New York State Common Retirement Fund lessened its stake in Southern Copper Co. (NYSE:SCCO - Free Report) by 5.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 140,981 shares of the basic materials company's stock after selling 8,407 shares during the quarter. New York State Common Retirement Fund's holdings in Southern Copper were worth $16,307,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Creative Financial Designs Inc. ADV increased its position in Southern Copper by 172.0% during the third quarter. Creative Financial Designs Inc. ADV now owns 223 shares of the basic materials company's stock worth $26,000 after buying an additional 141 shares during the last quarter. Financial Advocates Investment Management boosted its stake in shares of Southern Copper by 3.5% during the 3rd quarter. Financial Advocates Investment Management now owns 3,808 shares of the basic materials company's stock worth $440,000 after acquiring an additional 127 shares during the period. Pinnacle Associates Ltd. increased its holdings in shares of Southern Copper by 50.6% during the 3rd quarter. Pinnacle Associates Ltd. now owns 3,354 shares of the basic materials company's stock worth $388,000 after acquiring an additional 1,127 shares during the last quarter. First Trust Direct Indexing L.P. lifted its holdings in Southern Copper by 30.7% during the 3rd quarter. First Trust Direct Indexing L.P. now owns 5,167 shares of the basic materials company's stock valued at $598,000 after purchasing an additional 1,215 shares during the last quarter. Finally, Fidelis Capital Partners LLC lifted its holdings in Southern Copper by 14.5% during the 3rd quarter. Fidelis Capital Partners LLC now owns 5,814 shares of the basic materials company's stock valued at $662,000 after purchasing an additional 736 shares during the last quarter. 7.94% of the stock is owned by institutional investors.
Southern Copper Price Performance
Shares of NYSE SCCO traded down $3.80 during trading hours on Wednesday, hitting $109.50. 1,247,478 shares of the stock were exchanged, compared to its average volume of 1,151,440. Southern Copper Co. has a 1-year low of $68.93 and a 1-year high of $129.79. The company has a market cap of $85.54 billion, a PE ratio of 28.22, a price-to-earnings-growth ratio of 1.14 and a beta of 1.18. The company has a debt-to-equity ratio of 0.64, a quick ratio of 2.31 and a current ratio of 2.77. The company's fifty day simple moving average is $108.91 and its two-hundred day simple moving average is $109.99.
Southern Copper Dividend Announcement
The firm also recently disclosed a -- dividend, which will be paid on Thursday, November 21st. Investors of record on Wednesday, November 6th will be given a dividend of $0.62 per share. The ex-dividend date is Wednesday, November 6th. This represents a dividend yield of 2.1%. Southern Copper's dividend payout ratio is currently 72.16%.
Analysts Set New Price Targets
Several equities analysts have recently commented on SCCO shares. Citigroup upped their target price on Southern Copper from $99.44 to $100.00 and gave the company a "sell" rating in a research report on Wednesday, October 2nd. Morgan Stanley upped their price objective on Southern Copper from $97.00 to $100.00 and gave the company an "underweight" rating in a report on Thursday, September 19th. Scotiabank dropped their target price on Southern Copper from $54.00 to $52.00 and set a "sector underperform" rating for the company in a report on Tuesday, October 15th. Finally, UBS Group assumed coverage on shares of Southern Copper in a research note on Friday, July 12th. They issued a "neutral" rating and a $120.00 price target on the stock. Six research analysts have rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $90.63.
Read Our Latest Analysis on SCCO
Southern Copper Company 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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