Legal & General Group Plc lessened its stake in Southern Copper Co. (NYSE:SCCO - Free Report) by 20.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 910,165 shares of the basic materials company's stock after selling 234,175 shares during the quarter. Legal & General Group Plc owned 0.12% of Southern Copper worth $82,944,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently bought and sold shares of SCCO. Nordea Investment Management AB lifted its stake in shares of 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 buying an additional 14,391 shares in the last quarter. JPMorgan Chase & Co. lifted its position 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 valued at $162,283,000 after acquiring an additional 599,610 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its holdings in shares of 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 position in shares of Southern Copper in the third quarter worth $1,397,000. Finally, Raymond James Financial Inc. bought a new position in shares of Southern Copper during the fourth quarter valued at $8,420,000. Institutional investors own 7.94% of the company's stock.
Analyst Ratings Changes
Several equities research analysts recently commented on SCCO shares. UBS Group reduced their price objective on Southern Copper from $120.00 to $100.00 and set a "buy" rating for the company in a report on Tuesday. JPMorgan Chase & Co. cut their target price on shares of Southern Copper from $84.00 to $83.50 and set a "neutral" rating for the company in a research report on Monday. Finally, Scotiabank increased 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 analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, Southern Copper has a consensus rating of "Hold" and an average target price of $89.58.
View Our Latest Stock Analysis on SCCO
Southern Copper Stock Performance
Shares of SCCO stock traded down $0.82 during mid-day trading on Tuesday, reaching $86.85. 1,256,692 shares of the company's stock traded hands, compared to its average volume of 1,225,290. The firm has a 50 day moving average price of $91.94 and a two-hundred day moving average price of $98.79. Southern Copper Co. has a 12 month low of $74.84 and a 12 month high of $127.34. The company has a debt-to-equity ratio of 0.64, a quick ratio of 2.31 and a current ratio of 2.77. The firm 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.
Southern Copper (NYSE:SCCO - Get Free Report) last announced its quarterly earnings data on Wednesday, February 12th. The basic materials company reported $1.01 earnings per share (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%. On average, research analysts forecast that Southern Copper Co. will post 4.66 EPS for the current year.
Southern Copper Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, February 27th. Stockholders of record on Tuesday, February 11th were issued a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.22%. The ex-dividend date was Tuesday, February 11th. This is an increase from Southern Copper's previous quarterly dividend of $0.60. Southern Copper's payout ratio is 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.
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