Scotiabank Cuts Southern Copper (NYSE:SCCO) Price Target to $52.00

Southern Copper (NYSE:SCCO) had its price objective cut by Scotiabank from $54.00 to $52.00 in a research note issued on Tuesday, Benzinga reports. The firm currently has a “sector underperform” rating on the basic materials company’s stock. Scotiabank’s price target would suggest a potential downside of 54.04% from the company’s previous close.

SCCO has been the topic of a number of other research reports. Morgan Stanley upped their target price on Southern Copper from $97.00 to $100.00 and gave the company an “underweight” rating in a report on Thursday, September 19th. UBS Group started coverage on Southern Copper in a research report on Friday, July 12th. They set a “neutral” rating and a $120.00 target price for the company. Finally, Citigroup upped their price target on Southern Copper from $99.44 to $100.00 and gave the stock a “sell” rating in a report on Wednesday, October 2nd. Six investment analysts have rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $90.63.

Southern Copper Price Performance

Shares of Southern Copper stock opened at $113.15 on Tuesday. The company has a current ratio of 2.81, a quick ratio of 2.27 and a debt-to-equity ratio of 0.67. The company’s 50-day moving average price is $105.94 and its two-hundred day moving average price is $110.01. Southern Copper has a 52 week low of $68.93 and a 52 week high of $129.79. The stock has a market cap of $88.39 billion, a PE ratio of 37.59, a price-to-earnings-growth ratio of 1.22 and a beta of 1.18.

Southern Copper (NYSE:SCCO) last posted its quarterly earnings data on Friday, July 19th. The basic materials company reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.09. The firm had revenue of $3.12 billion for the quarter, compared to the consensus estimate of $2.96 billion. Southern Copper had a return on equity of 34.98% and a net margin of 26.15%. As a group, sell-side analysts anticipate that Southern Copper will post 4.5 EPS for the current fiscal year.

Hedge Funds Weigh In On Southern Copper

Institutional investors have recently modified their holdings of the stock. Randolph Co Inc lifted its holdings in shares of Southern Copper by 0.5% during the 3rd quarter. Randolph Co Inc now owns 193,362 shares of the basic materials company’s stock valued at $22,366,000 after purchasing an additional 1,022 shares in the last quarter. nVerses Capital LLC increased its holdings in shares of Southern Copper by 131.8% during the 3rd quarter. nVerses Capital LLC now owns 5,100 shares of the basic materials company’s stock worth $590,000 after acquiring an additional 2,900 shares during the last quarter. Vontobel Holding Ltd. increased its holdings in shares of Southern Copper by 215.5% during the 3rd quarter. Vontobel Holding Ltd. now owns 17,506 shares of the basic materials company’s stock worth $2,025,000 after acquiring an additional 11,958 shares during the last quarter. Jamison Private Wealth Management Inc. grew its holdings in Southern Copper by 3.3% in the 3rd quarter. Jamison Private Wealth Management Inc. now owns 63,793 shares of the basic materials company’s stock valued at $7,379,000 after buying an additional 2,011 shares in the last quarter. Finally, Occidental Asset Management LLC grew its holdings in Southern Copper by 5.5% in the 3rd quarter. Occidental Asset Management LLC now owns 36,770 shares of the basic materials company’s stock valued at $4,253,000 after buying an additional 1,912 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.