Southern Copper (NYSE:SCCO) Price Target Raised to $135.00 at Morgan Stanley

Southern Copper (NYSE:SCCO) had its price objective increased by stock analysts at Morgan Stanley from $123.00 to $135.00 in a research note issued on Tuesday, Benzinga reports. The firm currently has an “underweight” rating on the basic materials company’s stock. Morgan Stanley’s target price points to a potential upside of 14.34% from the company’s current price.

SCCO has been the topic of a number of other research reports. The Goldman Sachs Group increased their target price on Southern Copper from $61.00 to $82.00 and gave the stock a “sell” rating in a research note on Friday, March 22nd. Scotiabank boosted their price objective on shares of Southern Copper from $53.00 to $55.00 and gave the company a “sector underperform” rating in a research report on Thursday, April 18th. CICC Research started coverage on shares of Southern Copper in a research note on Wednesday, April 24th. They issued an “outperform” rating on the stock. StockNews.com raised shares of Southern Copper from a “hold” rating to a “buy” rating in a research note on Monday. Finally, HSBC cut Southern Copper from a “hold” rating to a “reduce” rating and set a $80.00 price objective on the stock. in a research note on Monday, April 22nd. Five investment analysts have rated the stock with a sell rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, Southern Copper presently has an average rating of “Hold” and a consensus target price of $85.57.

Southern Copper Trading Down 2.3 %

Shares of SCCO traded down $2.78 during midday trading on Tuesday, hitting $118.07. The stock had a trading volume of 946,366 shares, compared to its average volume of 1,155,113. The stock’s 50 day moving average is $100.55 and its 200 day moving average is $86.04. The firm has a market cap of $91.28 billion, a PE ratio of 38.95, a price-to-earnings-growth ratio of 3.35 and a beta of 1.29. The company has a debt-to-equity ratio of 0.84, a current ratio of 3.19 and a quick ratio of 2.46. Southern Copper has a 1 year low of $64.66 and a 1 year high of $121.00.

Southern Copper (NYSE:SCCO) last announced its quarterly earnings data on Friday, February 2nd. The basic materials company reported $0.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.15). The firm had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.37 billion. Southern Copper had a return on equity of 30.29% and a net margin of 24.20%. As a group, analysts forecast that Southern Copper will post 3.95 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Bonilla Luis Miguel Palomino sold 300 shares of the firm’s stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $118.50, for a total value of $35,550.00. Following the completion of the transaction, the director now owns 4,614 shares of the company’s stock, valued at $546,759. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Over the last 90 days, insiders have sold 600 shares of company stock valued at $63,430. Insiders own 0.08% of the company’s stock.

Hedge Funds Weigh In On Southern Copper

Several institutional investors have recently added to or reduced their stakes in the stock. Hartford Financial Management Inc. purchased a new stake in shares of Southern Copper during the 3rd quarter worth approximately $25,000. Fortis Group Advisors LLC boosted its position in Southern Copper by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 302 shares of the basic materials company’s stock worth $26,000 after purchasing an additional 151 shares during the period. Riverview Trust Co purchased a new stake in shares of Southern Copper during the first quarter valued at approximately $27,000. Viking Fund Management LLC purchased a new position in Southern Copper in the fourth quarter valued at about $31,000. Finally, Venturi Wealth Management LLC grew its holdings in Southern Copper by 164.8% during the 4th quarter. Venturi Wealth Management LLC now owns 482 shares of the basic materials company’s stock worth $41,000 after acquiring an additional 300 shares in the last quarter. Institutional investors and hedge funds own 7.94% of the company’s stock.

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.