HSBC Downgrades Southern Copper (NYSE:SCCO) to Reduce

Southern Copper (NYSE:SCCO) was downgraded by equities researchers at HSBC from a “hold” rating to a “reduce” rating in a report released on Monday, MarketBeat reports. They presently have a $80.00 target price on the basic materials company’s stock. HSBC’s price target would suggest a potential downside of 27.05% from the stock’s previous close.

Several other research firms also recently commented on SCCO. Scotiabank increased their target price on shares of Southern Copper from $53.00 to $55.00 and gave the stock a “sector underperform” rating in a research report on Thursday, April 18th. The Goldman Sachs Group increased their target price on shares of Southern Copper from $61.00 to $82.00 and gave the stock a “sell” rating in a research 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 research report on Thursday, March 21st. Jefferies Financial Group raised shares of Southern Copper from a “hold” rating to a “buy” rating and increased their target price for the stock from $91.00 to $130.00 in a research report on Friday, March 22nd. Finally, StockNews.com downgraded Southern Copper from a “buy” rating to a “hold” rating in a research report on Monday, February 5th. Five investment analysts have rated the stock with a sell rating, one has assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Southern Copper has an average rating of “Reduce” and a consensus target price of $76.00.

Southern Copper Trading Down 1.7 %

Southern Copper stock opened at $109.66 on Monday. The company has a debt-to-equity ratio of 0.84, a current ratio of 3.19 and a quick ratio of 2.46. The company has a market capitalization of $84.78 billion, a price-to-earnings ratio of 34.92, a PEG ratio of 3.25 and a beta of 1.29. Southern Copper has a one year low of $64.66 and a one year high of $120.37. The company’s fifty day moving average price is $97.98 and its two-hundred day moving average price is $84.90.

Southern Copper (NYSE:SCCO) last posted its earnings results on Friday, February 2nd. The basic materials company reported $0.58 EPS for the quarter, missing the consensus estimate of $0.73 by ($0.15). The business had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.37 billion. Southern Copper had a return on equity of 30.85% and a net margin of 24.51%. On average, analysts forecast that Southern Copper will post 3.95 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Southern Copper

Several hedge funds and other institutional investors have recently made changes to their positions in SCCO. Nilsine Partners LLC grew its position in Southern Copper by 1.9% during the first quarter. Nilsine Partners LLC now owns 5,719 shares of the basic materials company’s stock worth $609,000 after buying an additional 109 shares in the last quarter. Wahed Invest LLC grew its position in Southern Copper by 9.0% during the fourth quarter. Wahed Invest LLC now owns 1,451 shares of the basic materials company’s stock worth $125,000 after buying an additional 120 shares in the last quarter. Janiczek Wealth Management LLC grew its position in Southern Copper by 11.5% during the fourth quarter. Janiczek Wealth Management LLC now owns 1,227 shares of the basic materials company’s stock worth $106,000 after buying an additional 127 shares in the last quarter. CWM LLC grew its position in Southern Copper by 3.3% during the fourth quarter. CWM LLC now owns 4,329 shares of the basic materials company’s stock worth $373,000 after buying an additional 137 shares in the last quarter. Finally, First National Trust Co grew its position in Southern Copper by 0.4% during the fourth quarter. First National Trust Co now owns 37,134 shares of the basic materials company’s stock worth $3,196,000 after buying an additional 150 shares in the last quarter. 7.94% of the stock is 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.