US Bancorp DE lessened its holdings in Southern Copper Co. (NYSE:SCCO - Free Report) by 16.7% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 55,871 shares of the basic materials company's stock after selling 11,216 shares during the period. US Bancorp DE's holdings in Southern Copper were worth $6,463,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Fidelis Capital Partners LLC purchased a new position in shares of Southern Copper in the 1st quarter worth approximately $26,000. McClarren Financial Advisors Inc. boosted its stake in shares of Southern Copper by 169.2% in the 3rd 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 last quarter. Itau Unibanco Holding S.A. purchased a new position in shares of Southern Copper in the 2nd quarter worth approximately $31,000. Oakworth Capital Inc. purchased a new position in shares of Southern Copper in the 3rd quarter worth approximately $42,000. Finally, Hanseatic Management Services Inc. purchased a new position in shares of Southern Copper in the 2nd quarter worth approximately $53,000. Hedge funds and other institutional investors own 7.94% of the company's stock.
Analysts Set New Price Targets
Several research firms recently commented on SCCO. Scotiabank dropped their price objective on Southern Copper from $54.00 to $52.00 and set a "sector underperform" rating on the stock in a research note on Tuesday, October 15th. Citigroup upped 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. Morgan Stanley upped their price objective on Southern Copper from $97.00 to $100.00 and gave the company an "underweight" rating in a research note on Thursday, September 19th. Finally, UBS Group began coverage on Southern Copper in a research note on Friday, July 12th. They issued a "neutral" rating and a $120.00 price objective on the stock. Six research 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 a consensus rating of "Hold" and an average price target of $90.63.
View Our Latest Research Report on Southern Copper
Southern Copper Stock Performance
SCCO stock traded up $1.21 during midday trading on Monday, reaching $111.31. 659,630 shares of the company's stock traded hands, compared to its average volume of 1,152,299. The company has a 50-day moving average price of $108.45 and a two-hundred day moving average price of $110.01. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.27 and a current ratio of 2.81. Southern Copper Co. has a 52 week low of $68.93 and a 52 week high of $129.79. The firm has a market capitalization of $86.95 billion, a PE ratio of 28.35, a price-to-earnings-growth ratio of 1.12 and a beta of 1.18.
Southern Copper Announces Dividend
The firm also recently announced a -- dividend, which will be paid on Thursday, November 21st. Shareholders of record on Wednesday, November 6th will be issued a dividend of $0.62 per share. The ex-dividend date of this dividend is Wednesday, November 6th. This represents a yield of 2.1%. Southern Copper's payout ratio is 61.79%.
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.
See Also
Before you consider Southern Copper, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Southern Copper wasn't on the list.
While Southern Copper currently has a "Reduce" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Which stocks are likely to thrive in today's challenging market? Click the link below and we'll send you MarketBeat's list of ten stocks that will drive in any economic environment.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
