Allspring Global Investments Holdings LLC Decreases Stock Holdings in Southern Copper Co. (NYSE:SCCO)

Allspring Global Investments Holdings LLC lowered its stake in shares of Southern Copper Co. (NYSE:SCCO - Free Report) by 29.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 445,398 shares of the basic materials company's stock after selling 185,181 shares during the period. Allspring Global Investments Holdings LLC owned about 0.06% of Southern Copper worth $51,519,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Fidelis Capital Partners LLC acquired a new position in Southern Copper during the 1st quarter worth about $26,000. Riverview Trust Co acquired a new stake in Southern Copper during the 1st quarter worth approximately $27,000. Itau Unibanco Holding S.A. acquired a new stake in shares of Southern Copper in the 2nd quarter valued at approximately $31,000. Hanseatic Management Services Inc. acquired a new stake in shares of Southern Copper in the 2nd quarter valued at approximately $53,000. Finally, GAMMA Investing LLC increased its stake in Southern Copper by 53.0% in the 3rd quarter. GAMMA Investing LLC now owns 517 shares of the basic materials company's stock valued at $60,000 after purchasing an additional 179 shares in the last quarter. Hedge funds and other institutional investors own 7.94% of the company's stock.

Southern Copper Trading Up 1.9 %

NYSE SCCO traded up $2.17 during mid-day trading on Tuesday, reaching $114.57. 1,202,031 shares of the stock were exchanged, compared to its average volume of 1,137,053. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.81 and a quick ratio of 2.27. The stock has a market cap of $89.49 billion, a P/E ratio of 32.49, a P/E/G ratio of 1.17 and a beta of 1.18. The stock has a 50 day simple moving average of $106.69 and a 200-day simple moving average of $110.09. Southern Copper Co. has a one year low of $68.93 and a one year high of $129.79.

Southern Copper (NYSE:SCCO - Get Free Report) last posted its quarterly earnings results on Friday, July 19th. The basic materials company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.09. The company had revenue of $3.12 billion for the quarter, compared to analyst estimates of $2.96 billion. Southern Copper had a net margin of 26.15% and a return on equity of 34.98%. On average, analysts anticipate that Southern Copper Co. will post 4.47 EPS for the current year.

Southern Copper Dividend Announcement

The firm also recently announced a -- dividend, which will be paid on Thursday, November 21st. Stockholders of record on Wednesday, November 6th will be given a $0.62 dividend. This represents a dividend yield of 2.1%. The ex-dividend date is Wednesday, November 6th. Southern Copper's dividend payout ratio is presently 68.07%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on SCCO shares. Morgan Stanley lifted their price objective on Southern Copper from $97.00 to $100.00 and gave the company an "underweight" rating in a research report on Thursday, September 19th. UBS Group started coverage on Southern Copper in a report on Friday, July 12th. They issued a "neutral" rating and a $120.00 price objective for the company. Scotiabank reduced their price objective on 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. Finally, Citigroup raised their price objective on Southern Copper from $99.44 to $100.00 and gave the stock a "sell" rating in a research note on Wednesday, October 2nd. Six investment analysts have rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $90.63.

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.