Wealthfront Advisers LLC Purchases New Position in Southern Copper Co. (NYSE:SCCO)

Wealthfront Advisers LLC bought a new position in Southern Copper Co. (NYSE:SCCO - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm bought 166,766 shares of the basic materials company's stock, valued at approximately $15,197,000.

Several other institutional investors have also recently made changes to their positions in the company. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Southern Copper by 7.2% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 230,495 shares of the basic materials company's stock worth $26,661,000 after acquiring an additional 15,386 shares during the last quarter. Nordea Investment Management AB grew its holdings in shares of Southern Copper by 15.3% during 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. Two Sigma Advisers LP boosted its holdings in shares of Southern Copper by 384.4% in the 3rd quarter. Two Sigma Advisers LP now owns 90,173 shares of the basic materials company's stock valued at $10,430,000 after purchasing an additional 71,558 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Southern Copper by 74.6% in the third quarter. JPMorgan Chase & Co. now owns 1,402,983 shares of the basic materials company's stock valued at $162,283,000 after buying an additional 599,610 shares during the period. Finally, Robeco Institutional Asset Management B.V. lifted its position in Southern Copper by 22.2% during 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 acquiring an additional 24,933 shares in the last quarter. Hedge funds and other institutional investors own 7.94% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. raised Southern Copper from an "underweight" rating to a "neutral" rating and set a $92.50 price target on the stock in a report on Monday, December 2nd. Scotiabank boosted their price target on Southern Copper from $52.00 to $72.00 and gave the company a "sector underperform" rating in a research note on Monday. Finally, Morgan Stanley upgraded shares of Southern Copper from an "underweight" rating to an "equal weight" rating and decreased their price target for the company from $106.30 to $102.00 in a report on Thursday, December 12th. Four analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $97.31.

Remove Ads

Southern Copper Price Performance

Shares of NYSE SCCO opened at $88.74 on Wednesday. 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 business has a 50-day simple moving average of $93.72 and a two-hundred day simple moving average of $100.87. Southern Copper Co. has a fifty-two week low of $84.33 and a fifty-two week high of $129.79. The company has a market cap of $69.71 billion, a PE ratio of 20.54, a P/E/G ratio of 1.90 and a beta of 1.12.

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 the consensus estimate 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, equities analysts expect that Southern Copper Co. will post 4.66 EPS for the current fiscal year.

Southern Copper Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 27th. Stockholders of record on Tuesday, February 11th were given a $0.70 dividend. The ex-dividend date was Tuesday, February 11th. 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 3.16%. Southern Copper's dividend payout ratio is currently 64.81%.

About Southern Copper

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.