Southern Copper (NYSE:SCCO) Downgraded by HSBC

HSBC lowered shares of Southern Copper (NYSE:SCCO) from a hold rating to a reduce rating in a report issued on Monday morning, MarketBeat.com reports. HSBC currently has $80.00 target price on the basic materials company’s stock.

SCCO has been the subject of a number of other reports. JPMorgan Chase & Co. cut their price target on Southern Copper from $63.50 to $61.00 and set an underweight rating for the company in a report on Thursday, March 21st. The Goldman Sachs Group increased their price objective on Southern Copper from $61.00 to $82.00 and gave the stock a sell rating in a research report on Friday, March 22nd. StockNews.com downgraded Southern Copper from a buy rating to a hold rating in a research report on Monday, February 5th. Scotiabank increased their price objective on Southern Copper from $53.00 to $55.00 and gave the stock a sector underperform rating in a research report on Thursday, April 18th. Finally, Jefferies Financial Group upgraded Southern Copper from a hold rating to a buy rating and increased their price objective for the stock from $91.00 to $130.00 in a research report on Friday, March 22nd. Five investment analysts have rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus target price of $76.00.

Southern Copper Price Performance

Southern Copper stock opened at $111.84 on Monday. Southern Copper has a one year low of $64.66 and a one year high of $120.37. The business has a fifty day moving average price of $99.14 and a 200-day moving average price of $85.25. The company has a debt-to-equity ratio of 0.84, a current ratio of 3.19 and a quick ratio of 2.46. The firm has a market capitalization of $86.46 billion, a P/E ratio of 35.62, a PEG ratio of 3.14 and a beta of 1.29.

Southern Copper (NYSE:SCCO) last posted its quarterly earnings results on Friday, February 2nd. The basic materials company reported $0.58 EPS for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.15). Southern Copper had a return on equity of 30.85% and a net margin of 24.51%. The company had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.37 billion. As a group, equities research analysts forecast that Southern Copper will post 3.95 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Norges Bank bought a new stake in shares of Southern Copper in the fourth quarter worth about $71,802,000. Canada Pension Plan Investment Board raised its stake in Southern Copper by 677.0% during the 3rd quarter. Canada Pension Plan Investment Board now owns 310,500 shares of the basic materials company’s stock valued at $23,378,000 after buying an additional 270,540 shares during the last quarter. International Assets Investment Management LLC raised its stake in Southern Copper by 8,523.8% during the 4th quarter. International Assets Investment Management LLC now owns 172,907 shares of the basic materials company’s stock valued at $14,882,000 after buying an additional 170,902 shares during the last quarter. Janney Montgomery Scott LLC raised its stake in Southern Copper by 378.9% during the 4th quarter. Janney Montgomery Scott LLC now owns 166,398 shares of the basic materials company’s stock valued at $14,322,000 after buying an additional 131,651 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its position in shares of Southern Copper by 17.5% during the 3rd quarter. Ameriprise Financial Inc. now owns 687,501 shares of the basic materials company’s stock valued at $51,854,000 after acquiring an additional 102,286 shares during the period. Hedge funds and other institutional investors own 7.94% of the company’s stock.

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.