JPMorgan Chase & Co. Lowers Southern Copper (NYSE:SCCO) Price Target to $83.50

Southern Copper (NYSE:SCCO) had its target price decreased by research analysts at JPMorgan Chase & Co. from $84.00 to $83.50 in a research note issued on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s price objective points to a potential downside of 3.85% from the company’s previous close.

Several other brokerages have also issued reports on SCCO. Scotiabank raised their price objective on Southern Copper from $52.00 to $72.00 and gave the stock a “sector underperform” rating in a report on Monday, March 10th. UBS Group upgraded Southern Copper from a “neutral” rating to a “buy” rating and set a $120.00 price objective for the company in a research note on Thursday, March 13th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $89.58.

Southern Copper Stock Performance

Shares of SCCO stock opened at $86.85 on Monday. Southern Copper has a 12 month low of $74.84 and a 12 month high of $127.34. The company has a current ratio of 2.77, a quick ratio of 2.31 and a debt-to-equity ratio of 0.64. The company has a market cap of $69.15 billion, a P/E ratio of 20.10, a PEG ratio of 1.90 and a beta of 1.04. The firm has a fifty day moving average price of $91.78 and a 200 day moving average price of $98.70.

Southern Copper (NYSE:SCCO) last posted its earnings results on Wednesday, February 12th. The basic materials company reported $1.01 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.01). Southern Copper had a return on equity of 40.27% and a net margin of 29.53%. Sell-side analysts predict that Southern Copper will post 4.66 earnings per share for the current fiscal year.

Institutional Trading of Southern Copper

A number of institutional investors have recently modified their holdings of SCCO. Greenwood Capital Associates LLC boosted its position in shares of Southern Copper by 5.6% during the 1st quarter. Greenwood Capital Associates LLC now owns 15,742 shares of the basic materials company’s stock worth $1,471,000 after purchasing an additional 831 shares in the last quarter. Parsons Capital Management Inc. RI grew its position in Southern Copper by 0.6% during the first quarter. Parsons Capital Management Inc. RI now owns 26,017 shares of the basic materials company’s stock worth $2,432,000 after buying an additional 152 shares during the period. GAMMA Investing LLC increased its holdings in Southern Copper by 35.2% in the first quarter. GAMMA Investing LLC now owns 906 shares of the basic materials company’s stock valued at $85,000 after buying an additional 236 shares in the last quarter. Veracity Capital LLC lifted its position in shares of Southern Copper by 14.3% during the 1st quarter. Veracity Capital LLC now owns 3,214 shares of the basic materials company’s stock valued at $300,000 after acquiring an additional 403 shares during the period. Finally, Merit Financial Group LLC boosted its stake in shares of Southern Copper by 15.8% during the 1st quarter. Merit Financial Group LLC now owns 14,061 shares of the basic materials company’s stock worth $1,314,000 after acquiring an additional 1,920 shares in the last quarter. 7.94% of the stock is currently 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.