Barclays PLC Increases Southern Copper Corporation (NYSE:SCCO) Price Target to $35.00
Southern Copper Corporation (NYSE:SCCO) had its price objective raised by equities research analysts at Barclays PLC from $33.00 to $35.00 in a note issued to investors on Wednesday. The brokerage currently has an “underweight” rating on the basic materials company’s stock. Barclays PLC’s price target suggests a potential downside of 10.90% from the company’s current price.
Other equities research analysts also recently issued reports about the company. Cowen and Company restated a “hold” rating and set a $39.00 price objective on shares of Southern Copper Corporation in a report on Wednesday, July 19th. BidaskClub upgraded Southern Copper Corporation from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. Finally, FBR & Co lowered their price target 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. Three analysts have rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $33.78.
Southern Copper Corporation (NYSE SCCO) traded down 0.31% during trading on Wednesday, hitting $39.16. 229,194 shares of the stock traded hands. Southern Copper Corporation has a 12 month low of $24.90 and a 12 month high of $39.94. The stock has a market cap of $30.27 billion, a P/E ratio of 30.79 and a beta of 0.55. The firm’s 50-day moving average is $36.66 and its 200-day moving average is $36.20.
In related news, Chairman German Larrea Mota Velasco sold 25,070 shares of the business’s stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $39.50, for a total transaction of $990,265.00. Following the completion of the transaction, the chairman now owns 3,477,097 shares in the company, valued at approximately $137,345,331.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 900,670 shares of company stock valued at $35,575,771 in the last 90 days. Insiders own 0.53% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Teachers Advisors LLC raised its position in shares of Southern Copper Corporation by 310.9% in the fourth quarter. Teachers Advisors LLC now owns 533,389 shares of the basic materials company’s stock worth $17,036,000 after buying an additional 403,571 shares during the period. Creative Planning raised its position in shares of Southern Copper Corporation by 10.7% in the first quarter. Creative Planning now owns 14,841 shares of the basic materials company’s stock worth $533,000 after buying an additional 1,432 shares during the period. Sheets Smith Wealth Management acquired a new position in shares of Southern Copper Corporation during the first quarter worth about $278,000. Gulf International Bank UK Ltd raised its position in shares of Southern Copper Corporation by 22.5% in the first quarter. Gulf International Bank UK Ltd now owns 21,783 shares of the basic materials company’s stock worth $781,000 after buying an additional 4,000 shares during the period. Finally, Capstone Asset Management Co. raised its position in shares of Southern Copper Corporation by 1.9% in the first quarter. Capstone Asset Management Co. now owns 18,423 shares of the basic materials company’s stock worth $661,000 after buying an additional 340 shares during the period. Institutional investors and hedge funds own 6.32% of the company’s stock.
About Southern Copper Corporation
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.
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