abrdn plc lowered its position in shares of Southern Copper Co. (NYSE:SCCO - Free Report) by 7.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,730,729 shares of the basic materials company's stock after selling 226,546 shares during the period. abrdn plc owned about 0.35% of Southern Copper worth $317,338,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of SCCO. Fidelis Capital Partners LLC bought a new stake in Southern Copper in the first quarter valued at approximately $26,000. McClarren Financial Advisors Inc. increased its stake in shares of Southern Copper by 169.2% in the third quarter. McClarren Financial Advisors Inc. now owns 288 shares of the basic materials company's stock worth $33,000 after buying an additional 181 shares during the period. Itau Unibanco Holding S.A. bought a new stake in Southern Copper during the 2nd quarter valued at $31,000. Oakworth Capital Inc. purchased a new stake in Southern Copper during the 3rd quarter valued at $42,000. Finally, Hanseatic Management Services Inc. purchased a new stake in Southern Copper during the 2nd quarter valued at $53,000. 7.94% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several research firms recently issued reports on SCCO. Morgan Stanley raised their target price on Southern Copper from $97.00 to $100.00 and gave the stock an "underweight" rating in a research note on Thursday, September 19th. Scotiabank cut their price objective on Southern Copper from $54.00 to $52.00 and set a "sector underperform" rating on the stock in a research report on Tuesday, October 15th. UBS Group started coverage on Southern Copper in a research note on Friday, July 12th. They set a "neutral" rating and a $120.00 target price on the stock. Finally, Citigroup raised their price target 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 given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $90.63.
View Our Latest Research Report on Southern Copper
Southern Copper Stock Down 0.3 %
SCCO stock traded down $0.40 during midday trading on Tuesday, hitting $114.41. The stock had a trading volume of 679,027 shares, compared to its average volume of 1,160,051. Southern Copper Co. has a 52-week low of $68.93 and a 52-week high of $129.79. The firm has a market cap of $89.37 billion, a price-to-earnings ratio of 29.75, a price-to-earnings-growth ratio of 1.18 and a beta of 1.18. 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 business has a 50-day moving average of $107.81 and a two-hundred day moving average of $110.09.
Southern Copper Announces Dividend
The firm also recently disclosed a -- dividend, which will be paid on Thursday, November 21st. Shareholders of record on Wednesday, November 6th will be issued a $0.62 dividend. This represents a yield of 2.1%. The ex-dividend date is Wednesday, November 6th. Southern Copper's dividend payout ratio (DPR) is presently 72.16%.
Southern Copper Company Profile
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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.
Further Reading
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