Scotiabank Increases Southern Copper (NYSE:SCCO) Price Target to $140.00

Key Points

• Scotiabank raised its price target on Southern Copper to $140 from $135, while keeping a “sector underweight” rating. The new target still implies a downside from the stock’s current price.
• Analyst sentiment remains cautious overall, with more sell or hold ratings than buy ratings. MarketBeat reports an average rating of “Reduce” and an average target price of $145.56.
• Southern Copper recently beat earnings expectations, reporting $1.92 EPS versus the $1.88 consensus and revenue of $4.25 billion versus $3.96 billion expected. The company also highlighted strong profitability, with a 45.63% return on equity and 34.13% net margin.

Southern Copper (NYSE:SCCO - Get Free Report) had its price target increased by stock analysts at Scotiabank from $135.00 to $140.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a "sector underweight" rating on the basic materials company's stock. Scotiabank's target price suggests a potential downside of 28.75% from the stock's current price.

Several other research analysts also recently weighed in on the company. Wall Street Zen downgraded Southern Copper from a "buy" rating to a "hold" rating in a research note on Saturday, May 16th. Weiss Ratings reiterated a "buy (b)" rating on shares of Southern Copper in a research note on Friday, March 27th. Bank of America downgraded Southern Copper from a "neutral" rating to an "underperform" rating and lifted their target price for the company from $162.00 to $175.00 in a research note on Thursday, February 26th. JPMorgan Chase & Co. lifted their target price on Southern Copper from $117.50 to $127.00 and gave the company an "underweight" rating in a research note on Friday, April 10th. Finally, Barclays began coverage on Southern Copper in a research note on Thursday, May 21st. They issued an "underweight" rating and a $148.00 target price on the stock. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and seven have issued a Sell rating to the stock. According to data from MarketBeat, Southern Copper presently has an average rating of "Reduce" and an average target price of $145.56.

Southern Copper Stock Performance

NYSE:SCCO traded up $6.70 during mid-day trading on Monday, reaching $196.49. 532,947 shares of the stock were exchanged, compared to its average volume of 1,806,486. The company has a 50 day simple moving average of $183.38 and a 200-day simple moving average of $175.56. The stock has a market capitalization of $160.95 billion, a P/E ratio of 32.53, a P/E/G ratio of 1.79 and a beta of 1.09. The company has a quick ratio of 3.89, a current ratio of 4.38 and a debt-to-equity ratio of 0.57. Southern Copper has a 1 year low of $88.73 and a 1 year high of $223.88.

Southern Copper (NYSE:SCCO - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The basic materials company reported $1.92 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.88 by $0.04. The firm had revenue of $4.25 billion for the quarter, compared to the consensus estimate of $3.96 billion. Southern Copper had a return on equity of 45.63% and a net margin of 34.13%. Analysts anticipate that Southern Copper will post 7.25 earnings per share for the current fiscal year.

Insider Buying and Selling at Southern Copper

In related news, Director Bonilla Luis Miguel Palomino sold 200 shares of Southern Copper stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $177.82, for a total value of $35,564.00. Following the sale, the director directly owned 1,807 shares in the company, valued at $321,320.74. The trade was a 9.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders sold 404 shares of company stock valued at $74,108 in the last quarter. 0.07% of the stock is owned by insiders.

Institutional Trading of Southern Copper

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

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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