Southern Copper (NYSE:SCCO – Get Free Report) was downgraded by Morgan Stanley from an “equal weight” rating to an “underweight” rating in a report released on Monday, Briefing.com reports. They currently have a $68.00 target price on the basic materials company’s stock, down from their prior target price of $83.00. Morgan Stanley’s target price points to a potential downside of 8.37% from the company’s current price.
A number of other analysts have also recently commented on the company. JPMorgan Chase & Co. boosted their price target on Southern Copper from $52.50 to $55.50 and gave the stock an “underweight” rating in a research report on Thursday, August 17th. Jefferies Financial Group started coverage on Southern Copper in a research note on Monday, September 18th. They set a “hold” rating and a $91.00 price target for the company. Finally, StockNews.com began coverage on Southern Copper in a report on Thursday, October 5th. They issued a “buy” rating on the stock. Four analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Southern Copper presently has an average rating of “Hold” and a consensus target price of $64.50.
Southern Copper Stock Down 1.4 %
Shares of Southern Copper stock opened at $74.21 on Monday. The stock has a market capitalization of $57.37 billion, a price-to-earnings ratio of 19.90, a P/E/G ratio of 18.23 and a beta of 1.28. Southern Copper has a 52-week low of $57.34 and a 52-week high of $87.59. The company has a debt-to-equity ratio of 0.80, a quick ratio of 2.94 and a current ratio of 3.70. The company’s 50 day moving average price is $73.35 and its 200-day moving average price is $74.95.
Southern Copper (NYSE:SCCO – Get Free Report) last posted its earnings results on Tuesday, October 24th. The basic materials company reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.08. Southern Copper had a return on equity of 35.91% and a net margin of 27.66%. The firm had revenue of $2.51 billion for the quarter, compared to analysts’ expectations of $2.49 billion. Equities research analysts forecast that Southern Copper will post 3.39 EPS for the current year.
Institutional Investors Weigh In On Southern Copper
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Hartford Financial Management Inc. bought a new stake in shares of Southern Copper in the 3rd quarter valued at about $25,000. Sanctuary Wealth Management L.L.C. bought a new position in Southern Copper in the fourth quarter worth approximately $27,000. Loomis Sayles & Co. L P purchased a new stake in Southern Copper during the first quarter worth $29,000. Ameritas Advisory Services LLC bought a new stake in Southern Copper during the 1st quarter valued at $30,000. Finally, Ronald Blue Trust Inc. increased its holdings in shares of Southern Copper by 43.7% in the 3rd quarter. Ronald Blue Trust Inc. now owns 602 shares of the basic materials company’s stock valued at $44,000 after acquiring an additional 183 shares during the period. Institutional investors own 7.40% 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.