Southern Copper (NYSE:SCCO) Price Target Cut to $52.00 by Analysts at Scotiabank

Southern Copper (NYSE:SCCO) had its target price lowered by Scotiabank from $54.00 to $52.00 in a report published on Tuesday morning, Benzinga reports. The brokerage currently has a sector underperform rating on the basic materials company’s stock.

Other equities analysts have also recently issued reports about the company. UBS Group initiated coverage on Southern Copper in a report on Friday, July 12th. They set a “neutral” rating and a $120.00 price target on the stock. Citigroup upped their price objective on Southern Copper from $99.44 to $100.00 and gave the stock a “sell” rating in a research note on Wednesday, October 2nd. Finally, Morgan Stanley upped their price objective on Southern Copper from $97.00 to $100.00 and gave the stock an “underweight” rating in a research note on Thursday, September 19th. Six analysts have rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $90.63.

Southern Copper Price Performance

NYSE SCCO opened at $111.99 on Tuesday. The business’s fifty day moving average price is $106.18 and its 200-day moving average price is $110.02. The stock has a market capitalization of $87.48 billion, a price-to-earnings ratio of 37.21, a PEG ratio of 1.22 and a beta of 1.18. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.81 and a quick ratio of 2.27. Southern Copper has a 1-year low of $68.93 and a 1-year high of $129.79.

Southern Copper (NYSE:SCCO) last released its quarterly earnings results on Friday, July 19th. The basic materials company reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.09. The firm had revenue of $3.12 billion for the quarter, compared to analysts’ expectations of $2.96 billion. Southern Copper had a return on equity of 34.98% and a net margin of 26.15%. On average, equities analysts predict that Southern Copper will post 4.5 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in SCCO. Fidelis Capital Partners LLC bought a new position in shares of Southern Copper during the 1st quarter valued at about $26,000. Riverview Trust Co bought a new position in shares of Southern Copper during the 1st quarter valued at about $27,000. Itau Unibanco Holding S.A. bought a new position in shares of Southern Copper during the 2nd quarter valued at about $31,000. Hanseatic Management Services Inc. bought a new position in shares of Southern Copper during the 2nd quarter valued at about $53,000. Finally, GAMMA Investing LLC boosted its holdings in shares of Southern Copper by 53.0% during the 3rd quarter. GAMMA Investing LLC now owns 517 shares of the basic materials company’s stock valued at $60,000 after purchasing an additional 179 shares during the last quarter. Institutional investors own 7.94% of the company’s stock.

Southern Copper Company Profile

Southern Copper Corporation engages in mining, exploring, smelting, and refining copper and other minerals in Peru, Mexico, Argentina, Ecuador, and Chile. The company is involved in the mining, milling, and flotation of copper ore to produce copper and molybdenum concentrates; smelting of copper concentrates to produce blister and anode copper; refining of anode copper to produce copper cathodes; production of molybdenum concentrate and sulfuric acid; production of refined silver, gold, and other materials; and mining and processing of zinc, copper, molybdenum, silver, gold, and lead.