Southern Copper (SCCO) Lifted to “Hold” at Bradesco Corretora

Bradesco Corretora upgraded shares of Southern Copper (NYSE:SCCO) from an underperform rating to a hold rating in a research note issued to investors on Tuesday morning, Marketbeat Ratings reports. Bradesco Corretora currently has $42.00 price target on the basic materials company’s stock, down from their prior price target of $45.00.

Several other equities research analysts have also recently commented on the company. Citigroup cut Southern Copper from a neutral rating to a sell rating and lowered their target price for the company from $43.00 to $33.00 in a research note on Monday, November 12th. UBS Group raised Southern Copper from a neutral rating to a buy rating and set a $46.00 target price for the company in a research note on Friday, November 2nd. Santander cut Southern Copper from a buy rating to a hold rating in a research note on Tuesday, October 16th. B. Riley lowered their target price on Southern Copper from $55.00 to $49.00 and set a neutral rating for the company in a research note on Wednesday, September 19th. Finally, Scotiabank set a $40.00 price objective on Southern Copper and gave the stock a sell rating in a research note on Monday, August 6th. Four analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company. The stock has an average rating of Hold and a consensus price target of $44.56.

NYSE SCCO opened at $32.12 on Tuesday. The firm has a market capitalization of $27.74 billion, a PE ratio of 23.31 and a beta of 0.67. Southern Copper has a 52 week low of $31.17 and a 52 week high of $58.09. The company has a quick ratio of 1.88, a current ratio of 2.71 and a debt-to-equity ratio of 0.90.

Southern Copper (NYSE:SCCO) last released its earnings results on Wednesday, October 24th. The basic materials company reported $0.48 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.50 by ($0.02). The firm had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.80 billion. Southern Copper had a net margin of 13.24% and a return on equity of 14.97%. As a group, equities research analysts expect that Southern Copper will post 2.18 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 21st. Investors of record on Wednesday, November 7th were paid a dividend of $0.40 per share. The ex-dividend date was Tuesday, November 6th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.98%.

Several institutional investors have recently made changes to their positions in SCCO. Fisher Asset Management LLC grew its stake in shares of Southern Copper by 319.6% during the third quarter. Fisher Asset Management LLC now owns 4,595,692 shares of the basic materials company’s stock worth $198,258,000 after purchasing an additional 3,500,463 shares during the period. Deutsche Bank AG grew its stake in shares of Southern Copper by 78.0% during the third quarter. Deutsche Bank AG now owns 1,609,576 shares of the basic materials company’s stock worth $69,434,000 after purchasing an additional 705,200 shares during the period. Unigestion Holding SA acquired a new stake in shares of Southern Copper during the second quarter worth $32,870,000. JPMorgan Chase & Co. grew its stake in shares of Southern Copper by 215.4% during the third quarter. JPMorgan Chase & Co. now owns 895,330 shares of the basic materials company’s stock worth $38,625,000 after purchasing an additional 611,501 shares during the period. Finally, Oakmont Corp grew its stake in shares of Southern Copper by 259.7% during the second quarter. Oakmont Corp now owns 798,450 shares of the basic materials company’s stock worth $37,423,000 after purchasing an additional 576,450 shares during the period. 7.80% of the stock is owned by institutional investors and hedge funds.

About Southern Copper

Southern Copper Corporation engages in mining, exploring, smelting, and refining copper and other minerals in Peru, Mexico, Argentina, Chile, and Ecuador. 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.

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Analyst Recommendations for Southern Copper (NYSE:SCCO)

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