Morgan Stanley Boosts Southern Copper (NYSE:SCCO) Price Target to $100.00

Southern Copper (NYSE:SCCO) had its price objective lifted by research analysts at Morgan Stanley from $97.00 to $100.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has an “underweight” rating on the basic materials company’s stock. Morgan Stanley’s target price suggests a potential downside of 4.50% from the company’s previous close.

Separately, UBS Group assumed coverage on Southern Copper in a research note on Friday, July 12th. They issued a “neutral” rating and a $120.00 price objective for the company. Five research analysts have rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $89.57.

Southern Copper Stock Performance

Shares of NYSE SCCO traded up $3.41 during trading hours on Thursday, reaching $104.71. The stock had a trading volume of 662,392 shares, compared to its average volume of 1,166,309. The firm has a market cap of $81.79 billion, a price-to-earnings ratio of 34.81, a PEG ratio of 1.00 and a beta of 1.17. The company has a current ratio of 2.81, a quick ratio of 2.27 and a debt-to-equity ratio of 0.67. Southern Copper has a fifty-two week low of $68.93 and a fifty-two week high of $129.79. The firm has a 50-day moving average of $102.35 and a 200-day moving average of $107.48.

Southern Copper (NYSE:SCCO) last posted its quarterly earnings data on Friday, July 19th. The basic materials company reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.09. Southern Copper had a return on equity of 34.98% and a net margin of 26.15%. The company had revenue of $3.12 billion during the quarter, compared to analysts’ expectations of $2.96 billion. Equities research analysts predict that Southern Copper will post 4.33 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norden Group LLC purchased a new position in Southern Copper in the first quarter valued at about $1,820,000. Los Angeles Capital Management LLC raised its position in Southern Copper by 471.0% in the first quarter. Los Angeles Capital Management LLC now owns 31,655 shares of the basic materials company’s stock valued at $3,372,000 after purchasing an additional 26,111 shares during the period. Cetera Investment Advisers raised its position in Southern Copper by 395.1% in the first quarter. Cetera Investment Advisers now owns 38,803 shares of the basic materials company’s stock valued at $4,133,000 after purchasing an additional 30,966 shares during the period. Corient Private Wealth LLC increased its position in shares of Southern Copper by 149.6% during the fourth quarter. Corient Private Wealth LLC now owns 50,057 shares of the basic materials company’s stock worth $4,308,000 after acquiring an additional 29,999 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its position in shares of Southern Copper by 1.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,014,356 shares of the basic materials company’s stock worth $87,306,000 after acquiring an additional 18,883 shares during the last quarter. Institutional investors and hedge funds own 7.94% 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.