Avanza Fonder AB Invests $829,000 in Southern Copper Co. (NYSE:SCCO)

Avanza Fonder AB acquired a new position in shares of Southern Copper Co. (NYSE:SCCO - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 9,096 shares of the basic materials company's stock, valued at approximately $829,000.

Several other institutional investors have also recently bought and sold shares of SCCO. Fisher Asset Management LLC grew its stake in shares of Southern Copper by 10.6% in the 3rd quarter. Fisher Asset Management LLC now owns 2,963,572 shares of the basic materials company's stock worth $342,796,000 after acquiring an additional 283,562 shares in the last quarter. State Street Corp increased its holdings in Southern Copper by 1.0% in the 3rd quarter. State Street Corp now owns 2,728,802 shares of the basic materials company's stock worth $315,641,000 after acquiring an additional 27,358 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Southern Copper by 74.6% in the third quarter. JPMorgan Chase & Co. now owns 1,402,983 shares of the basic materials company's stock valued at $162,283,000 after purchasing an additional 599,610 shares during the period. Empower Advisory Group LLC grew its position in shares of Southern Copper by 3.3% in the third quarter. Empower Advisory Group LLC now owns 1,004,060 shares of the basic materials company's stock valued at $116,140,000 after purchasing an additional 32,314 shares in the last quarter. Finally, Marathon Asset Management Ltd lifted its holdings in shares of Southern Copper by 2.9% in the third quarter. Marathon Asset Management Ltd now owns 788,672 shares of the basic materials company's stock worth $91,226,000 after buying an additional 22,437 shares in the last quarter. Institutional investors and hedge funds own 7.94% of the company's stock.

Southern Copper Price Performance

SCCO traded up $0.68 during midday trading on Monday, hitting $98.10. The stock had a trading volume of 703,645 shares, compared to its average volume of 663,891. The company has a market cap of $77.06 billion, a P/E ratio of 25.25, a price-to-earnings-growth ratio of 1.49 and a beta of 1.14. The business has a fifty day moving average of $97.79 and a 200 day moving average of $104.10. Southern Copper Co. has a 1 year low of $77.42 and a 1 year high of $129.79. The company has a debt-to-equity ratio of 0.64, a quick ratio of 2.31 and a current ratio of 2.77.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on SCCO. Scotiabank reduced their price target on shares of Southern Copper from $54.00 to $52.00 and set a "sector underperform" rating for the company in a research report on Tuesday, October 15th. Morgan Stanley upgraded Southern Copper from an "underweight" rating to an "equal weight" rating and decreased their target price for the stock from $106.30 to $102.00 in a research note on Thursday, December 12th. Citigroup lifted their price target on Southern Copper from $99.44 to $100.00 and gave the company a "sell" rating in a research report on Wednesday, October 2nd. Finally, JPMorgan Chase & Co. upgraded shares of Southern Copper from an "underweight" rating to a "neutral" rating and set a $92.50 price objective on the stock in a research report on Monday, December 2nd. Four analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $94.81.

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, copper, molybdenum, silver, gold, and lead.