Scotiabank Boosts Southern Copper (NYSE:SCCO) Price Target to $135.00

Key Points

• Scotiabank raised its price target on Southern Copper to $135 from $133, while keeping a sector underperform rating. The new target still implies about 23.8% downside from the prior close.
• Southern Copper’s shares were down 6.0% on Friday, trading at $177.26 amid lighter-than-average volume. The stock remains well above its 50-day and 200-day moving averages.
• The company recently beat quarterly expectations, reporting $1.92 EPS on $4.25 billion in revenue. Despite the earnings beat, analysts overall still view the stock cautiously, with a consensus rating of Reduce.

Southern Copper (NYSE:SCCO - Get Free Report) had its target price upped by analysts at Scotiabank from $133.00 to $135.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a "sector underperform" rating on the basic materials company's stock. Scotiabank's target price indicates a potential downside of 23.84% from the stock's previous close.

Several other research firms have also issued reports on SCCO. Morgan Stanley increased their price objective on shares of Southern Copper from $155.00 to $160.00 and gave the stock an "underweight" rating in a research report on Thursday, April 9th. Bank of America lowered shares of Southern Copper from a "neutral" rating to an "underperform" rating and raised their price objective for the stock from $162.00 to $175.00 in a report on Thursday, February 26th. JPMorgan Chase & Co. raised their price target on shares of Southern Copper from $117.50 to $127.00 and gave the stock an "underweight" rating in a research report on Friday, April 10th. The Goldman Sachs Group upgraded shares of Southern Copper from a "sell" rating to a "neutral" rating and set a $178.00 price target on the stock in a research report on Friday, April 10th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Southern Copper in a research report on Friday, March 27th. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and seven have given a Sell rating to the company's stock. According to MarketBeat.com, Southern Copper presently has a consensus rating of "Reduce" and a consensus target price of $144.43.

Southern Copper Trading Down 6.0%

Shares of SCCO traded down $11.25 on Friday, hitting $177.26. 475,569 shares of the stock traded hands, compared to its average volume of 1,914,308. The company has a quick ratio of 3.89, a current ratio of 4.38 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $145.19 billion, a P/E ratio of 29.30, a P/E/G ratio of 1.88 and a beta of 1.07. The stock's 50 day moving average is $179.79 and its two-hundred day moving average is $168.03. Southern Copper has a 1 year low of $88.54 and a 1 year high of $223.88.

Southern Copper (NYSE:SCCO - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The basic materials company reported $1.92 earnings per share for the quarter, topping analysts' consensus estimates of $1.88 by $0.04. The company had revenue of $4.25 billion for the quarter, compared to the consensus estimate of $3.96 billion. Southern Copper had a net margin of 34.13% and a return on equity of 45.63%. As a group, sell-side analysts predict that Southern Copper will post 6.99 earnings per share for the current year.

Insider Activity

In other news, Director Bonilla Luis Miguel Palomino sold 193 shares of Southern Copper stock in a transaction that occurred on Friday, March 13th. The shares were sold at an average price of $174.60, for a total value of $33,697.80. Following the transaction, the director 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 document filed with the SEC, which is accessible through this link. 0.07% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Intech Investment Management LLC increased its position in shares of Southern Copper by 0.8% in the fourth quarter. Intech Investment Management LLC now owns 6,030 shares of the basic materials company's stock worth $865,000 after acquiring an additional 50 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al lifted its stake in Southern Copper by 0.8% in the fourth quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 6,072 shares of the basic materials company's stock valued at $871,000 after acquiring an additional 51 shares during the last quarter. Steel Grove Capital Advisors LLC lifted its stake in shares of Southern Copper by 1.8% in the fourth quarter. Steel Grove Capital Advisors LLC now owns 2,910 shares of the basic materials company's stock worth $417,000 after buying an additional 52 shares during the last quarter. Ensign Peak Advisors Inc lifted its stake in shares of Southern Copper by 0.8% in the fourth quarter. Ensign Peak Advisors Inc now owns 6,379 shares of the basic materials company's stock worth $915,000 after buying an additional 53 shares during the last quarter. Finally, Venture Visionary Partners LLC lifted its stake in shares of Southern Copper by 0.8% in the fourth quarter. Venture Visionary Partners LLC now owns 6,998 shares of the basic materials company's stock worth $1,004,000 after buying an additional 53 shares during the last quarter. 7.94% of the stock is owned by hedge funds and other institutional investors.

About Southern Copper

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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