Southern Copper (NYSE:SCCO) Rating Lowered to Underperform at Bank of America

Southern Copper (NYSE:SCCO) was downgraded by investment analysts at Bank of America from a “neutral” rating to an “underperform” rating in a research report issued on Thursday,Finviz reports. They presently have a $175.00 target price on the basic materials company’s stock. Bank of America‘s target price would suggest a potential downside of 19.05% from the company’s previous close.

SCCO has been the topic of several other research reports. Morgan Stanley restated an “underweight” rating and issued a $154.69 target price on shares of Southern Copper in a report on Friday, January 30th. Wall Street Zen raised shares of Southern Copper from a “hold” rating to a “buy” rating in a research report on Saturday, February 21st. The Goldman Sachs Group restated a “sell” rating and set a $127.91 target price on shares of Southern Copper in a research note on Wednesday, January 14th. Itau BBA Securities cut Southern Copper from a “market perform” rating to an “underperform” rating and set a $124.94 target price on the stock. in a research report on Monday, December 22nd. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Southern Copper in a report on Monday, December 29th. Two research analysts have rated the stock with a Buy rating, three have issued a Hold rating and eight have given a Sell rating to the stock. Based on data from MarketBeat.com, Southern Copper presently has an average rating of “Reduce” and an average target price of $139.99.

Southern Copper Stock Performance

Shares of SCCO stock opened at $216.19 on Thursday. Southern Copper has a 12 month low of $74.84 and a 12 month high of $220.76. The stock has a market cap of $175.59 billion, a PE ratio of 40.64, a price-to-earnings-growth ratio of 1.73 and a beta of 1.07. The company’s fifty day moving average price is $177.99 and its 200-day moving average price is $140.63. The company has a current ratio of 4.52, a quick ratio of 3.91 and a debt-to-equity ratio of 0.64.

Insider Buying and Selling

In other Southern Copper news, Director Lerdo De Tejada Leon Contreras sold 9,326 shares of the business’s stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $209.56, for a total value of $1,954,344.91. Following the completion of the sale, the director directly owned 605 shares of the company’s stock, valued at $126,783.04. The trade was a 93.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Bonilla Luis Miguel Palomino sold 403 shares of the company’s stock in a transaction dated Wednesday, December 3rd. The stock was sold at an average price of $137.83, for a total value of $55,544.87. Following the sale, the director owned 1,275 shares of the company’s stock, valued at approximately $175,731.28. This trade represents a 24.02% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.07% of the company’s stock.

Institutional Trading of Southern Copper

Large investors have recently added to or reduced their stakes in the company. Rakuten Investment Management Inc. acquired a new stake in shares of Southern Copper during the third quarter worth $2,976,000. Legal & General Group Plc lifted its position in shares of Southern Copper by 4.3% during the 2nd quarter. Legal & General Group Plc now owns 941,712 shares of the basic materials company’s stock valued at $95,273,000 after acquiring an additional 38,856 shares during the period. Nordea Investment Management AB increased its holdings in Southern Copper by 5.7% in the 3rd quarter. Nordea Investment Management AB now owns 148,484 shares of the basic materials company’s stock valued at $17,778,000 after buying an additional 7,995 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Southern Copper by 2,631.9% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,441 shares of the basic materials company’s stock valued at $1,631,000 after purchasing an additional 12,949 shares in the last quarter. Finally, Alps Advisors Inc. boosted its stake in shares of Southern Copper by 54.2% in the 3rd quarter. Alps Advisors Inc. now owns 35,647 shares of the basic materials company’s stock valued at $4,326,000 after purchasing an additional 12,532 shares in the last quarter. 7.94% of the stock is owned by 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.