8th. Finally, Scotiabank reaffirmed an “underperform” rating and set a $138.34 price target (up from $133.40) on shares of Southern Copper in a research report on Monday, June 15th. Two analysts have rated the stock with a Buy rating, five have issued a Hold rating and seven have assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Reduce” and an average target price of $156.02.

Southern Copper Trading Down 1.0%

SCCO opened at $198.56 on Tuesday. The firm has a market cap of $165.66 billion, a P/E ratio of 29.03, a P/E/G ratio of 1.78 and a beta of 1.11. The company has a current ratio of 5.06, a quick ratio of 4.56 and a debt-to-equity ratio of 0.63. The stock has a 50-day moving average of $199.56 and a 200 day moving average of $185.62. Southern Copper has a 12 month low of $119.25 and a 12 month high of $223.88.

Southern Copper (NYSE:SCCO) last released its earnings results on Wednesday, July 22nd. The basic materials company reported $1.99 earnings per share for the quarter, beating the consensus estimate of $1.93 by $0.06. Southern Copper had a return on equity of 49.04% and a net margin of 35.87%.The firm had revenue of $4.29 billion for the quarter, compared to the consensus estimate of $4.37 billion. The business’s quarterly revenue was up 40.6% on a year-over-year basis. As a group, research analysts forecast that Southern Copper will post 7.86 EPS for the current year.

Southern Copper Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Investors of record on Tuesday, August 11th were given a dividend of $1.10 per share. The ex-dividend date was Tuesday, August 11th. This is a positive change from Southern Copper’s previous quarterly dividend of $1.00. This represents a $4.40 dividend on an annualized basis and a yield of 2.2%. Southern Copper’s dividend payout ratio (DPR) is 64.33%.

Insider Activity

In other Southern Copper news, Director Luis Palomino Bonilla sold 202 shares of Southern Copper stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $196.79, for a total transaction of $39,751.28. Following the transaction, the director directly owned 1,723 shares of the company’s stock, valued at $339,066.65. The trade was a 10.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 704 shares of company stock valued at $138,077 over the last ninety days. Corporate insiders own 0.07% of the company’s stock.

Institutional Investors Weigh In On Southern Copper

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SCCO. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Southern Copper in the second quarter valued at approximately $1,078,000. Fund Advisors of America Inc FL acquired a new position in shares of Southern Copper during the 2nd quarter worth about $870,000. RFG Advisory LLC raised its holdings in Southern Copper by 143.7% during the second quarter. RFG Advisory LLC now owns 21,727 shares of the basic materials company’s stock worth $3,786,000 after purchasing an additional 12,811 shares in the last quarter. HighTower Advisors LLC raised its stake in Southern Copper by 11.9% during the 2nd quarter. HighTower Advisors LLC now owns 58,421 shares of the basic materials company’s stock worth $10,180,000 after acquiring an additional 6,195 shares in the last quarter. Finally, Equitable Holdings Inc. acquired a new stake in shares of Southern Copper during the second quarter worth about $505,000. Hedge funds and other institutional investors own 7.94% of the company’s stock.

About Southern Copper

Southern Copper Corp. is an integrated copper producer engaged in the exploration, mining, processing, smelting and refining of copper and other minerals. Its principal products include copper cathodes, copper concentrates, molybdenum, zinc, silver and lead. The company also produces sulfuric acid and other byproducts through its metallurgical operations.

Southern Copper operates major mining and processing assets in Mexico and Peru. Its Mexican operations include the Buenavista del Cobre and La Caridad mining complexes, while its Peruvian operations include the Cuajone and Toquepala mines.