Principal Financial Group Inc. raised its stake in shares of Southern Copper Co. (NYSE:SCCO – Free Report) by 33.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,693 shares of the basic materials company’s stock after acquiring an additional 2,442 shares during the quarter. Principal Financial Group Inc.’s holdings in Southern Copper were worth $1,121,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also made changes to their positions in SCCO. Franklin Resources Inc. boosted its position in Southern Copper by 27.7% during the third quarter. Franklin Resources Inc. now owns 108,633 shares of the basic materials company’s stock valued at $12,772,000 after purchasing an additional 23,539 shares in the last quarter. Tidal Investments LLC lifted its position in shares of Southern Copper by 30.8% during the third quarter. Tidal Investments LLC now owns 71,376 shares of the basic materials company’s stock valued at $8,256,000 after buying an additional 16,805 shares during the last quarter. Sanctuary Advisors LLC boosted its holdings in shares of Southern Copper by 488.9% in the 3rd quarter. Sanctuary Advisors LLC now owns 30,787 shares of the basic materials company’s stock valued at $3,561,000 after buying an additional 25,559 shares in the last quarter. Coldstream Capital Management Inc. purchased a new position in shares of Southern Copper in the 3rd quarter worth approximately $202,000. Finally, Geode Capital Management LLC raised its stake in shares of Southern Copper by 3.4% during the 3rd quarter. Geode Capital Management LLC now owns 613,286 shares of the basic materials company’s stock worth $70,437,000 after acquiring an additional 20,204 shares in the last quarter. 7.94% of the stock is currently owned by hedge funds and other institutional investors.
Southern Copper Price Performance
Shares of NYSE SCCO opened at $92.01 on Friday. Southern Copper Co. has a 52 week low of $77.14 and a 52 week high of $129.79. The company has a quick ratio of 2.31, a current ratio of 2.77 and a debt-to-equity ratio of 0.64. The firm has a market cap of $72.28 billion, a P/E ratio of 23.69, a P/E/G ratio of 1.56 and a beta of 1.14. The business’s 50 day moving average price is $101.01 and its 200 day moving average price is $105.15.
Southern Copper Announces Dividend
The firm also recently announced a — dividend, which was paid on Thursday, November 21st. Investors of record on Wednesday, November 6th were issued a dividend of $0.62 per share. The ex-dividend date of this dividend was Wednesday, November 6th. This represents a dividend yield of 2.1%. Southern Copper’s dividend payout ratio (DPR) is presently 72.16%.
Wall Street Analyst Weigh In
Several equities analysts have issued reports on SCCO shares. Scotiabank cut their price target on shares of Southern Copper from $54.00 to $52.00 and set a “sector underperform” rating on the stock in a report on Tuesday, October 15th. Morgan Stanley raised Southern Copper from an “underweight” rating to an “equal weight” rating and reduced their target price for the company from $106.30 to $102.00 in a research report on Thursday, December 12th. JPMorgan Chase & Co. raised Southern Copper from an “underweight” rating to a “neutral” rating and set a $92.50 price target for the company in a report on Monday, December 2nd. Finally, Citigroup upped their price objective on shares of Southern Copper from $99.44 to $100.00 and gave the company a “sell” rating in a report on Wednesday, October 2nd. Four investment analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $94.81.
View Our Latest Analysis on Southern Copper
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.
See Also
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