KLP Kapitalforvaltning AS Acquires Shares of 35,918 Southern Copper Co. (NYSE:SCCO)

KLP Kapitalforvaltning AS purchased a new stake in Southern Copper Co. (NYSE:SCCO - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 35,918 shares of the basic materials company's stock, valued at approximately $3,273,000.

Several other institutional investors and hedge funds also recently made changes to their positions in SCCO. Whittier Trust Co. of Nevada Inc. bought a new stake in Southern Copper during the 4th quarter worth approximately $30,000. Deseret Mutual Benefit Administrators increased its position in shares of Southern Copper by 210.7% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 379 shares of the basic materials company's stock worth $35,000 after acquiring an additional 257 shares in the last quarter. Larson Financial Group LLC raised its holdings in shares of Southern Copper by 578.3% during the third quarter. Larson Financial Group LLC now owns 407 shares of the basic materials company's stock worth $47,000 after acquiring an additional 347 shares during the period. IFP Advisors Inc lifted its position in Southern Copper by 143.4% in the 4th quarter. IFP Advisors Inc now owns 477 shares of the basic materials company's stock valued at $43,000 after acquiring an additional 281 shares in the last quarter. Finally, Spire Wealth Management acquired a new position in Southern Copper in the 4th quarter worth $47,000. Institutional investors and hedge funds own 7.94% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on SCCO. Morgan Stanley raised Southern Copper from an "underweight" rating to an "equal weight" rating and dropped their price target for the company from $106.30 to $102.00 in a research note on Thursday, December 12th. Scotiabank increased their price objective on Southern Copper from $52.00 to $72.00 and gave the stock a "sector underperform" rating in a report on Monday, March 10th. JPMorgan Chase & Co. upgraded Southern Copper from an "underweight" rating to a "neutral" rating and set a $92.50 target price on the stock in a research note on Monday, December 2nd. Finally, UBS Group raised shares of Southern Copper from a "neutral" rating to a "buy" rating and set a $120.00 price target for the company in a research note on Thursday, March 13th. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $94.42.

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Southern Copper Stock Down 2.8 %

Shares of NYSE:SCCO traded down $2.73 during trading on Friday, hitting $94.11. 1,135,650 shares of the company were exchanged, compared to its average volume of 1,193,527. Southern Copper Co. has a fifty-two week low of $84.33 and a fifty-two week high of $127.34. The stock has a market cap of $74.93 billion, a price-to-earnings ratio of 21.78, a P/E/G ratio of 1.90 and a beta of 1.12. 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 firm has a fifty day moving average price of $94.41 and a two-hundred day moving average price of $100.72.

Southern Copper (NYSE:SCCO - Get Free Report) last issued its earnings results on Wednesday, February 12th. The basic materials company reported $1.01 earnings per share for the quarter, missing analysts' consensus estimates of $1.02 by ($0.01). Southern Copper had a return on equity of 40.27% and a net margin of 29.53%. As a group, research analysts anticipate that Southern Copper Co. will post 4.66 earnings per share for the current fiscal year.

Southern Copper Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, February 27th. Investors of record on Tuesday, February 11th were paid a $0.70 dividend. This is an increase from Southern Copper's previous quarterly dividend of $0.60. This represents a $2.80 annualized dividend and a yield of 2.98%. The ex-dividend date of this dividend was Tuesday, February 11th. Southern Copper's dividend payout ratio (DPR) is 64.81%.

Southern Copper Company Profile

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.