Southern Copper (NYSE:SCCO) Raised to Equal Weight at Morgan Stanley

Southern Copper (NYSE:SCCO - Get Free Report) was upgraded by Morgan Stanley from an "underweight" rating to an "equal weight" rating in a research note issued to investors on Thursday, Marketbeat.com reports. The firm currently has a $102.00 price objective on the basic materials company's stock, down from their previous price objective of $106.30. Morgan Stanley's target price would suggest a potential upside of 0.51% from the company's previous close.

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

Southern Copper Stock Down 2.0 %

Shares of SCCO traded down $2.03 on Thursday, reaching $101.48. The stock had a trading volume of 597,478 shares, compared to its average volume of 1,122,449. The firm has a market capitalization of $79.72 billion, a price-to-earnings ratio of 26.69, a price-to-earnings-growth ratio of 1.56 and a beta of 1.14. The company has a debt-to-equity ratio of 0.64, a quick ratio of 2.31 and a current ratio of 2.77. The company has a 50-day simple moving average of $107.98 and a 200-day simple moving average of $107.27. Southern Copper has a 12-month low of $73.78 and a 12-month high of $129.79.

Institutional Trading of Southern Copper

Several hedge funds have recently bought and sold shares of SCCO. Franklin Resources Inc. boosted its stake in Southern Copper by 27.7% during the third quarter. Franklin Resources Inc. now owns 108,633 shares of the basic materials company's stock valued at $12,772,000 after buying an additional 23,539 shares during the last quarter. Tidal Investments LLC lifted its stake in shares of Southern Copper by 30.8% during the 3rd quarter. Tidal Investments LLC now owns 71,376 shares of the basic materials company's stock worth $8,256,000 after acquiring an additional 16,805 shares during the last quarter. Sanctuary Advisors LLC lifted its stake in shares of Southern Copper by 488.9% during the 3rd quarter. Sanctuary Advisors LLC now owns 30,787 shares of the basic materials company's stock worth $3,561,000 after acquiring an additional 25,559 shares during the last quarter. Coldstream Capital Management Inc. bought a new stake in shares of Southern Copper during the 3rd quarter worth approximately $202,000. Finally, Geode Capital Management LLC lifted its stake in shares of Southern Copper by 3.4% during the 3rd quarter. Geode Capital Management LLC now owns 613,286 shares of the basic materials company's stock worth $70,437,000 after acquiring an additional 20,204 shares during the last quarter. Institutional investors 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.