Wells Fargo & Company Issues Positive Forecast for Southern Copper (NYSE:SCCO) Stock Price

Southern Copper (NYSE:SCCO) had its price objective upped by equities research analysts at Wells Fargo & Company from $171.00 to $172.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the basic materials company’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 2.64% from the company’s current price.

Several other research analysts have also weighed in on the company. JPMorgan Chase & Co. increased their target price on Southern Copper from $127.00 to $131.50 and gave the stock an “underweight” rating in a research report on Wednesday, June 17th. UBS Group restated a “sell” rating and set a $160.00 price target (up from $145.00) on shares of Southern Copper in a research note on Tuesday, June 30th. The Goldman Sachs Group upgraded Southern Copper from a “sell” rating to a “neutral” rating and set a $178.00 price objective on the stock in a report on Friday, April 10th. Scotiabank reaffirmed an “underperform” rating and issued a $140.00 price objective (up from $135.00) on shares of Southern Copper in a research note on Monday, June 15th. Finally, Wall Street Zen upgraded Southern Copper from a “hold” rating to a “buy” rating in a report on Saturday, June 27th. Two analysts have rated the stock with a Buy rating, four have issued a Hold rating and eight have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Reduce” and a consensus target price of $147.10.

Southern Copper Stock Down 1.3%

Shares of SCCO opened at $167.58 on Thursday. Southern Copper has a fifty-two week low of $88.73 and a fifty-two week high of $223.88. The company’s fifty day moving average is $180.92 and its two-hundred day moving average is $180.74. The firm has a market cap of $138.44 billion, a PE ratio of 27.70, a price-to-earnings-growth ratio of 1.52 and a beta of 1.11. The company has a quick ratio of 3.89, a current ratio of 4.38 and a debt-to-equity ratio of 0.57.

Insider Buying and Selling at Southern Copper

In other news, Director Bonilla Luis Miguel Palomino sold 200 shares of the stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $177.82, for a total value of $35,564.00. Following the completion of the sale, the director owned 1,807 shares in the company, valued at approximately $321,320.74. This trade represents a 9.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 404 shares of company stock valued at $74,108 over the last ninety days. 0.07% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Southern Copper

Several hedge funds and other institutional investors have recently bought and sold shares of SCCO. SHP Wealth Management purchased a new stake in shares of Southern Copper during the fourth quarter valued at approximately $25,000. Lloyd Advisory Services LLC. purchased a new position in shares of Southern Copper in the fourth quarter valued at $29,000. Virtus Advisers LLC acquired a new stake in Southern Copper during the 4th quarter valued at $29,000. Godfrey Financial Associates Inc. acquired a new stake in Southern Copper during the 4th quarter valued at $30,000. Finally, IFP Advisors Inc increased its stake in Southern Copper by 233.3% during the 4th quarter. IFP Advisors Inc now owns 230 shares of the basic materials company’s stock worth $33,000 after buying an additional 161 shares during the period. 7.94% of the stock is owned by institutional investors and hedge funds.

About Southern Copper

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.