New Sell Rating for Southern Copper (SCCO), the Basic Materials Giant

J.P. Morgan analyst Rodolfo Angele maintained a Sell rating on Southern Copper yesterday and set a price target of $131.50. The company’s shares closed yesterday at $189.91.

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According to TipRanks, Angele is a 4-star analyst with an average return of 6.2% and a 48.91% success rate. Angele covers the Basic Materials sector, focusing on stocks such as Vale SA, Southern Copper, and Ternium SA.

Currently, the analyst consensus on Southern Copper is a Strong Sell with an average price target of $148.70, implying a -21.70% downside from current levels. In a report released on June 15, Scotiabank also maintained a Sell rating on the stock with a $140.00 price target.

Based on Southern Copper’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $4.25 billion and a net profit of $1.58 billion. In comparison, last year the company earned a revenue of $3.12 billion and had a net profit of $945.9 million

Based on the recent corporate insider activity of 50 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of SCCO in relation to earlier this year. Last month, Luis Miguel Palomino Bonilla, a Director at SCCO sold 200.00 shares for a total of $35,565.00.