Southern Copper (NYSE:SCCO) Given New $52.00 Price Target at Scotiabank

Southern Copper (NYSE:SCCO - Get Free Report) had its target price dropped by research analysts at Scotiabank from $54.00 to $52.00 in a report issued on Tuesday, Benzinga reports. The firm presently has a "sector underperform" rating on the basic materials company's stock. Scotiabank's price objective would indicate a potential downside of 53.35% from the stock's previous close.

A number of other research firms also recently issued reports on SCCO. UBS Group assumed coverage on shares of Southern Copper in a research report on Friday, July 12th. They set a "neutral" rating and a $120.00 price target for the company. Citigroup lifted their price objective on Southern Copper from $99.44 to $100.00 and gave the stock a "sell" rating in a report on Wednesday, October 2nd. Finally, 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. Six investment analysts have rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, Southern Copper has a consensus rating of "Hold" and an average price target of $90.63.

Southern Copper Price Performance

NYSE:SCCO traded down $6.09 during trading hours on Tuesday, hitting $111.48. The company's stock had a trading volume of 1,518,651 shares, compared to its average volume of 1,169,341. Southern Copper has a 52-week low of $68.93 and a 52-week high of $129.79. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.27 and a current ratio of 2.81. The business's 50-day moving average is $105.62 and its two-hundred day moving average is $109.98. The company has a market capitalization of $87.08 billion, a PE ratio of 37.04, a PEG ratio of 1.22 and a beta of 1.18.

Southern Copper (NYSE:SCCO - Get Free Report) last announced its quarterly earnings results on Friday, July 19th. The basic materials company reported $1.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.13 by $0.09. Southern Copper had a net margin of 26.15% and a return on equity of 34.98%. The business had revenue of $3.12 billion during the quarter, compared to the consensus estimate of $2.96 billion. As a group, research analysts anticipate that Southern Copper will post 4.5 EPS for the current fiscal year.

Institutional Trading of Southern Copper

A number of hedge funds have recently bought and sold shares of SCCO. Occidental Asset Management LLC increased its stake in shares of Southern Copper by 5.5% during 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 acquiring an additional 1,912 shares during the last quarter. Creative Planning increased its position in Southern Copper by 4.4% during the third quarter. Creative Planning now owns 49,328 shares of the basic materials company's stock worth $5,706,000 after purchasing an additional 2,092 shares during the last quarter. ORG Partners LLC increased its position in Southern Copper by 369.7% during the third quarter. ORG Partners LLC now owns 10,978 shares of the basic materials company's stock worth $1,270,000 after purchasing an additional 8,641 shares during the last quarter. Empirical Asset Management LLC raised its stake in Southern Copper by 12.0% during the third quarter. Empirical Asset Management LLC now owns 2,859 shares of the basic materials company's stock worth $331,000 after purchasing an additional 306 shares during the period. Finally, Gateway Investment Advisers LLC boosted its holdings in shares of Southern Copper by 0.6% in the 3rd quarter. Gateway Investment Advisers LLC now owns 103,988 shares of the basic materials company's stock valued at $12,028,000 after purchasing an additional 573 shares during the last quarter. Institutional investors and hedge funds own 7.94% of the company's stock.

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.