Southern Copper (NYSE:SCCO) Upgraded by JPMorgan Chase & Co. to “Neutral” Rating

Southern Copper (NYSE:SCCO) was upgraded by analysts at JPMorgan Chase & Co. from an “underweight” rating to a “neutral” rating in a report issued on Monday,Briefing.com Automated Import reports. The firm presently has a $92.50 price objective on the basic materials company’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential downside of 7.15% from the stock’s current price.

A number of other research firms also recently weighed in on SCCO. Morgan Stanley upped their target price on Southern Copper from $97.00 to $100.00 and gave the company an “underweight” rating in a research report on Thursday, September 19th. Citigroup upped their price objective on shares of Southern Copper from $99.44 to $100.00 and gave the stock a “sell” rating in a research report on Wednesday, October 2nd. Finally, Scotiabank decreased their target price on shares of Southern Copper from $54.00 to $52.00 and set a “sector underperform” rating on the stock in a report on Tuesday, October 15th. Five investment analysts have rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $94.56.

Southern Copper Stock Performance

SCCO traded down $0.73 during trading on Monday, hitting $99.62. The stock had a trading volume of 86,337 shares, compared to its average volume of 1,129,134. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.77 and a quick ratio of 2.31. The company has a 50 day moving average price of $110.08 and a 200-day moving average price of $108.28. Southern Copper has a one year low of $70.92 and a one year high of $129.79. The firm has a market cap of $78.26 billion, a price-to-earnings ratio of 25.60, a P/E/G ratio of 1.55 and a beta of 1.18.

Institutional Investors Weigh In On Southern Copper

Several institutional investors and hedge funds have recently added to or reduced their stakes in SCCO. Cetera Investment Advisers boosted its position in Southern Copper by 395.1% during the first quarter. Cetera Investment Advisers now owns 38,803 shares of the basic materials company’s stock worth $4,133,000 after purchasing an additional 30,966 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Southern Copper by 7.2% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 230,495 shares of the basic materials company’s stock valued at $26,661,000 after buying an additional 15,386 shares in the last quarter. Gateway Advisory LLC bought a new position in Southern Copper in the 2nd quarter worth approximately $625,000. Oppenheimer Asset Management Inc. purchased a new position in Southern Copper in the 3rd quarter valued at approximately $2,289,000. Finally, IFM Investors Pty Ltd raised its holdings in Southern Copper by 100.4% during the 3rd quarter. IFM Investors Pty Ltd now owns 11,468 shares of the basic materials company’s stock valued at $1,327,000 after acquiring an additional 5,746 shares during the period. Hedge funds and other institutional investors own 7.94% of the company’s stock.

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.