The Goldman Sachs Group Begins Coverage on Southern Copper (NYSE:SCCO)

The Goldman Sachs Group initiated coverage on shares of Southern Copper (NYSE:SCCOGet Rating) in a report issued on Friday, MarketBeat.com reports. The brokerage issued a neutral rating and a $65.00 price objective on the basic materials company’s stock.

Other research analysts have also issued reports about the stock. Morgan Stanley decreased their price objective on shares of Southern Copper from $66.00 to $52.00 and set an underweight rating for the company in a report on Wednesday, June 22nd. Wolfe Research lowered shares of Southern Copper from a peer perform rating to an underperform rating in a report on Thursday, July 7th. Barclays decreased their price objective on shares of Southern Copper from $61.00 to $51.00 and set an equal weight rating for the company in a report on Tuesday, July 19th. StockNews.com lowered shares of Southern Copper from a buy rating to a hold rating in a research note on Thursday, July 28th. Finally, Citigroup lowered shares of Southern Copper from a neutral rating to a sell rating and decreased their price target for the stock from $70.00 to $40.00 in a research note on Wednesday, July 13th. Three investment analysts have rated the stock with a sell rating and three have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of Hold and an average target price of $54.00.

Southern Copper Trading Up 2.5 %

Shares of SCCO opened at $47.45 on Friday. The stock has a market capitalization of $36.68 billion, a P/E ratio of 12.55, a PEG ratio of 1.67 and a beta of 1.12. The company has a quick ratio of 2.58, a current ratio of 3.29 and a debt-to-equity ratio of 0.81. The firm has a fifty day simple moving average of $52.83 and a two-hundred day simple moving average of $62.64. Southern Copper has a twelve month low of $44.70 and a twelve month high of $79.32.

Southern Copper (NYSE:SCCOGet Rating) last announced its quarterly earnings results on Tuesday, May 3rd. The basic materials company reported $1.02 earnings per share for the quarter, beating the consensus estimate of $1.01 by $0.01. The business had revenue of $2.76 billion during the quarter, compared to analysts’ expectations of $2.68 billion. Southern Copper had a net margin of 27.59% and a return on equity of 36.17%. On average, research analysts anticipate that Southern Copper will post 3.36 EPS for the current year.

Southern Copper Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 25th. Shareholders of record on Thursday, August 11th will be paid a dividend of $0.75 per share. The ex-dividend date is Wednesday, August 10th. This represents a $3.00 dividend on an annualized basis and a yield of 6.32%. Southern Copper’s dividend payout ratio is currently 132.28%.

Institutional Trading of Southern Copper

Institutional investors and hedge funds have recently bought and sold shares of the company. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA bought a new stake in Southern Copper during the 4th quarter valued at about $25,000. FNY Investment Advisers LLC purchased a new stake in shares of Southern Copper during the 1st quarter valued at about $26,000. American Research & Management Co. purchased a new stake in shares of Southern Copper during the 2nd quarter valued at about $26,000. Loomis Sayles & Co. L P purchased a new stake in shares of Southern Copper during the 1st quarter valued at about $29,000. Finally, Sawyer & Company Inc purchased a new stake in shares of Southern Copper during the 1st quarter valued at about $43,000. 6.83% of the stock is currently owned by institutional investors.

Southern Copper Company Profile

(Get Rating)

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.

Further Reading

Analyst Recommendations for Southern Copper (NYSE:SCCO)

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