Southern Copper (NYSE:SCCO) Given New $100.00 Price Target at Morgan Stanley

Southern Copper (NYSE:SCCOFree Report) had its price target lifted by Morgan Stanley from $81.70 to $100.00 in a report published on Friday, Benzinga reports. Morgan Stanley currently has an underweight rating on the basic materials company’s stock.

SCCO has been the subject of a number of other reports. StockNews.com upgraded shares of Southern Copper from a hold rating to a buy rating in a research note on Wednesday, May 15th. 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 research report on Monday, April 22nd. JPMorgan Chase & Co. lowered their price target on Southern Copper from $63.50 to $61.00 and set an underweight rating on the stock in a report on Thursday, March 21st. The Goldman Sachs Group upped their price objective on Southern Copper from $61.00 to $82.00 and gave the company a sell rating in a research report on Friday, March 22nd. Finally, Jefferies Financial Group raised Southern Copper from a hold rating to a buy rating and raised their target price for the stock from $91.00 to $130.00 in a research report on Friday, March 22nd. Five investment analysts have rated the stock with a sell rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average price target of $84.50.

View Our Latest Research Report on SCCO

Southern Copper Stock Performance

SCCO stock opened at $109.12 on Friday. The stock has a market capitalization of $85.24 billion, a PE ratio of 36.27, a price-to-earnings-growth ratio of 1.21 and a beta of 1.23. The stock’s 50 day simple moving average is $114.97 and its 200 day simple moving average is $97.80. Southern Copper has a 12-month low of $67.64 and a 12-month high of $129.79. The company has a current ratio of 3.31, a quick ratio of 2.56 and a debt-to-equity ratio of 0.82.

Southern Copper (NYSE:SCCOGet Free Report) last announced its quarterly earnings results on Thursday, April 25th. The basic materials company reported $0.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.17. Southern Copper had a return on equity of 30.44% and a net margin of 24.20%. The firm had revenue of $2.60 billion for the quarter, compared to the consensus estimate of $2.50 billion. As a group, research analysts forecast that Southern Copper will post 4.22 earnings per share for the current fiscal year.

Southern Copper Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 23rd. Investors 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 yield of 0.04%. Southern Copper’s dividend payout ratio (DPR) is presently 1.33%.

Insider Buying and Selling at Southern Copper

In related news, Director PALOMINO BONILLA LUIS MIGUEL sold 3,600 shares of the stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $118.30, for a total value of $425,880.00. Following the completion of the sale, the director now directly owns 2,214 shares of the company’s stock, valued at approximately $261,916.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 300 shares of the firm’s stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $118.50, for a total transaction of $35,550.00. Following the sale, the director now directly owns 4,614 shares of the company’s stock, valued at $546,759. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director PALOMINO BONILLA LUIS MIGUEL sold 3,600 shares of the company’s stock in a transaction dated Tuesday, April 30th. The stock was sold at an average price of $118.30, for a total value of $425,880.00. Following the completion of the transaction, the director now directly owns 2,214 shares of the company’s stock, valued at approximately $261,916.20. The disclosure for this sale can be found here. Over the last quarter, insiders sold 4,100 shares of company stock valued at $483,450. Company insiders own 0.08% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SCCO. Price T Rowe Associates Inc. MD lifted its stake in Southern Copper by 18.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,771,332 shares of the basic materials company’s stock worth $827,804,000 after purchasing an additional 1,192,111 shares in the last quarter. Fisher Asset Management LLC increased its holdings 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 during the last quarter. Capital World Investors purchased a new stake in shares of Southern Copper in the first quarter worth about $340,373,000. abrdn plc boosted its stake in Southern Copper by 2.3% during the fourth quarter. abrdn plc now owns 3,041,233 shares of the basic materials company’s stock valued at $261,759,000 after buying an additional 67,930 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in Southern Copper by 54.6% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,541,396 shares of the basic materials company’s stock valued at $164,190,000 after buying an additional 544,312 shares during the last quarter. 7.94% of the stock is owned by hedge funds and other institutional investors.

About Southern Copper

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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.

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Analyst Recommendations for Southern Copper (NYSE:SCCO)

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