CICC Research Begins Coverage on Southern Copper (NYSE:SCCO)

CICC Research began coverage on shares of Southern Copper (NYSE:SCCO) in a research note released on Wednesday morning, Benzinga reports. The brokerage issued an outperform rating on the basic materials company’s stock.

SCCO has been the subject of several other research reports. The Goldman Sachs Group increased their price target on Southern Copper from $61.00 to $82.00 and gave the stock a sell rating in a research note on Friday, March 22nd. StockNews.com cut Southern Copper from a buy rating to a hold rating in a research note on Monday, February 5th. Jefferies Financial Group raised Southern Copper from a hold rating to a buy rating and raised their target price for the company from $91.00 to $130.00 in a research note on Friday, March 22nd. JPMorgan Chase & Co. decreased their target price on Southern Copper from $63.50 to $61.00 and set an underweight rating for the company in a research note on Thursday, March 21st. Finally, HSBC cut Southern Copper from a hold rating to a reduce rating and set a $80.00 target price for the company. in a research note on Monday. Five investment analysts have rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of Hold and an average price target of $76.00.

Southern Copper Trading Down 0.4 %

NYSE:SCCO opened at $109.25 on Wednesday. Southern Copper has a 1 year low of $64.66 and a 1 year high of $120.37. The stock has a market cap of $84.46 billion, a price-to-earnings ratio of 34.79, a PEG ratio of 3.14 and a beta of 1.29. The business has a fifty day moving average of $98.56 and a 200-day moving average of $85.07. The company has a debt-to-equity ratio of 0.84, a quick ratio of 2.46 and a current ratio of 3.19.

Southern Copper (NYSE:SCCO) last released its quarterly earnings results 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). Southern Copper had a return on equity of 30.85% and a net margin of 24.51%. The business had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.37 billion. Equities analysts predict that Southern Copper will post 3.95 earnings per share for the current year.

Institutional Investors Weigh In On Southern Copper

Several hedge funds have recently modified their holdings of the stock. Fisher Asset Management LLC lifted its holdings in shares of Southern Copper by 1.2% during the fourth quarter. Fisher Asset Management LLC now owns 3,349,984 shares of the basic materials company’s stock valued at $288,333,000 after purchasing an additional 39,422 shares during the last quarter. abrdn plc lifted its holdings in shares of Southern Copper by 2.3% during the fourth quarter. abrdn plc now owns 3,041,233 shares of the basic materials company’s stock valued at $261,759,000 after purchasing an additional 67,930 shares during the last quarter. Empower Advisory Group LLC lifted its holdings in shares of Southern Copper by 0.9% during the third quarter. Empower Advisory Group LLC now owns 1,234,784 shares of the basic materials company’s stock valued at $92,967,000 after purchasing an additional 10,718 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Southern Copper by 7.5% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,151,729 shares of the basic materials company’s stock valued at $86,714,000 after purchasing an additional 80,576 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Southern Copper by 1.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,014,356 shares of the basic materials company’s stock valued at $87,306,000 after purchasing an additional 18,883 shares during the last quarter. 7.94% of the stock is owned by hedge funds and other institutional investors.

Southern Copper Company Profile

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.