Southern Copper (NYSE:SCCO) has been downgraded by Wall Street Zen from a "buy" rating to a "hold" rating in a report released on Saturday. This move comes amid mixed signals from other analysts, with some maintaining positive outlooks while others remain bearish. Citigroup reiterated a "positive" rating on the stock, while UBS Group reissued a "sell" rating with a price target of $178.11, up from $158.32. Weiss Ratings lowered its rating from a "buy (b+)" to a "buy (b)", and CICC Research downgraded the stock to "market perform". Wells Fargo & Company set a price objective of $190.98 and gave the stock an "equal weight" rating.
The stock currently has a consensus rating of "Reduce" and an average price target of $159.26. Shares of SCCO opened at $167.10 on Friday, with a market capitalization of $139.42 billion. The company reported earnings per share of $2.13 for the quarter, beating analysts' estimates of $2.01. Revenue for the quarter was $4.70 billion, surpassing expectations of $4.49 billion. The stock has a 12-month low of $119.25 and a high of $223.88.
Institutional investors have been active in the stock, with BlackRock Inc. acquiring a new position valued at approximately $1,729,500,000 in the second quarter. Bank of America Corp DE, Legal & General Group Plc, Healthcare of Ontario Pension Plan Trust Fund, and Deutsche Bank AG also made significant investments. Hedge funds and other institutional investors now own 7.94% of the stock.
Southern Copper Corporation is an integrated mining company focused on the exploration, mining, processing, and refining of copper. Its operations produce molybdenum, zinc, lead, silver, and other mineral products. The company operates mines and processing facilities in Peru and Mexico, including the Toquepala and Cuajone operations in Peru and the Buenavista and La Caridad operations in Mexico.