Southern Copper (NYSE:SCCO) Price Target Lowered to $54.00 at Scotiabank

Southern Copper (NYSE:SCCO) had its price objective cut by Scotiabank from $55.00 to $54.00 in a report published on Tuesday morning, Benzinga reports. They currently have a sector underperform rating on the basic materials company’s stock.

SCCO has been the topic of a number of other reports. The Goldman Sachs Group lifted their target price on shares of Southern Copper from $61.00 to $82.00 and gave the stock a sell rating in a research note on Friday, March 22nd. Jefferies Financial Group upgraded shares of Southern Copper from a hold rating to a buy rating and lifted their price target for the company from $91.00 to $130.00 in a research report on Friday, March 22nd. Morgan Stanley lifted their price target on shares of Southern Copper from $123.00 to $135.00 and gave the company an underweight rating in a research report on Tuesday, April 30th. HSBC cut shares of Southern Copper from a hold rating to a reduce rating and set a $80.00 price objective for the company. in a report on Monday, April 22nd. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Southern Copper from $63.50 to $61.00 and set an underweight rating for the company in a report on Thursday, March 21st. Five research analysts have rated the stock with a sell rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of Hold and a consensus target price of $90.33.

Southern Copper Trading Up 0.9 %

NYSE:SCCO opened at $117.56 on Tuesday. The firm has a 50 day moving average of $113.46 and a 200 day moving average of $92.08. The stock has a market capitalization of $91.83 billion, a price-to-earnings ratio of 39.07, a PEG ratio of 1.36 and a beta of 1.27. Southern Copper has a 52 week low of $64.85 and a 52 week high of $129.79. The company has a quick ratio of 2.56, a current ratio of 3.31 and a debt-to-equity ratio of 0.82.

Southern Copper (NYSE:SCCO) last released its quarterly earnings results on Thursday, April 25th. The basic materials company reported $0.94 EPS for the quarter, beating the consensus estimate of $0.77 by $0.17. The company had revenue of $2.60 billion for the quarter, compared to analyst estimates of $2.50 billion. Southern Copper had a net margin of 24.20% and a return on equity of 30.44%. As a group, sell-side analysts anticipate that Southern Copper will post 3.97 earnings per share for the current fiscal year.

Southern Copper Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 23rd. Stockholders of record on Wednesday, May 8th were given a dividend of $0.01 per share. The ex-dividend date of this dividend was Tuesday, May 7th. This represents a $0.04 annualized dividend and a dividend yield of 0.03%. Southern Copper’s dividend payout ratio is presently 1.33%.

Insider Activity at Southern Copper

In related news, Director Bonilla Luis Miguel Palomino sold 300 shares of the company’s stock in a transaction on Monday, April 29th. The shares were sold at an average price of $118.50, for a total value of $35,550.00. Following the completion of the sale, the director now owns 4,614 shares in the company, valued at approximately $546,759. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders sold a total of 600 shares of company stock worth $63,430 in the last 90 days. 0.08% of the stock is owned by insiders.

Hedge Funds Weigh In On Southern Copper

Institutional investors have recently bought and sold shares of the company. Fortis Group Advisors LLC grew its stake in shares of Southern Copper by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 302 shares of the basic materials company’s stock worth $26,000 after purchasing an additional 151 shares during the period. Fidelis Capital Partners LLC acquired a new position in shares of Southern Copper during the 1st quarter worth $26,000. Riverview Trust Co acquired a new position in shares of Southern Copper during the 1st quarter worth $27,000. Viking Fund Management LLC acquired a new position in shares of Southern Copper during the 4th quarter worth $31,000. Finally, Venturi Wealth Management LLC grew its stake in shares of Southern Copper by 164.8% during the 4th quarter. Venturi Wealth Management LLC now owns 482 shares of the basic materials company’s stock worth $41,000 after purchasing an additional 300 shares during the period. 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.