Southern Copper (NYSE:SCCO) was downgraded by equities research analysts at Morgan Stanley from an “equal weight” rating to an “underweight” rating in a note issued to investors on Tuesday, The Fly reports.
SCCO has been the subject of several other research reports. Zacks Investment Research upgraded Southern Copper from a “hold” rating to a “strong-buy” rating and set a $46.00 target price for the company in a research report on Wednesday, July 29th. JPMorgan Chase & Co. lowered shares of Southern Copper from a “neutral” rating to an “underweight” rating and increased their price objective for the company from $27.00 to $33.00 in a report on Monday, June 22nd. Goldman Sachs Group cut shares of Southern Copper from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $47.00 to $41.00 in a research report on Tuesday, June 16th. UBS Group upped their target price on shares of Southern Copper from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Tuesday, May 19th. Finally, Citigroup lowered Southern Copper from a “buy” rating to a “sell” rating in a research note on Monday, June 8th. Four analysts have rated the stock with a sell rating, four have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $37.75.
SCCO opened at $44.16 on Tuesday. The company has a 50 day simple moving average of $40.39 and a two-hundred day simple moving average of $36.03. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.98 and a quick ratio of 2.21. The firm has a market cap of $33.79 billion, a P/E ratio of 29.05, a PEG ratio of 2.48 and a beta of 1.11. Southern Copper has a 1-year low of $23.43 and a 1-year high of $46.15.
Southern Copper (NYSE:SCCO) last released its earnings results on Tuesday, July 28th. The basic materials company reported $0.34 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.07. The company had revenue of $1.79 billion for the quarter, compared to analysts’ expectations of $1.22 billion. Southern Copper had a net margin of 16.20% and a return on equity of 17.12%. Equities analysts anticipate that Southern Copper will post 1.36 earnings per share for the current year.
Several institutional investors and hedge funds have recently made changes to their positions in SCCO. Synovus Financial Corp acquired a new position in Southern Copper during the first quarter valued at $25,000. OmniStar Financial Group Inc. acquired a new position in shares of Southern Copper in the 1st quarter valued at $26,000. Perkins Coie Trust Co purchased a new stake in Southern Copper during the first quarter worth $28,000. Atlas Capital Advisors LLC acquired a new stake in Southern Copper during the first quarter valued at $32,000. Finally, CWM LLC increased its holdings in Southern Copper by 3,477.1% in the first quarter. CWM LLC now owns 1,252 shares of the basic materials company’s stock valued at $35,000 after buying an additional 1,217 shares in the last quarter. 6.88% of the stock is currently owned by hedge funds and other institutional investors.
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 and lead.
Featured Story: The risks of owning bonds
