Southern Copper (NYSE:SCCO) Price Target Raised to $135.00 at Morgan Stanley

Southern Copper (NYSE:SCCO) had its price objective hoisted by Morgan Stanley from $123.00 to $135.00 in a research report sent to investors on Tuesday morning, Benzinga reports. The brokerage currently has an underweight rating on the basic materials company’s stock.

Several other research analysts have also recently weighed in on SCCO. HSBC cut shares of Southern Copper from a hold rating to a reduce rating and set a $80.00 price target on the stock. in a research report on Monday, April 22nd. The Goldman Sachs Group boosted their price target on shares of Southern Copper from $61.00 to $82.00 and gave the company a sell rating in a research report on Friday, March 22nd. StockNews.com raised shares of Southern Copper from a hold rating to a buy rating in a research report on Monday. CICC Research assumed coverage on shares of Southern Copper in a research report on Wednesday, April 24th. They issued an outperform rating on the stock. Finally, JPMorgan Chase & Co. decreased 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. Five research analysts have rated the stock with a sell rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Southern Copper currently has a consensus rating of Hold and a consensus price target of $85.57.

Southern Copper Price Performance

Southern Copper stock opened at $116.67 on Tuesday. The company has a fifty day simple moving average of $101.24 and a 200-day simple moving average of $86.36. The company has a quick ratio of 2.46, a current ratio of 3.19 and a debt-to-equity ratio of 0.84. The firm has a market capitalization of $90.20 billion, a price-to-earnings ratio of 38.38, a PEG ratio of 3.35 and a beta of 1.29. Southern Copper has a 52-week low of $64.66 and a 52-week high of $121.00.

Southern Copper (NYSE:SCCO) last announced its quarterly earnings results on Friday, February 2nd. The basic materials company reported $0.58 earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.15). The firm had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.37 billion. Southern Copper had a net margin of 24.20% and a return on equity of 30.29%. On average, equities analysts anticipate that Southern Copper will post 3.95 EPS for the current fiscal year.

Insider Transactions at Southern Copper

In other news, Director Bonilla Luis Miguel Palomino sold 300 shares of the stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $118.50, for a total transaction of $35,550.00. Following the sale, the director now owns 4,614 shares of the company’s stock, valued at $546,759. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last quarter, insiders have sold 600 shares of company stock valued at $63,430. 0.08% of the stock is currently owned by corporate insiders.

Institutional Trading of Southern Copper

Several hedge funds have recently made changes to their positions in the business. Sequoia Financial Advisors LLC lifted its position in shares of Southern Copper by 30.4% during the first quarter. Sequoia Financial Advisors LLC now owns 3,953 shares of the basic materials company’s stock worth $421,000 after purchasing an additional 921 shares in the last quarter. Diversify Advisory Services LLC purchased a new stake in shares of Southern Copper during the first quarter worth approximately $1,438,000. J.W. Cole Advisors Inc. purchased a new stake in shares of Southern Copper during the first quarter worth approximately $240,000. Norden Group LLC purchased a new stake in shares of Southern Copper during the first quarter worth approximately $1,820,000. Finally, HB Wealth Management LLC purchased a new stake in shares of Southern Copper during the first quarter worth approximately $230,000. 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.