Verition Fund Management LLC Cuts Holdings in Southern Copper Co. (NYSE:SCCO)

Verition Fund Management LLC trimmed its holdings in shares of Southern Copper Co. (NYSE:SCCO - Free Report) by 48.1% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 48,369 shares of the basic materials company's stock after selling 44,851 shares during the quarter. Verition Fund Management LLC's holdings in Southern Copper were worth $5,595,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Ensign Peak Advisors Inc raised its holdings in Southern Copper by 1.0% during the second quarter. Ensign Peak Advisors Inc now owns 10,558 shares of the basic materials company's stock worth $1,138,000 after acquiring an additional 108 shares in the last quarter. Prudential PLC increased its holdings in Southern Copper by 1.0% during the second quarter. Prudential PLC now owns 10,667 shares of the basic materials company's stock worth $1,149,000 after buying an additional 109 shares during the last quarter. Tyche Wealth Partners LLC lifted its stake in Southern Copper by 0.6% in the 3rd quarter. Tyche Wealth Partners LLC now owns 19,685 shares of the basic materials company's stock valued at $2,277,000 after purchasing an additional 109 shares during the last quarter. Greenwood Capital Associates LLC boosted its stake in shares of Southern Copper by 0.7% during the 3rd quarter. Greenwood Capital Associates LLC now owns 15,722 shares of the basic materials company's stock worth $1,819,000 after acquiring an additional 112 shares during the period. Finally, Inspire Advisors LLC raised its position in shares of Southern Copper by 3.9% in the third quarter. Inspire Advisors LLC now owns 3,001 shares of the basic materials company's stock valued at $347,000 after purchasing an additional 113 shares during the period. 7.94% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

SCCO has been the subject of a number of analyst reports. Scotiabank dropped their price target on Southern Copper from $54.00 to $52.00 and set a "sector underperform" rating for the company in a research note on Tuesday, October 15th. JPMorgan Chase & Co. upgraded shares of Southern Copper from an "underweight" rating to a "neutral" rating and set a $92.50 price objective for the company in a report on Monday. Citigroup lifted their price target on Southern Copper from $99.44 to $100.00 and gave the stock a "sell" rating in a report on Wednesday, October 2nd. Finally, Morgan Stanley raised their target price on Southern Copper from $97.00 to $100.00 and gave the stock an "underweight" rating in a research report on Thursday, September 19th. Five equities research analysts have rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $94.56.

Southern Copper Stock Performance

Shares of SCCO stock traded up $1.28 on Tuesday, reaching $101.33. The stock had a trading volume of 872,935 shares, compared to its average volume of 1,131,217. Southern Copper Co. has a 1 year low of $70.92 and a 1 year high of $129.79. The stock has a market cap of $79.59 billion, a P/E ratio of 26.09, a price-to-earnings-growth ratio of 1.55 and a beta of 1.14. 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 company has a 50 day simple moving average of $109.72 and a 200 day simple moving average of $107.97.

Southern Copper Announces Dividend

The company also recently announced a -- dividend, which was paid on Thursday, November 21st. Stockholders of record on Wednesday, November 6th were issued a $0.62 dividend. The ex-dividend date was Wednesday, November 6th. This represents a dividend yield of 2.1%. Southern Copper's dividend payout ratio (DPR) is 72.09%.

Southern Copper Company 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.