Shares in diversified metals and mining company South32 Ltd (ASX: S32) are down 3.6% at the time of writing to $3.20 after a downward spiral notable since February 12.
South32 is a BHP Billiton Limited (ASX: BHP) cast off that has performed strongly since its mid-2015 ASX debut, but the last week has not been kind to the mid-weight manganese, nickel, lead, zinc and coal producer.
The announcement of half-year results on February 12 coincided with South32's slide into the red, despite the company revealing it would return US$378 million to shareholders in dividends.
South32 did log a profit drop, down 12% on the same period last year, and investors are likely shaken by two broker downgrades to cap off last week, with Macquarie Group Ltd (ASX: MQG) issuing an underperform rating on February 16 and a Morgan's price target of just $2.97 on the same day.
Some of South32's mining peers have also started the week in the red, with BHP Billiton at the big end of town opening down 1.4% at $31.06, Orocobre Limited (ASX: ORE) down slightly to $6.68 from Friday's close of $6.72, St Barbara Ltd (ASX: SBM) marginally down to $3.86 and Rio Tinto Limited (ASX: RIO) slipping 0.3% to $82.22.
