Southern Copper (NYSE:SCCO) Price Target Raised to $137.00

Southern Copper (NYSE:SCCO) had its target price boosted by Wells Fargo & Company from $121.00 to $137.00 in a research note published on Thursday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the basic materials company’s stock.

SCCO has been the topic of several other research reports. UBS Group restated a “buy” rating on shares of Southern Copper in a report on Friday, September 19th. Jefferies Financial Group set a $155.00 price target on Southern Copper and gave the stock a “buy” rating in a research note on Monday, October 6th. JPMorgan Chase & Co. upped their price objective on shares of Southern Copper from $92.00 to $114.50 and gave the company a “neutral” rating in a research note on Monday, October 27th. HSBC reissued a “hold” rating and issued a $118.00 target price (up from $105.00) on shares of Southern Copper in a research report on Friday, October 17th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Southern Copper in a research report on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus price target of $117.94.

Southern Copper Price Performance

NYSE:SCCO opened at $138.97 on Thursday. Southern Copper has a 12-month low of $74.84 and a 12-month high of $144.81. The firm has a market cap of $111.74 billion, a price-to-earnings ratio of 29.13, a price-to-earnings-growth ratio of 1.29 and a beta of 1.02. The company’s 50-day moving average is $117.62 and its two-hundred day moving average is $103.00. The company has a current ratio of 5.27, a quick ratio of 4.51 and a debt-to-equity ratio of 0.67.

Southern Copper (NYSE:SCCO) last posted its quarterly earnings data on Tuesday, October 28th. The basic materials company reported $1.35 earnings per share for the quarter, beating analysts’ consensus estimates of $1.26 by $0.09. The business had revenue of $3.38 billion during the quarter, compared to analyst estimates of $3.05 billion. Southern Copper had a net margin of 30.98% and a return on equity of 39.62%. Research analysts expect that Southern Copper will post 4.66 EPS for the current year.

Southern Copper Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Wednesday, November 12th will be issued a dividend of $0.90 per share. The ex-dividend date is Wednesday, November 12th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 2.6%. Southern Copper’s payout ratio is presently 75.47%.

Insider Transactions at Southern Copper

In related news, Director Bonilla Luis Miguel Palomino sold 414 shares of the firm’s stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $100.00, for a total value of $41,400.00. Following the transaction, the director owned 2,327 shares in the company, valued at approximately $232,700. This trade represents a 15.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last three months, insiders have sold 1,228 shares of company stock worth $123,102. 0.07% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Southern Copper

Hedge funds have recently made changes to their positions in the business. MJT & Associates Financial Advisory Group Inc. boosted its position in Southern Copper by 65.1% during the 3rd quarter. MJT & Associates Financial Advisory Group Inc. now owns 213 shares of the basic materials company’s stock worth $26,000 after purchasing an additional 84 shares during the period. Covestor Ltd lifted its stake in shares of Southern Copper by 30.4% during the third quarter. Covestor Ltd now owns 360 shares of the basic materials company’s stock worth $44,000 after purchasing an additional 84 shares in the last quarter. Avanza Fonder AB boosted its position in shares of Southern Copper by 1.0% in the third quarter. Avanza Fonder AB now owns 8,663 shares of the basic materials company’s stock worth $1,051,000 after buying an additional 86 shares during the period. Redwood Wealth Management Group LLC raised its holdings in shares of Southern Copper by 1.5% during the 3rd quarter. Redwood Wealth Management Group LLC now owns 5,999 shares of the basic materials company’s stock valued at $728,000 after buying an additional 89 shares during the period. Finally, Donor Advised Charitable Giving Inc. lifted its position in Southern Copper by 1.0% during the 3rd quarter. Donor Advised Charitable Giving Inc. now owns 10,502 shares of the basic materials company’s stock worth $1,275,000 after acquiring an additional 105 shares in the last quarter. 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.