JPMorgan Chase & Co. Boosts Southern Copper (NYSE:SCCO) Price Target to $127.00

Key Points

• JPMorgan raised its price target on Southern Copper from $117.50 to $127 but kept an "underweight" rating, with the $127 target implying roughly a 33.9% downside from the prior close.
• Analyst consensus remains bearish: MarketBeat data shows an average rating of "Reduce" and an average target of $145.19 (2 Buys, 4 Holds, 7 Sells).
• Shares trading near $192.13 (up ~2.2%) with a market cap of about $157.4B after quarterly EPS of $1.55 beat estimates, while insiders sold ~9,526 shares (~$1.99M) in the last quarter.

Southern Copper (NYSE:SCCO - Get Free Report) had its target price boosted by equities researchers at JPMorgan Chase & Co. from $117.50 to $127.00 in a research note issued on Friday,Benzinga reports. The firm currently has an "underweight" rating on the basic materials company's stock. JPMorgan Chase & Co.'s price objective indicates a potential downside of 33.90% from the company's previous close.

A number of other equities research analysts also recently weighed in on SCCO. UBS Group dropped their price objective on Southern Copper from $150.00 to $140.00 and set a "sell" rating on the stock in a research report on Friday, March 27th. Wall Street Zen upgraded shares of Southern Copper from a "hold" rating to a "buy" rating in a research note on Saturday, March 21st. Weiss Ratings reiterated a "buy (b)" rating on shares of Southern Copper in a report on Friday, March 27th. Scotiabank reaffirmed an "underperform" rating on shares of Southern Copper in a report on Tuesday, January 27th. Finally, Wells Fargo & Company set a $190.38 price objective on Southern Copper and gave the company an "equal weight" rating in a report on Thursday, January 29th. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and seven have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Southern Copper currently has an average rating of "Reduce" and an average target price of $145.19.

Southern Copper Trading Up 2.2%

Shares of NYSE SCCO traded up $4.08 during trading hours on Friday, reaching $192.13. The stock had a trading volume of 961,770 shares, compared to its average volume of 2,099,006. Southern Copper has a 52-week low of $82.56 and a 52-week high of $223.88. The firm has a market cap of $157.37 billion, a price-to-earnings ratio of 36.10, a P/E/G ratio of 1.93 and a beta of 1.16. The business's fifty day moving average price is $187.87 and its two-hundred day moving average price is $157.89. The company has a current ratio of 3.89, a quick ratio of 3.40 and a debt-to-equity ratio of 0.61.

Southern Copper (NYSE:SCCO - Get Free Report) last posted its quarterly earnings results on Wednesday, January 28th. The basic materials company reported $1.55 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.54 by $0.01. The business had revenue of $3.87 billion for the quarter, compared to the consensus estimate of $3.73 billion. Southern Copper had a return on equity of 41.97% and a net margin of 32.30%.During the same quarter in the prior year, the company earned $0.98 EPS. Analysts expect that Southern Copper will post 4.66 EPS for the current fiscal year.

Insider Buying and Selling

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 193 shares of Southern Copper stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $174.60, for a total transaction of $33,697.80. Following the completion of the sale, the director directly owned 1,707 shares of the company's stock, valued at $298,042.20. The trade was a 10.16% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Lerdo De Tejada Leon Contreras sold 9,326 shares of the company's stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $209.56, for a total value of $1,954,344.91. Following the completion of the transaction, the director directly owned 605 shares of the company's stock, valued at $126,783.04. This trade represents a 93.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 9,526 shares of company stock worth $1,989,373 over the last quarter. 0.07% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Southern Copper

A number of large investors have recently bought and sold shares of the company. Capital World Investors raised its holdings in Southern Copper by 36.1% in the 3rd quarter. Capital World Investors now owns 6,437,608 shares of the basic materials company's stock valued at $781,268,000 after acquiring an additional 1,708,693 shares during the last quarter. Norges Bank purchased a new position in Southern Copper during the fourth quarter worth about $97,645,000. Capital Research Global Investors acquired a new stake in Southern Copper in the 4th quarter worth about $81,039,000. Arrowstreet Capital Limited Partnership purchased a new stake in Southern Copper in the fourth quarter valued at approximately $46,560,000. Finally, HRT Financial LP purchased a new position in shares of Southern Copper in the 2nd quarter worth $29,771,000. Hedge funds and other institutional investors own 7.94% of the company's stock.

Southern Copper Company Profile

Southern Copper Corporation NYSE: SCCO is a large, integrated copper producer whose operations span the full value chain from exploration and mining to smelting, refining and the sale of copper and other metal products. The company produces a range of copper products including copper concentrate and refined cathodes, and recovers valuable byproducts such as molybdenum, silver and zinc. Southern Copper concentrates on high-volume, long-life assets designed to support steady production and processing capabilities.

Southern Copper's operations are concentrated in Peru and Mexico, where it owns and operates multiple large-scale mining and processing facilities.

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