Renaissance Technologies LLC Buys 381,035 Shares of Southern Copper Co. (NYSE:SCCO)

Renaissance Technologies LLC raised its stake in shares of Southern Copper Co. (NYSE:SCCO - Free Report) by 1,417.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 407,912 shares of the basic materials company's stock after buying an additional 381,035 shares during the period. Renaissance Technologies LLC owned approximately 0.05% of Southern Copper worth $37,173,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SCCO. Whittier Trust Co. of Nevada Inc. bought a new stake in Southern Copper during the fourth quarter worth approximately $30,000. Deseret Mutual Benefit Administrators grew its holdings in shares of Southern Copper by 210.7% in the 4th quarter. Deseret Mutual Benefit Administrators now owns 379 shares of the basic materials company's stock worth $35,000 after acquiring an additional 257 shares during the last quarter. IFP Advisors Inc lifted its holdings in shares of Southern Copper by 143.4% during the fourth quarter. IFP Advisors Inc now owns 477 shares of the basic materials company's stock valued at $43,000 after purchasing an additional 281 shares during the last quarter. Spire Wealth Management acquired a new position in shares of Southern Copper in the 4th quarter valued at $47,000. Finally, Larson Financial Group LLC increased its stake in Southern Copper by 28.0% in the 4th quarter. Larson Financial Group LLC now owns 521 shares of the basic materials company's stock worth $48,000 after purchasing an additional 114 shares in the last quarter. 7.94% of the stock is currently owned by institutional investors.

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Analysts Set New Price Targets

Several research analysts have commented on the stock. UBS Group decreased their target price on shares of Southern Copper from $120.00 to $100.00 and set a "buy" rating for the company in a report on Tuesday. JPMorgan Chase & Co. reduced their target price on Southern Copper from $84.00 to $83.50 and set a "neutral" rating for the company in a report on Monday. Finally, Scotiabank lifted their price target on Southern Copper from $52.00 to $72.00 and gave the company a "sector underperform" rating in a report on Monday, March 10th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $89.58.

Southern Copper Price Performance

Southern Copper stock traded down $0.82 during mid-day trading on Tuesday, hitting $86.85. 1,256,692 shares of the company were exchanged, compared to its average volume of 1,225,290. The company has a market capitalization of $69.15 billion, a PE ratio of 20.10, a price-to-earnings-growth ratio of 1.90 and a beta of 1.04. The business has a fifty day moving average of $91.94 and a 200 day moving average of $98.79. Southern Copper Co. has a 1-year low of $74.84 and a 1-year high of $127.34. The company has a quick ratio of 2.31, a current ratio of 2.77 and a debt-to-equity ratio of 0.64.

Southern Copper (NYSE:SCCO - Get Free Report) last released its quarterly earnings results 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 net margin of 29.53% and a return on equity of 40.27%. As a group, sell-side analysts expect that Southern Copper Co. will post 4.66 earnings per share for the current year.

Southern Copper Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, February 27th. Shareholders of record on Tuesday, February 11th were paid a $0.70 dividend. The ex-dividend date was Tuesday, February 11th. This is an increase from Southern Copper's previous quarterly dividend of $0.60. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.22%. Southern Copper's payout ratio is currently 64.81%.

Southern Copper 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.