Franklin Resources Inc. grew its position in Southern Copper Co. (NYSE:SCCO - Free Report) by 27.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 108,633 shares of the basic materials company's stock after buying an additional 23,539 shares during the period. Franklin Resources Inc.'s holdings in Southern Copper were worth $12,772,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in SCCO. Highland Capital Management LLC purchased a new position in Southern Copper during the second quarter worth about $1,106,000. Bank of New York Mellon Corp boosted its position in shares of Southern Copper by 11.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 276,902 shares of the basic materials company's stock worth $29,833,000 after purchasing an additional 27,921 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in Southern Copper by 0.7% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 630,579 shares of the basic materials company's stock valued at $67,939,000 after purchasing an additional 4,580 shares during the last quarter. Atomi Financial Group Inc. raised its position in Southern Copper by 11.9% in the second quarter. Atomi Financial Group Inc. now owns 9,070 shares of the basic materials company's stock valued at $977,000 after purchasing an additional 967 shares during the period. Finally, Klein Pavlis & Peasley Financial Inc. lifted its stake in Southern Copper by 2.8% during the second quarter. Klein Pavlis & Peasley Financial Inc. now owns 36,691 shares of the basic materials company's stock worth $3,953,000 after purchasing an additional 986 shares in the last quarter. 7.94% of the stock is currently owned by institutional investors and hedge funds.
Southern Copper Stock Up 1.1 %
Shares of NYSE SCCO opened at $93.01 on Friday. The business has a 50-day moving average of $105.20 and a two-hundred day moving average of $106.26. The company has a market capitalization of $73.06 billion, a price-to-earnings ratio of 23.95, a price-to-earnings-growth ratio of 1.56 and a beta of 1.14. Southern Copper Co. has a 1 year low of $77.14 and a 1 year high of $129.79. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.77 and a quick ratio of 2.31.
Southern Copper Dividend Announcement
The firm also recently declared a -- dividend, which was paid on Thursday, November 21st. Investors of record on Wednesday, November 6th were issued a $0.62 dividend. This represents a yield of 2.1%. The ex-dividend date was Wednesday, November 6th. Southern Copper's dividend payout ratio (DPR) is 72.16%.
Wall Street Analysts Forecast Growth
SCCO has been the topic of several research analyst reports. Morgan Stanley upgraded Southern Copper from an "underweight" rating to an "equal weight" rating and cut their price objective for the company from $106.30 to $102.00 in a report on Thursday, December 12th. JPMorgan Chase & Co. raised shares of Southern Copper from an "underweight" rating to a "neutral" rating and set a $92.50 price target on the stock in a research report on Monday, December 2nd. Citigroup increased their price objective on Southern Copper from $99.44 to $100.00 and gave the company a "sell" rating in a research note 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 for the company in a research note on Tuesday, October 15th. Four investment analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $94.81.
Read Our Latest Stock Report on Southern Copper
Southern Copper Profile
(
Free Report)
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.
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