Raymond James Financial Inc. bought a new stake in shares of Southern Copper Co. (NYSE:SCCO - Free Report) in the 4th quarter, according to its most recent 13F filing with the SEC. The firm bought 92,391 shares of the basic materials company's stock, valued at approximately $8,420,000.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Principal Financial Group Inc. increased its stake in shares of Southern Copper by 33.7% during the 3rd quarter. Principal Financial Group Inc. now owns 9,693 shares of the basic materials company's stock worth $1,121,000 after purchasing an additional 2,442 shares in the last quarter. Empowered Funds LLC purchased a new position in Southern Copper during the third quarter worth $456,000. Pathstone Holdings LLC raised its holdings in shares of Southern Copper by 2.0% in the third quarter. Pathstone Holdings LLC now owns 12,523 shares of the basic materials company's stock worth $1,448,000 after acquiring an additional 247 shares during the last quarter. Caprock Group LLC acquired a new stake in shares of Southern Copper during the third quarter valued at $217,000. Finally, Prospera Financial Services Inc boosted its stake in shares of Southern Copper by 39.7% during the third quarter. Prospera Financial Services Inc now owns 3,389 shares of the basic materials company's stock valued at $392,000 after acquiring an additional 963 shares during the last quarter. Institutional investors and hedge funds own 7.94% of the company's stock.
Wall Street Analyst Weigh In
A number of research firms have issued reports on SCCO. UBS Group upgraded shares of Southern Copper from a "neutral" rating to a "buy" rating and set a $120.00 target price on the stock in a report on Thursday, March 13th. JPMorgan Chase & Co. upgraded shares of Southern Copper from an "underweight" rating to a "neutral" rating and set a $92.50 target price on the stock in a research report on Monday, December 2nd. Scotiabank lifted their target price on shares of Southern Copper from $52.00 to $72.00 and gave the stock a "sector underperform" rating in a research note on Monday, March 10th. Finally, Morgan Stanley raised Southern Copper from an "underweight" rating to an "equal weight" rating and reduced their price target for the stock from $106.30 to $102.00 in a research note on Thursday, December 12th. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $94.42.
Check Out Our Latest Report on Southern Copper
Southern Copper Trading Down 3.7 %
SCCO stock traded down $3.79 on Wednesday, hitting $97.69. 1,939,334 shares of the company were exchanged, compared to its average volume of 1,166,668. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.77 and a quick ratio of 2.31. The stock has a market capitalization of $77.78 billion, a price-to-earnings ratio of 22.61, a price-to-earnings-growth ratio of 1.90 and a beta of 1.12. Southern Copper Co. has a twelve month low of $84.33 and a twelve month high of $127.34. The business's fifty day moving average is $94.48 and its two-hundred day moving average is $100.70.
Southern Copper (NYSE:SCCO - Get Free Report) last released its quarterly earnings data on Wednesday, February 12th. The basic materials company reported $1.01 EPS for the quarter, missing analysts' consensus estimates of $1.02 by ($0.01). Southern Copper had a return on equity of 40.27% and a net margin of 29.53%. As a group, research analysts forecast that Southern Copper Co. will post 4.66 earnings per share for the current year.
Southern Copper Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 27th. Stockholders of record on Tuesday, February 11th were paid a $0.70 dividend. This is a positive change from Southern Copper's previous quarterly dividend of $0.60. This represents a $2.80 annualized dividend and a dividend yield of 2.87%. The ex-dividend date was Tuesday, February 11th. Southern Copper's payout ratio is currently 64.81%.
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.
Further Reading
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