Southern Copper (NYSE:SCCO) Given New $158.00 Price Target at Morgan Stanley

Southern Copper (NYSE:SCCO) had its target price lifted by analysts at Morgan Stanley from $146.00 to $158.00 in a research note issued on Wednesday, MarketBeat reports. The firm presently has an “underweight” rating on the basic materials company’s stock. Morgan Stanley’s price objective would indicate a potential downside of 6.76% from the company’s current price.

Several other equities analysts have also recently commented on SCCO. Barclays began coverage on shares of Southern Copper in a research note on Thursday, May 21st. They set an “underweight” rating and a $148.00 target price for the company. Wells Fargo & Company set a $171.00 price objective on shares of Southern Copper and gave the company an “equal weight” rating in a research report on Friday, May 1st. Weiss Ratings reissued a “buy (b)” rating on shares of Southern Copper in a research report on Wednesday, June 24th. JPMorgan Chase & Co. boosted their price target on Southern Copper from $127.00 to $131.50 and gave the company an “underweight” rating in a research note on Wednesday, June 17th. Finally, The Goldman Sachs Group upgraded Southern Copper from a “sell” rating to a “neutral” rating and set a $178.00 price objective for the company in a research report on Friday, April 10th. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and eight have assigned a Sell rating to the company. According to MarketBeat, Southern Copper has a consensus rating of “Reduce” and an average price target of $147.02.

Southern Copper Price Performance

NYSE SCCO opened at $169.46 on Wednesday. Southern Copper has a 1 year low of $88.73 and a 1 year high of $223.88. The company has a fifty day simple moving average of $181.13 and a 200 day simple moving average of $180.55. The company has a current ratio of 4.38, a quick ratio of 3.89 and a debt-to-equity ratio of 0.57. The company has a market cap of $139.99 billion, a P/E ratio of 28.01, a P/E/G ratio of 1.56 and a beta of 1.11.

Insider Buying and Selling

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 200 shares of Southern Copper stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $177.82, for a total transaction of $35,564.00. Following the sale, the director directly owned 1,807 shares of the company’s stock, valued at approximately $321,320.74. The trade was a 9.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 404 shares of company stock worth $74,108 in the last three months. 0.07% of the stock is owned by company insiders.

Hedge Funds Weigh In On Southern Copper

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

About Southern Copper

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.