Citigroup Inc. Increases Holdings in Southern Copper Co. (NYSE:SCCO)

Citigroup Inc. increased its position in Southern Copper Co. (NYSE:SCCO - Free Report) by 3.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 199,978 shares of the basic materials company's stock after purchasing an additional 6,436 shares during the period. Citigroup Inc.'s holdings in Southern Copper were worth $23,131,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Los Angeles Capital Management LLC raised its stake in shares of Southern Copper by 1,300.4% in the second quarter. Los Angeles Capital Management LLC now owns 443,285 shares of the basic materials company's stock worth $47,760,000 after purchasing an additional 411,630 shares during the last quarter. International Assets Investment Management LLC grew its stake in shares of Southern Copper by 11,510.5% in the third quarter. International Assets Investment Management LLC now owns 189,716 shares of the basic materials company's stock worth $21,944,000 after acquiring an additional 188,082 shares during the period. Quantbot Technologies LP purchased a new position in shares of Southern Copper during the second quarter valued at approximately $11,142,000. Van ECK Associates Corp raised its holdings in shares of Southern Copper by 30.2% during the second quarter. Van ECK Associates Corp now owns 297,536 shares of the basic materials company's stock valued at $32,057,000 after purchasing an additional 68,944 shares during the last quarter. Finally, Decade Renewable Partners LP bought a new position in Southern Copper during the second quarter valued at approximately $6,755,000. 7.94% of the stock is owned by hedge funds and other institutional investors.

Southern Copper Stock Performance

NYSE SCCO traded up $0.78 on Wednesday, hitting $99.32. 118,802 shares of the company traded hands, compared to its average volume of 1,133,953. The business's 50 day moving average price is $110.28 and its 200-day moving average price is $108.76. Southern Copper Co. has a 52-week low of $70.63 and a 52-week high of $129.79. The company has a current ratio of 2.77, a quick ratio of 2.31 and a debt-to-equity ratio of 0.64. The company has a market capitalization of $78.02 billion, a price-to-earnings ratio of 25.37, a P/E/G ratio of 1.05 and a beta of 1.18.

Southern Copper Announces Dividend

The business also recently disclosed a -- dividend, which was paid on Thursday, November 21st. Investors of record on Wednesday, November 6th were paid a dividend of $0.62 per share. The ex-dividend date of this dividend was Wednesday, November 6th. This represents a dividend yield of 2.1%. Southern Copper's dividend payout ratio (DPR) is presently 72.09%.

Analysts Set New Price Targets

SCCO has been the subject of a number of research analyst reports. Morgan Stanley lifted their target price on shares of Southern Copper from $97.00 to $100.00 and gave the stock an "underweight" rating in a research report on Thursday, September 19th. Citigroup lifted their price objective on Southern Copper from $99.44 to $100.00 and gave the stock a "sell" rating in a report on Wednesday, October 2nd. Finally, Scotiabank lowered their target price on Southern Copper from $54.00 to $52.00 and set a "sector underperform" rating on the stock in a report on Tuesday, October 15th. Six investment analysts have rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat.com, Southern Copper currently has a consensus rating of "Hold" and an average target price of $90.63.

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.