Bank of America Downgrades Southern Copper (NYSE:SCCO) to Underperform

Southern Copper (NYSE:SCCO) was downgraded by analysts at Bank of America from a “neutral” rating to an “underperform” rating in a report released on Thursday, Marketbeat reports. They presently have a $175.00 price target on the basic materials company’s stock, up from their previous price target of $162.00. Bank of America‘s price objective points to a potential downside of 19.68% from the stock’s current price.

A number of other equities analysts also recently weighed in on the company. Citigroup reissued a “sell” rating on shares of Southern Copper in a research report on Monday, January 12th. Zacks Research downgraded Southern Copper from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 8th. Morgan Stanley restated an “underweight” rating and issued a $154.69 price target on shares of Southern Copper in a research note on Friday, January 30th. UBS Group reaffirmed a “sell” rating and set a $148.74 price target (up from $146.75) on shares of Southern Copper in a report on Tuesday, February 3rd. Finally, The Goldman Sachs Group reaffirmed a “sell” rating and set a $127.91 price objective on shares of Southern Copper in a research report on Wednesday, January 14th. Two equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and eight have issued a Sell rating to the company’s stock. According to data from MarketBeat, Southern Copper presently has an average rating of “Reduce” and an average price target of $139.99.

Southern Copper Stock Performance

Shares of SCCO stock opened at $217.88 on Thursday. The company has a fifty day moving average price of $180.98 and a two-hundred day moving average price of $142.01. Southern Copper has a one year low of $74.84 and a one year high of $223.89. The stock has a market cap of $176.96 billion, a P/E ratio of 40.96, a P/E/G ratio of 1.77 and a beta of 1.07. The company has a debt-to-equity ratio of 0.64, a current ratio of 4.52 and a quick ratio of 3.91.

Insiders Place Their Bets

In other news, Director Lerdo De Tejada Leon Contreras sold 9,326 shares of the business’s stock in a transaction dated 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 owned 605 shares of the company’s stock, valued at approximately $126,783.04. The trade was a 93.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Bonilla Luis Miguel Palomino sold 403 shares of the company’s stock in a transaction dated Wednesday, December 3rd. The shares were sold at an average price of $137.83, for a total transaction of $55,544.87. Following the completion of the transaction, the director owned 1,275 shares in the company, valued at $175,731.28. This trade represents a 24.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.07% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Southern Copper

A number of hedge funds and other institutional investors have recently made changes to their positions in SCCO. Royal Bank of Canada increased its stake in Southern Copper by 42.1% during the 1st quarter. Royal Bank of Canada now owns 44,879 shares of the basic materials company’s stock worth $4,194,000 after acquiring an additional 13,293 shares during the period. Empowered Funds LLC raised its stake in Southern Copper by 17.9% in the first quarter. Empowered Funds LLC now owns 6,705 shares of the basic materials company’s stock valued at $627,000 after purchasing an additional 1,020 shares in the last quarter. Focus Partners Wealth lifted its position in Southern Copper by 21.5% during the first quarter. Focus Partners Wealth now owns 5,944 shares of the basic materials company’s stock worth $556,000 after purchasing an additional 1,052 shares during the period. Asset Management One Co. Ltd. grew its stake in Southern Copper by 4.4% during the second quarter. Asset Management One Co. Ltd. now owns 17,123 shares of the basic materials company’s stock worth $1,732,000 after buying an additional 715 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. increased its holdings in Southern Copper by 10.6% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 22,059 shares of the basic materials company’s stock valued at $2,232,000 after buying an additional 2,122 shares during the period. 7.94% of the stock is currently owned by institutional investors and hedge funds.

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.