Southern Copper (NYSE:SCCO) Upgraded to “Strong-Buy” at Zacks Research

Zacks Research upgraded shares of Southern Copper (NYSE:SCCO) from a hold rating to a strong-buy rating in a research note issued to investors on Thursday,Zacks.com reports.

Several other analysts have also recently commented on SCCO. Morgan Stanley raised their target price on Southern Copper from $146.00 to $158.00 and gave the company an “underweight” rating in a research report on Wednesday. UBS Group reiterated a “sell” rating and set a $160.00 price target (up from $145.00) on shares of Southern Copper in a research report on Tuesday, June 30th. The Goldman Sachs Group raised Southern Copper from a “sell” rating to a “neutral” rating and set a $178.00 price target for the company in a research note on Friday, April 10th. Wells Fargo & Company raised their price target on Southern Copper from $171.00 to $172.00 and gave the company an “equal weight” rating in a report on Thursday. Finally, Weiss Ratings cut shares of Southern Copper from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, three have given a Hold rating and eight have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus price target of $147.10.

Southern Copper Stock Performance

Shares of NYSE:SCCO traded up $1.56 during trading hours on Thursday, hitting $175.99. The stock had a trading volume of 791,271 shares, compared to its average volume of 1,224,357. The stock’s fifty day simple moving average is $181.14 and its 200 day simple moving average is $180.93. The firm has a market capitalization of $145.38 billion, a price-to-earnings ratio of 29.09, a PEG ratio of 1.53 and a beta of 1.11. The company has a debt-to-equity ratio of 0.57, a quick ratio of 3.89 and a current ratio of 4.38. Southern Copper has a 1-year low of $88.73 and a 1-year high of $223.88.

Southern Copper Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Wednesday, May 13th were issued a $1.00 dividend. The ex-dividend date was Wednesday, May 13th. This represents a $4.00 annualized dividend and a dividend yield of 2.3%. Southern Copper’s dividend payout ratio is 66.12%.

Insiders Place Their Bets

In other news, Director Bonilla Luis Miguel Palomino sold 200 shares of the firm’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $177.82, for a total transaction of $35,564.00. Following the completion of the transaction, the director owned 1,807 shares in the company, valued at approximately $321,320.74. This trade represents a 9.97% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Over the last three months, insiders have sold 404 shares of company stock valued at $74,108. 0.07% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Southern Copper

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

Southern Copper Company Profile

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.