Southern Copper Corp Stock Rating Lowered by Morgan Stanley (SCCO)
Southern Copper Corp (NASDAQ:SCCO) was downgraded by stock analysts at Morgan Stanley to an “underweight” rating in a report issued on Wednesday. They currently have a $40.00 price objective on the stock, down from their previous price objective of $46.00. Morgan Stanley’s price objective indicates a potential upside of 23.38% from the company’s current price.
Shares of Southern Copper Corp (NASDAQ:SCCO) traded down 1.42% during mid-day trading on Wednesday, hitting $31.84. 320,683 shares of the company’s stock traded hands. Southern Copper Corp has a 52-week low of $24.50 and a 52-week high of $33.90. The stock’s 50-day moving average is $32.28 and its 200-day moving average is $30.19. The company has a market cap of $26.500 billion and a price-to-earnings ratio of 19.16. Southern Copper Corp also was the recipient of some unusual options trading activity on Tuesday. Stock investors purchased 7,300 call options on the company. This represents an increase of 672% compared to the average daily volume of 945 call options.
Southern Copper Corp (NASDAQ:SCCO) last issued its quarterly earnings data on Tuesday, July 29th. The company reported $0.40 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.41 by $0.01. On average, analysts predict that Southern Copper Corp will post $1.75 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Thursday, August 28th. Investors of record on Friday, August 15th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.48%. The ex-dividend date of this dividend is Wednesday, August 13th.
A number of other analysts have also recently weighed in on SCCO. Analysts at FBR Capital Markets downgraded shares of Southern Copper Corp from an “outperform” rating to a “market perform” rating in a research note on Wednesday, August 6th. They now have a $35.00 price target on the stock, down previously from $37.00. Separately, analysts at Credit Suisse raised their price target on shares of Southern Copper Corp from $38.00 to $41.00 in a research note on Tuesday, August 5th. Finally, analysts at BMO Capital Markets raised their price target on shares of Southern Copper Corp from $43.00 to $46.00 in a research note on Thursday, July 31st. They now have a “market perform” rating on the stock. One analyst has rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $37.40.
Southern Copper Corporation (NASDAQ:SCCO) is an integrated copper producer.
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