Southern Copper (NYSE:SCCO) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Key Points

• Wells Fargo raised its price target on Southern Copper from $171 to $172 and kept an equal weight rating, implying about 2.64% upside from the current price.
• Other analysts remain mixed on the stock: recent ratings include underweight, underperform, and a few upgrades, while MarketBeat’s consensus view is “Reduce” with an average target of $147.10.
• Southern Copper shares opened at $167.58, below both its 50-day and 200-day moving averages, while the company reported strong liquidity metrics and a large market cap of about $138.44 billion.

Southern Copper (NYSE:SCCO - Get Free Report) had its price target hoisted by research analysts at Wells Fargo & Company from $171.00 to $172.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has an "equal weight" rating on the basic materials company's stock. Wells Fargo & Company's price objective suggests a potential upside of 2.64% from the company's current price.

Several other research analysts also recently issued reports on SCCO. JPMorgan Chase & Co. lifted their price target on Southern Copper from $127.00 to $131.50 and gave the stock an "underweight" rating in a research note on Wednesday, June 17th. Scotiabank restated an "underperform" rating and set a $140.00 target price (up from $135.00) on shares of Southern Copper in a report on Monday, June 15th. Wall Street Zen upgraded shares of Southern Copper from a "hold" rating to a "buy" rating in a research report on Saturday, June 27th. 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, Morgan Stanley raised their price objective on shares of Southern Copper from $146.00 to $158.00 and gave the stock an "underweight" rating in a research note on Wednesday. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and eight have assigned a Sell rating to the stock. According to MarketBeat.com, Southern Copper has a consensus rating of "Reduce" and an average target price of $147.10.

Southern Copper Stock Performance

Shares of SCCO stock opened at $167.58 on Thursday. The stock has a fifty day moving average price of $180.92 and a 200 day moving average price of $180.74. The company has a debt-to-equity ratio of 0.57, a quick ratio of 3.89 and a current ratio of 4.38. The stock has a market cap of $138.44 billion, a PE ratio of 27.70, a P/E/G ratio of 1.52 and a beta of 1.11. Southern Copper has a 1 year low of $88.73 and a 1 year high of $223.88.

Insider Activity

In other news, Director Bonilla Luis Miguel Palomino sold 200 shares of Southern Copper stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $177.82, for a total transaction of $35,564.00. Following the completion of 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. Over the last 90 days, insiders have sold 404 shares of company stock worth $74,108. 0.07% of the stock is owned by company insiders.

Institutional Trading of Southern Copper

A number of hedge funds have recently bought and sold shares of the company. Thurston Springer Miller Herd & Titak Inc. boosted its holdings in shares of Southern Copper by 23.7% during the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,110 shares of the basic materials company's stock worth $193,000 after purchasing an additional 213 shares during the last quarter. Beacon Investment Advisory Services Inc. boosted its stake in Southern Copper by 105.6% in the 2nd quarter. Beacon Investment Advisory Services Inc. now owns 198,590 shares of the basic materials company's stock worth $34,606,000 after buying an additional 101,979 shares during the last quarter. 180 Wealth Advisors LLC boosted its stake in Southern Copper by 3.4% in the 2nd quarter. 180 Wealth Advisors LLC now owns 4,991 shares of the basic materials company's stock worth $870,000 after buying an additional 164 shares during the last quarter. Foster Group Inc. grew its holdings in Southern Copper by 8.4% in the 2nd quarter. Foster Group Inc. now owns 1,803 shares of the basic materials company's stock valued at $314,000 after buying an additional 139 shares during the period. Finally, Balefire LLC grew its holdings in Southern Copper by 2.5% in the 2nd quarter. Balefire LLC now owns 4,997 shares of the basic materials company's stock valued at $871,000 after buying an additional 124 shares during the period. Institutional investors and hedge funds 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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