Southern Copper (NYSE:SCCO) Given New $140.00 Price Target at Scotiabank

Southern Copper (NYSE:SCCO) had its target price increased by equities research analysts at Scotiabank from $135.00 to $140.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a “sector underweight” rating on the basic materials company’s stock. Scotiabank’s price target would indicate a potential downside of 28.75% from the company’s current price.

Other analysts also recently issued reports about the company. Morgan Stanley upped their price objective on Southern Copper from $155.00 to $160.00 and gave the company an “underweight” rating in a research report on Thursday, April 9th. Weiss Ratings restated a “buy (b)” rating on shares of Southern Copper in a research report on Friday, March 27th. UBS Group upped their price objective on Southern Copper from $140.00 to $145.00 and gave the company a “sell” rating in a research report on Thursday, May 21st. JPMorgan Chase & Co. upped their price objective on Southern Copper from $117.50 to $127.00 and gave the company an “underweight” rating in a research report on Friday, April 10th. Finally, The Goldman Sachs Group upgraded Southern Copper from a “sell” rating to a “neutral” rating and set a $178.00 price objective on the stock in a research report on Friday, April 10th. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and seven have issued a Sell rating to the stock. Based on data from MarketBeat.com, Southern Copper currently has an average rating of “Reduce” and a consensus target price of $145.56.

Southern Copper Price Performance

SCCO traded up $6.70 during trading on Monday, reaching $196.49. 532,947 shares of the stock were exchanged, compared to its average volume of 1,806,486. The business’s 50 day moving average price is $183.38 and its two-hundred day moving average price is $175.56. The company has a debt-to-equity ratio of 0.57, a current ratio of 4.38 and a quick ratio of 3.89. The company has a market capitalization of $160.95 billion, a price-to-earnings ratio of 32.53, a P/E/G ratio of 1.79 and a beta of 1.09. Southern Copper has a 1 year low of $88.73 and a 1 year high of $223.88.

Southern Copper (NYSE:SCCO) last issued its quarterly earnings data on Wednesday, April 29th. The basic materials company reported $1.92 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $3.96 billion. As a group, equities research analysts anticipate that Southern Copper will post 7.25 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Bonilla Luis Miguel Palomino sold 200 shares of the stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $177.82, for a total transaction of $35,564.00. Following the transaction, the director directly owned 1,807 shares in the company, valued at approximately $321,320.74. This represents a 9.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders sold 404 shares of company stock worth $74,108 in the last quarter. Corporate insiders own 0.07% of the company’s stock.

Hedge Funds Weigh In On Southern Copper

Large investors have recently added to or reduced their stakes in the business. SHP Wealth Management purchased a new position in Southern Copper during the fourth quarter worth about $25,000. Lloyd Advisory Services LLC. purchased a new position in Southern Copper during the fourth quarter worth about $29,000. Virtus Advisers LLC purchased a new position in Southern Copper during the fourth quarter worth about $29,000. Godfrey Financial Associates Inc. purchased a new position in Southern Copper during the fourth quarter worth about $30,000. Finally, IFP Advisors Inc lifted its position in Southern Copper by 233.3% during the fourth quarter. IFP Advisors Inc now owns 230 shares of the basic materials company’s stock worth $33,000 after buying an additional 161 shares during the period. 7.94% of the stock is currently owned by hedge funds and other institutional investors.

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.