Southern Copper (NYSE:SCCO) Lowered to “Underperform” Rating by Bank of America

Southern Copper (NYSE:SCCO) was downgraded by research analysts at Bank of America from a “neutral” rating to an “underperform” rating in a research report issued to clients and investors on Thursday,Finviz reports. They presently have a $175.00 price objective on the basic materials company’s stock. Bank of America‘s price target indicates a potential downside of 19.05% from the company’s previous close.

SCCO has been the topic of several other research reports. JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $116.51 price target (down from $118.49) on shares of Southern Copper in a research report on Friday, January 23rd. Scotiabank reaffirmed an “underperform” rating on shares of Southern Copper in a report on Tuesday, January 27th. UBS Group reissued a “sell” rating and set a $148.74 price target (up from $146.75) on shares of Southern Copper in a research report on Tuesday, February 3rd. Itau BBA Securities lowered Southern Copper from a “market perform” rating to an “underperform” rating and set a $124.94 target price on the stock. in a report on Monday, December 22nd. Finally, Wall Street Zen upgraded shares of Southern Copper from a “hold” rating to a “buy” rating in a report on Saturday, February 21st. Two analysts have rated the stock with a Buy rating, three have given a Hold rating and eight have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Reduce” and an average price target of $139.99.

Southern Copper Price Performance

SCCO stock opened at $216.19 on Thursday. The company has a current ratio of 4.52, a quick ratio of 3.91 and a debt-to-equity ratio of 0.64. Southern Copper has a 1 year low of $74.84 and a 1 year high of $220.76. The stock has a market cap of $175.59 billion, a PE ratio of 40.64, a price-to-earnings-growth ratio of 1.73 and a beta of 1.07. The stock has a 50-day moving average price of $177.99 and a two-hundred day moving average price of $140.63.

Insiders Place Their Bets

In other news, Director Lerdo De Tejada Leon Contreras sold 9,326 shares of the company’s stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $209.56, for a total transaction of $1,954,344.91. Following the transaction, the director owned 605 shares in the company, valued at approximately $126,783.04. This represents a 93.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Bonilla Luis Miguel Palomino sold 403 shares of the firm’s stock in a transaction dated Wednesday, December 3rd. The shares were sold at an average price of $137.83, for a total value of $55,544.87. Following the completion of the sale, the director owned 1,275 shares of the company’s stock, valued at approximately $175,731.28. This represents a 24.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.07% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Southern Copper

Hedge funds and other institutional investors have recently modified their holdings of the business. Capital World Investors grew its position in shares of Southern Copper by 36.1% during the 3rd quarter. Capital World Investors now owns 6,437,608 shares of the basic materials company’s stock valued at $781,268,000 after acquiring an additional 1,708,693 shares during the period. State Street Corp boosted its stake in Southern Copper by 2.4% during the fourth quarter. State Street Corp now owns 2,862,244 shares of the basic materials company’s stock valued at $410,646,000 after buying an additional 66,268 shares during the period. Fisher Asset Management LLC increased its position in shares of Southern Copper by 0.3% in the fourth quarter. Fisher Asset Management LLC now owns 2,536,228 shares of the basic materials company’s stock worth $363,873,000 after purchasing an additional 7,194 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Southern Copper by 10.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,719,883 shares of the basic materials company’s stock valued at $174,002,000 after buying an additional 168,005 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Southern Copper by 8.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,181,293 shares of the basic materials company’s stock worth $169,480,000 after purchasing an additional 90,237 shares in the last quarter. Hedge funds and other institutional investors own 7.94% of the company’s stock.

Southern Copper Company Profile

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.