Southern Copper (NYSE:SCCO) Upgraded at Morgan Stanley

Southern Copper (NYSE:SCCO) was upgraded by investment analysts at Morgan Stanley from an “underweight” rating to an “equal weight” rating in a report released on Thursday, MarketBeat.com reports. The brokerage presently has a $102.00 target price on the basic materials company’s stock, down from their previous target price of $106.30. Morgan Stanley’s price objective would suggest a potential upside of 2.00% from the company’s current price.

Several other equities analysts also recently commented on the company. Scotiabank cut their price objective on Southern Copper from $54.00 to $52.00 and set a “sector underperform” rating on the stock in a research report on Tuesday, October 15th. JPMorgan Chase & Co. upgraded Southern Copper from an “underweight” rating to a “neutral” rating and set a $92.50 price target for the company in a report on Monday, December 2nd. Finally, Citigroup raised their price target on Southern Copper from $99.44 to $100.00 and gave the company a “sell” rating in a research note on Wednesday, October 2nd. Four research analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Southern Copper has an average rating of “Hold” and an average target price of $94.81.

Southern Copper Stock Performance

Shares of NYSE:SCCO opened at $100.00 on Thursday. The company has a current ratio of 2.77, a quick ratio of 2.31 and a debt-to-equity ratio of 0.64. The company has a market capitalization of $78.55 billion, a price-to-earnings ratio of 25.74, a PEG ratio of 1.61 and a beta of 1.14. Southern Copper has a 12 month low of $77.14 and a 12 month high of $129.79. The firm’s 50-day moving average is $107.70 and its 200 day moving average is $107.23.

Institutional Investors Weigh In On Southern Copper

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SCCO. Triad Wealth Partners LLC purchased a new position in Southern Copper in the second quarter valued at $132,000. Outlook Wealth Advisors LLC acquired a new stake in Southern Copper in the second quarter valued at approximately $319,000. Blue Trust Inc. increased its position in shares of Southern Copper by 215.4% in the second quarter. Blue Trust Inc. now owns 1,126 shares of the basic materials company’s stock valued at $120,000 after buying an additional 769 shares in the last quarter. Brookstone Capital Management acquired a new position in shares of Southern Copper during the 2nd quarter worth approximately $320,000. Finally, Tyche Wealth Partners LLC lifted its position in shares of Southern Copper by 1.0% during the 2nd quarter. Tyche Wealth Partners LLC now owns 19,576 shares of the basic materials company’s stock valued at $2,109,000 after buying an additional 201 shares in the last quarter. 7.94% of the stock is owned by institutional investors and hedge funds.

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.