Scotiabank Raises Southern Copper (NYSE:SCCO) Price Target to $55.00

Southern Copper (NYSE:SCCO) had its price target increased by Scotiabank from $53.00 to $55.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has a “sector underperform” rating on the basic materials company’s stock. Scotiabank’s price objective would suggest a potential downside of 51.51% from the stock’s current price.

Several other analysts have also issued reports on SCCO. Jefferies Financial Group raised shares of Southern Copper from a “hold” rating to a “buy” rating and boosted their price target for the company from $91.00 to $130.00 in a research report on Friday, March 22nd. StockNews.com downgraded Southern Copper from a “buy” rating to a “hold” rating in a research report on Monday, February 5th. The Goldman Sachs Group lifted their price target on Southern Copper from $61.00 to $82.00 and gave the company a “sell” rating in a research report on Friday, March 22nd. Finally, JPMorgan Chase & Co. dropped their price objective on Southern Copper from $63.50 to $61.00 and set an “underweight” rating on the stock in a report on Thursday, March 21st. Four research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat, Southern Copper presently has a consensus rating of “Hold” and an average target price of $73.71.

Southern Copper Stock Performance

NYSE:SCCO opened at $113.42 on Thursday. The company has a market capitalization of $87.68 billion, a P/E ratio of 36.12, a P/E/G ratio of 3.32 and a beta of 1.29. The business has a fifty day simple moving average of $96.72 and a two-hundred day simple moving average of $84.21. The company has a debt-to-equity ratio of 0.84, a current ratio of 3.19 and a quick ratio of 2.46. Southern Copper has a 1 year low of $64.66 and a 1 year high of $120.37.

Southern Copper (NYSE:SCCO) last announced its quarterly earnings data on Friday, February 2nd. The basic materials company reported $0.58 earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.15). The firm had revenue of $2.30 billion during the quarter, compared to analysts’ expectations of $2.37 billion. Southern Copper had a return on equity of 30.85% and a net margin of 24.51%. On average, analysts expect that Southern Copper will post 3.89 earnings per share for the current year.

Hedge Funds Weigh In On Southern Copper

A number of institutional investors have recently added to or reduced their stakes in the business. Hartford Financial Management Inc. purchased a new position in shares of Southern Copper during the third quarter worth about $25,000. Fortis Group Advisors LLC grew its stake in Southern Copper by 100.0% in the 4th quarter. Fortis Group Advisors LLC now owns 302 shares of the basic materials company’s stock worth $26,000 after buying an additional 151 shares in the last quarter. Riverview Trust Co bought a new position in shares of Southern Copper in the 1st quarter worth $27,000. Sanctuary Wealth Management L.L.C. purchased a new stake in shares of Southern Copper during the 4th quarter valued at $27,000. Finally, Loomis Sayles & Co. L P bought a new stake in shares of Southern Copper during the 1st quarter worth $29,000. 7.94% of the stock is currently owned by 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, copper, molybdenum, silver, gold, and lead.