Southern Copper (NYSE:SCCO) Hits New 1-Year High on Analyst Upgrade

Shares of Southern Copper Co. (NYSE:SCCOGet Free Report) hit a new 52-week high during trading on Friday after The Goldman Sachs Group raised their price target on the stock from $61.00 to $82.00. The Goldman Sachs Group currently has a sell rating on the stock. Southern Copper traded as high as $105.07 and last traded at $104.91, with a volume of 843702 shares. The stock had previously closed at $103.55.

A number of other research analysts also recently commented on SCCO. StockNews.com downgraded shares of Southern Copper from a “buy” rating to a “hold” rating in a research report on Monday, February 5th. Morgan Stanley cut shares of Southern Copper from an “equal weight” rating to an “underweight” rating and reduced their target price for the stock from $83.00 to $68.00 in a research note on Monday, November 27th. Jefferies Financial Group upgraded shares of Southern Copper from a “hold” rating to a “buy” rating and raised their target price for the stock from $91.00 to $130.00 in a research note on Friday. Finally, JPMorgan Chase & Co. reduced their target price on shares of Southern Copper from $63.50 to $61.00 and set an “underweight” rating for the company in a research note on Thursday. Three analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $76.83.

View Our Latest Research Report on SCCO

Institutional Investors Weigh In On Southern Copper

A number of hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. lifted its position in Southern Copper by 10.7% during the first quarter. BlackRock Inc. now owns 7,797,970 shares of the basic materials company’s stock valued at $594,595,000 after buying an additional 756,555 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Southern Copper by 200.6% in the second quarter. Price T Rowe Associates Inc. MD now owns 4,179,899 shares of the basic materials company’s stock valued at $208,201,000 after purchasing an additional 2,789,376 shares during the period. Fisher Asset Management LLC boosted its stake in shares of Southern Copper by 1.2% in the fourth quarter. Fisher Asset Management LLC now owns 3,349,984 shares of the basic materials company’s stock valued at $288,333,000 after purchasing an additional 39,422 shares during the period. abrdn plc boosted its stake in shares of Southern Copper by 2.3% in the fourth quarter. abrdn plc now owns 3,041,233 shares of the basic materials company’s stock valued at $261,759,000 after purchasing an additional 67,930 shares during the period. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Southern Copper by 43.3% in the first quarter. Goldman Sachs Group Inc. now owns 2,763,612 shares of the basic materials company’s stock valued at $209,759,000 after purchasing an additional 835,044 shares during the period. 7.40% of the stock is currently owned by hedge funds and other institutional investors.

Southern Copper Stock Up 0.8 %

The firm has a market capitalization of $80.68 billion, a PE ratio of 33.24 and a beta of 1.27. The firm’s 50 day moving average price is $84.61 and its two-hundred day moving average price is $79.39. The company has a quick ratio of 2.46, a current ratio of 3.19 and a debt-to-equity ratio of 0.84.

Southern Copper (NYSE:SCCOGet Free Report) last announced its earnings results on Friday, February 2nd. The basic materials company reported $0.58 earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.15). Southern Copper had a net margin of 24.51% and a return on equity of 30.85%. The firm had revenue of $2.30 billion during the quarter, compared to analysts’ expectations of $2.37 billion. As a group, research analysts forecast that Southern Copper Co. will post 3.5 EPS for the current fiscal year.

Southern Copper Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 29th. Shareholders of record on Tuesday, February 13th were paid a dividend of $0.80 per share. The ex-dividend date was Monday, February 12th. This represents a $3.20 dividend on an annualized basis and a yield of 3.07%. Southern Copper’s dividend payout ratio (DPR) is 101.91%.

About Southern Copper

(Get Free Report)

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.

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