CICC Research Begins Coverage on Southern Copper (NYSE:SCCO)

CICC Research initiated coverage on shares of Southern Copper (NYSE:SCCO) in a research report released on Wednesday morning, Benzinga reports. The brokerage issued an outperform rating on the basic materials company’s stock.

Several other analysts also recently commented on the stock. The Goldman Sachs Group increased their target price on shares of Southern Copper from $61.00 to $82.00 and gave the company a sell rating in a 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 for the company in a report on Thursday, March 21st. StockNews.com downgraded shares of Southern Copper from a buy rating to a hold rating in a report on Monday, February 5th. Scotiabank increased their target price on shares of Southern Copper from $53.00 to $55.00 and gave the company a sector underperform rating in a report on Thursday, April 18th. Finally, HSBC downgraded shares of Southern Copper from a hold rating to a reduce rating and set a $80.00 target price for the company. in a report on Monday, April 22nd. Five equities research analysts have rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Hold and an average price target of $76.00.

Southern Copper Stock Up 4.6 %

Southern Copper stock opened at $116.96 on Wednesday. Southern Copper has a 1-year low of $64.66 and a 1-year high of $120.37. The firm has a market capitalization of $90.42 billion, a price-to-earnings ratio of 37.25, a price-to-earnings-growth ratio of 3.13 and a beta of 1.29. The firm’s fifty day moving average price is $99.81 and its two-hundred day moving average price is $85.55. The company has a current ratio of 3.19, a quick ratio of 2.46 and a debt-to-equity ratio of 0.84.

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

Institutional Trading of Southern Copper

Large investors have recently added to or reduced their stakes in the stock. Fisher Asset Management LLC increased its stake in shares of Southern Copper by 1.2% in the fourth quarter. Fisher Asset Management LLC now owns 3,349,984 shares of the basic materials company’s stock worth $288,333,000 after purchasing an additional 39,422 shares in the last quarter. abrdn plc increased its stake in shares of Southern Copper by 2.3% in the fourth quarter. abrdn plc now owns 3,041,233 shares of the basic materials company’s stock worth $261,759,000 after purchasing an additional 67,930 shares in the last quarter. Empower Advisory Group LLC increased its stake in shares of Southern Copper by 0.9% in the third quarter. Empower Advisory Group LLC now owns 1,234,784 shares of the basic materials company’s stock worth $92,967,000 after purchasing an additional 10,718 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Southern Copper by 7.5% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,151,729 shares of the basic materials company’s stock worth $86,714,000 after purchasing an additional 80,576 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in shares of Southern Copper by 1.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,014,356 shares of the basic materials company’s stock worth $87,306,000 after purchasing an additional 18,883 shares in the last quarter. Hedge funds and other institutional investors own 7.94% of the company’s stock.

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.