Southern Copper (NYSE:SCCO) Rating Increased to Strong-Buy at Zacks Research

Key Points

• Zacks Research upgraded Southern Copper from “hold” to “strong-buy,” signaling a more bullish view on the stock.
• Analyst opinions remain mixed overall: the stock has a consensus rating of “Reduce” with an average target price of $147.10, even though some firms recently raised price targets.
• Southern Copper shares were trading at $175.99, above the consensus target, while the company reported a market cap of about $145.38 billion and solid liquidity metrics.

Southern Copper (NYSE:SCCO - Get Free Report) was upgraded by analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a report issued on Thursday,Zacks.com reports.

A number of other research analysts also recently weighed in on SCCO. Weiss Ratings downgraded Southern Copper from a "buy (b)" rating to a "buy (b-)" rating in a research note on Wednesday. Wells Fargo & Company lifted their price objective on Southern Copper from $171.00 to $172.00 and gave the stock an "equal weight" rating in a research note on Thursday. Wall Street Zen upgraded Southern Copper from a "hold" rating to a "buy" rating in a report on Saturday, June 27th. JPMorgan Chase & Co. increased their target price on Southern Copper from $127.00 to $131.50 and gave the company an "underweight" rating in a research note on Wednesday, June 17th. Finally, Morgan Stanley raised their target price on Southern Copper from $146.00 to $158.00 and gave the stock an "underweight" rating in a report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, three have given a Hold rating and eight have issued a Sell rating to the stock. According to data from MarketBeat.com, Southern Copper presently has an average rating of "Reduce" and a consensus target price of $147.10.

Southern Copper Price Performance

Shares of SCCO stock opened at $175.99 on Thursday. The firm's 50 day moving average price is $181.14 and its two-hundred day moving average price is $180.93. The company has a debt-to-equity ratio of 0.57, a quick ratio of 3.89 and a current ratio of 4.38. Southern Copper has a 52-week low of $88.73 and a 52-week high of $223.88. The stock has a market cap of $145.38 billion, a PE ratio of 29.09, a PEG ratio of 1.53 and a beta of 1.11.

Insider Buying and Selling

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 200 shares of Southern Copper stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $177.82, for a total transaction of $35,564.00. Following the transaction, the director directly owned 1,807 shares in the company, valued at approximately $321,320.74. The trade was a 9.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last 90 days, insiders sold 404 shares of company stock worth $74,108. Company insiders own 0.07% of the company's stock.

Institutional Investors Weigh In On Southern Copper

Several large investors have recently modified their holdings of SCCO. E. Ohman J or Asset Management AB raised its position in shares of Southern Copper by 17.4% during the second quarter. E. Ohman J or Asset Management AB now owns 7,163 shares of the basic materials company's stock worth $1,248,000 after purchasing an additional 1,061 shares during the period. Wealthcare Advisory Partners LLC grew its position in shares of Southern Copper by 3.7% in the 2nd quarter. Wealthcare Advisory Partners LLC now owns 2,747 shares of the basic materials company's stock valued at $479,000 after purchasing an additional 97 shares during the period. Shrier Wealth Management LLC increased its stake in Southern Copper by 5.8% during the 2nd quarter. Shrier Wealth Management LLC now owns 2,217 shares of the basic materials company's stock worth $386,000 after purchasing an additional 122 shares in the last quarter. Focus Financial Network Inc. increased its stake in Southern Copper by 16.7% during the 2nd quarter. Focus Financial Network Inc. now owns 5,024 shares of the basic materials company's stock worth $876,000 after purchasing an additional 718 shares in the last quarter. Finally, Allied Private Wealth LLC acquired a new stake in Southern Copper during the 2nd quarter worth approximately $149,000. 7.94% of the stock is currently owned by 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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