Southern Copper (NYSE:SCCO) Price Target Raised to $100.00

Southern Copper (NYSE:SCCO) had its price objective hoisted by Morgan Stanley from $97.00 to $100.00 in a research report sent to investors on Thursday morning, Benzinga reports. They currently have an underweight rating on the basic materials company’s stock.

Separately, UBS Group started coverage on Southern Copper in a research report on Friday, July 12th. They issued a neutral rating and a $120.00 price target on the stock. Five analysts have rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Southern Copper has an average rating of Hold and a consensus price target of $89.57.

Southern Copper Trading Down 1.2 %

SCCO opened at $103.60 on Thursday. The company has a quick ratio of 2.27, a current ratio of 2.81 and a debt-to-equity ratio of 0.67. Southern Copper has a 52 week low of $68.93 and a 52 week high of $129.79. The business’s 50 day moving average is $101.92 and its two-hundred day moving average is $107.99. The firm has a market cap of $80.93 billion, a price-to-earnings ratio of 34.43, a price-to-earnings-growth ratio of 1.02 and a beta of 1.17.

Southern Copper (NYSE:SCCO) last announced its earnings results on Friday, July 19th. The basic materials company reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of $1.13 by $0.09. The business had revenue of $3.12 billion for the quarter, compared to analysts’ expectations of $2.96 billion. Southern Copper had a net margin of 26.15% and a return on equity of 34.98%. On average, research analysts predict that Southern Copper will post 4.33 EPS for the current year.

Southern Copper Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 26th. Shareholders of record on Friday, August 9th were paid a dividend of $0.60 per share. The ex-dividend date of this dividend was Friday, August 9th. This represents a $2.40 dividend on an annualized basis and a yield of 2.32%. Southern Copper’s dividend payout ratio (DPR) is presently 79.77%.

Hedge Funds Weigh In On Southern Copper

Institutional investors and hedge funds have recently made changes to their positions in the business. Sanctuary Advisors LLC bought a new position in Southern Copper during the 2nd quarter valued at $611,000. Truist Financial Corp grew its stake in Southern Copper by 83.4% in the second quarter. Truist Financial Corp now owns 35,185 shares of the basic materials company’s stock worth $3,791,000 after purchasing an additional 15,995 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in Southern Copper by 222.6% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,871 shares of the basic materials company’s stock valued at $202,000 after buying an additional 1,291 shares in the last quarter. NewEdge Advisors LLC lifted its holdings in Southern Copper by 1,112.4% during the 2nd quarter. NewEdge Advisors LLC now owns 43,645 shares of the basic materials company’s stock worth $4,702,000 after buying an additional 40,045 shares during the last quarter. Finally, Creative Planning grew its position in shares of Southern Copper by 5.0% in the 2nd quarter. Creative Planning now owns 47,236 shares of the basic materials company’s stock worth $5,089,000 after acquiring an additional 2,266 shares in the last quarter. 7.94% of the stock is currently owned by hedge funds and other institutional investors.

About Southern Copper

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.