Southern Copper (NYSE:SCCO) Upgraded by Hsbc Global Res to "Hold" Rating

Southern Copper (NYSE:SCCO - Get Free Report) was upgraded by research analysts at Hsbc Global Res from a "moderate sell" rating to a "hold" rating in a research report issued to clients and investors on Thursday, April 24th,Zacks.com reports.

Other analysts also recently issued research reports about the stock. UBS Group decreased their price objective on shares of Southern Copper from $120.00 to $100.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. Scotiabank raised their price objective on shares of Southern Copper from $52.00 to $72.00 and gave the stock a "sector underperform" rating in a report on Monday, March 10th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Southern Copper from $84.00 to $83.50 and set a "neutral" rating for the company in a research note on Monday, April 14th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $91.50.

Southern Copper Stock Up 0.6 %

Shares of SCCO traded up $0.53 during trading hours on Thursday, reaching $90.05. 413,689 shares of the stock traded hands, compared to its average volume of 1,206,941. The company has a current ratio of 2.77, a quick ratio of 2.31 and a debt-to-equity ratio of 0.64. The stock has a fifty day simple moving average of $90.51 and a 200 day simple moving average of $96.86. Southern Copper has a 52 week low of $74.84 and a 52 week high of $127.34. The company has a market cap of $71.69 billion, a price-to-earnings ratio of 20.83, a PEG ratio of 1.90 and a beta of 1.04.

Southern Copper (NYSE:SCCO - Get Free Report) last released its quarterly earnings results on Friday, April 25th. The basic materials company reported $1.19 earnings per share for the quarter, beating analysts' consensus estimates of $1.05 by $0.14. Southern Copper had a net margin of 29.53% and a return on equity of 40.27%. The company had revenue of $3.12 billion for the quarter, compared to analyst estimates of $3.05 billion. On average, equities analysts forecast that Southern Copper will post 4.66 EPS for the current year.

Hedge Funds Weigh In On Southern Copper

Large investors have recently modified their holdings of the company. Nordea Investment Management AB boosted its position in shares of Southern Copper by 15.3% in the fourth quarter. Nordea Investment Management AB now owns 108,753 shares of the basic materials company's stock valued at $9,969,000 after acquiring an additional 14,391 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Southern Copper by 74.6% in the third quarter. JPMorgan Chase & Co. now owns 1,402,983 shares of the basic materials company's stock valued at $162,283,000 after acquiring an additional 599,610 shares during the period. Robeco Institutional Asset Management B.V. boosted its position in shares of Southern Copper by 22.2% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 137,019 shares of the basic materials company's stock valued at $12,487,000 after acquiring an additional 24,933 shares during the period. Morse Asset Management Inc bought a new position in shares of Southern Copper in the third quarter valued at approximately $1,397,000. Finally, Raymond James Financial Inc. bought a new position in shares of Southern Copper in the fourth quarter valued at approximately $8,420,000. 7.94% of the stock is currently owned by institutional investors.

About Southern Copper

Southern Copper Corporation engages in mining, exploring, smelting, and refining copper and other minerals in Peru, Mexico, Argentina, Ecuador, and Chile. The company is involved in the mining, milling, and flotation of copper ore to produce copper and molybdenum concentrates; smelting of copper concentrates to produce blister and anode copper; refining of anode copper to produce copper cathodes; production of molybdenum concentrate and sulfuric acid; production of refined silver, gold, and other materials; and mining and processing of zinc, copper, molybdenum, silver, gold, and lead.