Prudential Financial Inc. reduced its stake in Southern Copper Co. (NYSE:SCCO - Free Report) by 79.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,984 shares of the basic materials company's stock after selling 11,828 shares during the quarter. Prudential Financial Inc.'s holdings in Southern Copper were worth $272,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Nordea Investment Management AB boosted its holdings in Southern Copper by 15.3% in the fourth quarter. Nordea Investment Management AB now owns 108,753 shares of the basic materials company's stock worth $9,969,000 after acquiring an additional 14,391 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Southern Copper by 74.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,402,983 shares of the basic materials company's stock worth $162,283,000 after purchasing an additional 599,610 shares in the last quarter. Robeco Institutional Asset Management B.V. boosted its stake in Southern Copper by 22.2% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 137,019 shares of the basic materials company's stock worth $12,487,000 after purchasing an additional 24,933 shares in the last quarter. Morse Asset Management Inc purchased a new stake in Southern Copper during the 3rd quarter valued at about $1,397,000. Finally, Raymond James Financial Inc. bought a new stake in Southern Copper during the 4th quarter valued at about $8,420,000. Hedge funds and other institutional investors own 7.94% of the company's stock.
Southern Copper Stock Performance
NYSE:SCCO traded down $1.47 during trading hours on Tuesday, reaching $86.20. The company had a trading volume of 531,097 shares, compared to its average volume of 1,475,088. Southern Copper Co. has a 52 week low of $74.84 and a 52 week high of $129.79. The firm's 50 day moving average price is $91.94 and its 200-day moving average price is $98.79. 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 market cap of $68.63 billion, a price-to-earnings ratio of 19.95, a PEG ratio of 1.90 and a beta of 1.04.
Southern Copper (NYSE:SCCO - Get Free Report) last issued its quarterly earnings results on Wednesday, February 12th. The basic materials company reported $1.01 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.01). Southern Copper had a return on equity of 40.27% and a net margin of 29.53%. On average, analysts forecast that Southern Copper Co. will post 4.66 EPS for the current 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 dividend of $0.70 per share. This is a boost from Southern Copper's previous quarterly dividend of $0.60. The ex-dividend date was Tuesday, February 11th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.25%. Southern Copper's payout ratio is 64.81%.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently commented on the stock. JPMorgan Chase & Co. cut their price target on shares of Southern Copper from $84.00 to $83.50 and set a "neutral" rating on the stock in a report on Monday. UBS Group lowered their price objective on Southern Copper from $120.00 to $100.00 and set a "buy" rating on the stock in a research report on Tuesday. Finally, Scotiabank lifted their target price on Southern Copper from $52.00 to $72.00 and gave the stock a "sector underperform" rating in a report on Monday, March 10th. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $89.58.
View Our Latest Analysis on Southern Copper
About Southern Copper
(
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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