Southern Copper (NYSE:SCCO) Rating Lowered to Reduce at HSBC

HSBC lowered shares of Southern Copper (NYSE:SCCO) from a hold rating to a reduce rating in a report released on Monday, Marketbeat reports. They currently have $80.00 price objective on the basic materials company’s stock.

Other equities analysts also recently issued reports about the stock. The Goldman Sachs Group boosted their target price on shares of Southern Copper from $61.00 to $82.00 and gave the stock a sell rating in a report on Friday, March 22nd. Jefferies Financial Group upgraded shares of Southern Copper from a hold rating to a buy rating and boosted their target price for the stock from $91.00 to $130.00 in a report on Friday, March 22nd. JPMorgan Chase & Co. lowered their target price on shares of Southern Copper from $63.50 to $61.00 and set an underweight rating on the stock in a report on Thursday, March 21st. StockNews.com downgraded shares of Southern Copper from a buy rating to a hold rating in a report on Monday, February 5th. Finally, Scotiabank boosted their target price on shares of Southern Copper from $53.00 to $55.00 and gave the stock a sector underperform rating in a report on Thursday, April 18th. Five analysts have rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of Hold and a consensus price target of $76.00.

Southern Copper Stock Performance

Shares of SCCO stock opened at $109.25 on Monday. The company’s fifty day simple moving average is $98.56 and its 200-day simple moving average is $85.07. The company has a quick ratio of 2.46, a current ratio of 3.19 and a debt-to-equity ratio of 0.84. The firm has a market cap of $84.46 billion, a PE ratio of 34.79, a P/E/G ratio of 3.20 and a beta of 1.29. Southern Copper has a 12 month low of $64.66 and a 12 month 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 EPS for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.15). The business had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.37 billion. Southern Copper had a return on equity of 30.85% and a net margin of 24.51%. Equities research analysts expect that Southern Copper will post 3.95 EPS for the current fiscal year.

Hedge Funds Weigh In On Southern Copper

Institutional investors and hedge funds have recently modified their holdings of the stock. National Bank of Canada FI grew its stake in shares of Southern Copper by 298.2% in the third quarter. National Bank of Canada FI now owns 33,032 shares of the basic materials company’s stock valued at $2,443,000 after acquiring an additional 24,736 shares in the last quarter. AE Wealth Management LLC acquired a new position in shares of Southern Copper in the third quarter valued at about $215,000. Ronald Blue Trust Inc. grew its stake in shares of Southern Copper by 43.7% in the third 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 in the last quarter. Exchange Traded Concepts LLC grew its stake in shares of Southern Copper by 117.5% in the third quarter. Exchange Traded Concepts LLC now owns 7,442 shares of the basic materials company’s stock valued at $560,000 after acquiring an additional 4,020 shares in the last quarter. Finally, Redwood Wealth Management Group LLC grew its stake in shares of Southern Copper by 3.9% in the third quarter. Redwood Wealth Management Group LLC now owns 5,887 shares of the basic materials company’s stock valued at $443,000 after acquiring an additional 222 shares in the last quarter. 7.94% of the stock is currently 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, 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.