Morgan Stanley Increases Southern Copper (NYSE:SCCO) Price Target to $158.00

Southern Copper (NYSE:SCCO) had its price target upped by stock analysts at Morgan Stanley from $146.00 to $158.00 in a research note issued to investors on Wednesday, MarketBeat.com reports. The brokerage currently has an “underweight” rating on the basic materials company’s stock. Morgan Stanley’s target price points to a potential downside of 6.76% from the stock’s current price.

A number of other equities analysts have also weighed in on the company. Wall Street Zen upgraded Southern Copper from a “hold” rating to a “buy” rating in a research report on Saturday, June 27th. UBS Group reaffirmed a “sell” rating and set a $160.00 price objective (up from $145.00) on shares of Southern Copper in a research note on Tuesday, June 30th. Weiss Ratings reiterated a “buy (b)” rating on shares of Southern Copper in a report on Wednesday, June 24th. Scotiabank restated an “underperform” rating and set a $140.00 price target (up from $135.00) on shares of Southern Copper in a report on Monday, June 15th. Finally, The Goldman Sachs Group upgraded shares of Southern Copper from a “sell” rating to a “neutral” rating and set a $178.00 price target for the company in a research report on Friday, April 10th. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and eight have given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Reduce” and a consensus target price of $147.02.

Southern Copper Stock Performance

Shares of NYSE SCCO opened at $169.46 on Wednesday. The stock’s fifty day simple moving average is $181.13 and its 200 day simple moving average is $180.55. The stock has a market capitalization of $139.99 billion, a price-to-earnings ratio of 28.01, a PEG ratio of 1.56 and a beta of 1.11. The company has a quick ratio of 3.89, a current ratio of 4.38 and a debt-to-equity ratio of 0.57. Southern Copper has a 52-week low of $88.73 and a 52-week high of $223.88.

Insider Transactions at Southern Copper

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 200 shares of the stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $177.82, for a total value of $35,564.00. Following the completion of the sale, the director owned 1,807 shares in the company, valued at $321,320.74. This represents a 9.97% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last three months, insiders have sold 404 shares of company stock valued at $74,108. 0.07% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Southern Copper

A number of hedge funds and other institutional investors have recently made changes to their positions in SCCO. Intech Investment Management LLC increased its holdings in Southern Copper by 0.8% in the fourth quarter. Intech Investment Management LLC now owns 6,030 shares of the basic materials company’s stock worth $865,000 after buying an additional 50 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al grew its position in Southern Copper by 0.8% in the fourth quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 6,072 shares of the basic materials company’s stock worth $871,000 after acquiring an additional 51 shares in the last quarter. Steel Grove Capital Advisors LLC increased its stake in shares of Southern Copper by 1.8% during the 4th quarter. Steel Grove Capital Advisors LLC now owns 2,910 shares of the basic materials company’s stock worth $417,000 after purchasing an additional 52 shares during the last quarter. Ensign Peak Advisors Inc increased its stake in shares of Southern Copper by 0.8% during the 4th quarter. Ensign Peak Advisors Inc now owns 6,379 shares of the basic materials company’s stock worth $915,000 after purchasing an additional 53 shares during the last quarter. Finally, Venture Visionary Partners LLC raised its holdings in shares of Southern Copper by 0.8% during the 4th quarter. Venture Visionary Partners LLC now owns 6,998 shares of the basic materials company’s stock valued at $1,004,000 after purchasing an additional 53 shares in the last quarter. 7.94% of the stock is 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.