What Will Happen to Southern Copper Corporation (SCCO) Next? The Stock Formed a Several Months Wedge Up

December 7, 2017 - By Vivian Park

Investors sentiment decreased to 0.91 in 2017 Q2. Its down 0.14, from 1.05 in 2017Q1. It dived, as 27 investors sold Southern Copper Corporation shares while 72 reduced holdings. 27 funds opened positions while 63 raised stakes. 46.22 million shares or 3.66% less from 47.98 million shares in 2017Q1 were reported.
Daiwa Secs Gru reported 600 shares or 0% of all its holdings. Credit Suisse Ag stated it has 0.01% of its portfolio in Southern Copper Corporation (NYSE:SCCO). Susquehanna Intll Group Llp holds 7,700 shares. Prudential Public Limited holds 0.16% of its portfolio in Southern Copper Corporation (NYSE:SCCO) for 1.41M shares. Cornerstone has invested 0% of its portfolio in Southern Copper Corporation (NYSE:SCCO). Sit Associates owns 5,400 shares. Td Asset Management Inc reported 51,800 shares. Hsbc Hldg Public holds 0.01% of its portfolio in Southern Copper Corporation (NYSE:SCCO) for 168,320 shares. Panagora Asset has 0.01% invested in Southern Copper Corporation (NYSE:SCCO) for 66,355 shares. Alliancebernstein L P, a New York-based fund reported 112,222 shares. Fuller And Thaler Asset Management Inc reported 3,800 shares stake. Ontario – Canada-based Cibc Asset Management has invested 0.01% in Southern Copper Corporation (NYSE:SCCO). Alta Advisers Ltd holds 0.75% or 10,175 shares. Sei Invests owns 16,873 shares or 0% of their US portfolio. Indexiq Advsrs Limited Liability accumulated 10,692 shares or 0.02% of the stock.

The stock of Southern Copper Corporation (SCCO) formed an up wedge with $43.52 target or 3.00 % above today’s $42.25 share price. The 8 months wedge indicates low risk for the $32.66 billion company. If the $43.52 price target is reached, the company will be worth $979.80 million more.
Rising wedges, especially for downward breakouts are tricky moments to trade. Investors must be aware that the break even failure rate for up or down breakouts is: 8% and 24%. The average rise is 28% and the decline is 14%. Wedges has high throwback and pullback rate: 73%, 63% and the percent of wedges meeting target is not more than 50%.

The stock increased 0.14% or $0.06 during the last trading session, reaching $42.25. About 1.04 million shares traded or 4.42% up from the average. Southern Copper Corporation (NYSE:SCCO) has risen 28.26% since December 8, 2016 and is uptrending. It has outperformed by 11.56% the S&P500.

Southern Copper Corporation (NYSE:SCCO) Ratings Coverage

Among 12 analysts covering Southern Copper (NYSE:SCCO), 2 have Buy rating, 4 Sell and 6 Hold. Therefore 17% are positive. Southern Copper had 26 analyst reports since August 5, 2015 according to SRatingsIntel. The rating was upgraded by Credit Suisse on Wednesday, December 7 to “Neutral”. On Friday, August 26 the stock rating was upgraded by HSBC to “Hold”. The rating was maintained by Cowen & Co on Friday, November 3 with “Hold”. As per Wednesday, April 12, the company rating was maintained by Cowen & Co. Cowen & Co maintained Southern Copper Corporation (NYSE:SCCO) on Tuesday, May 3 with “Market Perform” rating. Santander downgraded the shares of SCCO in report on Tuesday, December 8 to “Hold” rating. On Wednesday, August 9 the stock rating was maintained by Barclays Capital with “Underweight”. Credit Suisse downgraded the stock to “Underperform” rating in Friday, July 1 report. The firm earned “Neutral” rating on Monday, August 31 by JP Morgan. Cowen & Co maintained the stock with “Market Perform” rating in Thursday, February 18 report.

More notable recent Southern Copper Corporation (NYSE:SCCO) news were published by: Reuters.com which released: “Southern Copper workers strike, company says no impact” on November 22, 2017, also Bloomberg.com with their article: “A Confusing Copper Strike in Peru Highlights Supply Uncertainty” published on November 28, 2017, Reuters.com published: “Southern Copper workers in Peru on strike for ninth day” on November 29, 2017. More interesting news about Southern Copper Corporation (NYSE:SCCO) were released by: Nasdaq.com and their article: “YieldBoost Southern Copper Corp From 2.4% To 11.7% Using Options” published on December 07, 2017 as well as Finance.Yahoo.com‘s news article titled: “Should You Buy Southern Copper (SCCO) Ahead of Earnings?” with publication date: November 27, 2017.

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