Southern Copper Corp (NYSE:SCCO) was the target of a large decrease in short interest during the month of December. As of December 31st, there was short interest totalling 4,530,000 shares, a decrease of 9.8% from the December 15th total of 5,020,000 shares. Based on an average daily volume of 691,600 shares, the days-to-cover ratio is presently 6.6 days. Approximately 5.5% of the shares of the stock are short sold.
Shares of SCCO stock traded down $0.12 during trading hours on Tuesday, reaching $44.29. 716,412 shares of the company were exchanged, compared to its average volume of 628,922. Southern Copper has a fifty-two week low of $29.39 and a fifty-two week high of $44.82. The company has a debt-to-equity ratio of 0.95, a current ratio of 2.92 and a quick ratio of 2.18. The stock’s fifty day moving average is $41.13 and its two-hundred day moving average is $36.46. The company has a market cap of $33.23 billion, a price-to-earnings ratio of 22.15, a P/E/G ratio of 1.85 and a beta of 0.96.
Southern Copper (NYSE:SCCO) last issued its quarterly earnings results on Friday, October 25th. The basic materials company reported $0.50 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.50. Southern Copper had a net margin of 20.68% and a return on equity of 21.86%. The business had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.83 billion. On average, research analysts anticipate that Southern Copper will post 1.97 earnings per share for the current year.
Several brokerages have recently commented on SCCO. Zacks Investment Research downgraded Southern Copper from a “hold” rating to a “sell” rating and set a $36.00 target price on the stock. in a report on Wednesday, October 16th. Itau Unibanco cut Southern Copper to a “hold” rating and set a $45.00 price target for the company. in a report on Tuesday, December 17th. ValuEngine downgraded Southern Copper from a “hold” rating to a “sell” rating in a research report on Monday, November 25th. Morgan Stanley raised Southern Copper from an “underweight” rating to an “equal” rating and set a $36.00 price objective on the stock in a research note on Monday, September 23rd. Finally, Itau BBA Securities reissued a “market perform” rating on shares of Southern Copper in a research note on Tuesday, December 17th. Three research analysts have rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the stock. Southern Copper has a consensus rating of “Hold” and an average target price of $39.80.
In other news, Director Sanchez Mejorada Enri Castillo sold 12,825 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $36.89, for a total value of $473,114.25. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.46% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently made changes to their positions in the business. Banco de Sabadell S.A acquired a new stake in shares of Southern Copper in the 3rd quarter valued at $25,000. Usca Ria LLC acquired a new stake in Southern Copper in the third quarter worth about $34,000. North Star Investment Management Corp. acquired a new stake in Southern Copper in the third quarter worth about $41,000. Signaturefd LLC raised its holdings in Southern Copper by 100.6% during the 3rd quarter. Signaturefd LLC now owns 1,344 shares of the basic materials company’s stock worth $46,000 after purchasing an additional 674 shares during the last quarter. Finally, Coastal Investment Advisors Inc. raised its holdings in Southern Copper by 46.5% during the 3rd quarter. Coastal Investment Advisors Inc. now owns 1,919 shares of the basic materials company’s stock worth $66,000 after purchasing an additional 609 shares during the last quarter. Hedge funds and other institutional investors own 6.25% 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 and lead.
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