Southern Copper Corporation (NYSE:SCCO) was downgraded by analysts at HSBC Holdings plc from a “buy” rating to a “hold” rating in a report issued on Wednesday. They presently have a $41.00 target price on the basic materials company’s stock. HSBC Holdings plc’s target price would suggest a potential upside of 6.19% from the company’s previous close.

Several other research analysts have also commented on the company. FBR & Co cut their price objective on Southern Copper Corporation from $43.00 to $42.00 and set an “outperform” rating for the company in a report on Friday, June 16th. Cowen and Company reaffirmed a “hold” rating and issued a $39.00 target price on shares of Southern Copper Corporation in a research note on Wednesday, July 19th. BidaskClub raised Southern Copper Corporation from a “hold” rating to a “buy” rating in a research note on Wednesday, July 12th. Finally, Barclays PLC upped their target price on Southern Copper Corporation from $33.00 to $35.00 and gave the stock an “underweight” rating in a research note on Wednesday, August 9th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $34.97.

Southern Copper Corporation (SCCO) opened at 38.61 on Wednesday. Southern Copper Corporation has a 12-month low of $24.90 and a 12-month high of $39.94. The stock has a 50 day moving average of $37.54 and a 200-day moving average of $36.29. The company has a market cap of $29.85 billion, a PE ratio of 30.35 and a beta of 0.55.

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In other Southern Copper Corporation news, Chairman German Larrea Mota Velasco sold 135,000 shares of the company’s stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $39.44, for a total value of $5,324,400.00. Following the completion of the sale, the chairman now owns 3,737,967 shares of the company’s stock, valued at $147,425,418.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last ninety days, insiders sold 900,670 shares of company stock valued at $35,575,771. 0.53% of the stock is owned by insiders.

Hedge funds have recently made changes to their positions in the stock. Sit Investment Associates Inc. increased its stake in shares of Southern Copper Corporation by 14.3% in the first quarter. Sit Investment Associates Inc. now owns 3,200 shares of the basic materials company’s stock valued at $115,000 after buying an additional 400 shares during the last quarter. Tobam increased its stake in shares of Southern Copper Corporation by 1,003.8% in the first quarter. Tobam now owns 3,223 shares of the basic materials company’s stock valued at $116,000 after buying an additional 2,931 shares during the last quarter. Bessemer Group Inc. increased its stake in shares of Southern Copper Corporation by 114.5% in the second quarter. Bessemer Group Inc. now owns 3,692 shares of the basic materials company’s stock valued at $128,000 after buying an additional 1,971 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of Southern Copper Corporation during the second quarter valued at $134,000. Finally, FNY Partners Fund LP bought a new stake in shares of Southern Copper Corporation during the first quarter valued at $145,000. Hedge funds and other institutional investors own 6.34% of the company’s stock.

Southern Copper Corporation Company Profile

Southern Copper Corporation is an integrated copper producer. It produces copper and, in the production process, obtains several by-products, including molybdenum, silver, zinc, sulfuric acid and other metals. Its segments include the Peruvian operations, the Mexican open-pit operations and the Mexican underground mining operations segment identified as the IMMSA unit.

Analyst Recommendations for Southern Copper Corporation (NYSE:SCCO)

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