DekaBank Deutsche Girozentrale lowered its position in Southern Copper Corp (NYSE:SCCO) by 11.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 18,400 shares of the basic materials company’s stock after selling 2,410 shares during the period. DekaBank Deutsche Girozentrale’s holdings in Southern Copper were worth $804,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also recently modified their holdings of SCCO. Piedmont Investment Advisors LLC purchased a new stake in Southern Copper in the second quarter valued at approximately $122,000. Navellier & Associates Inc purchased a new stake in Southern Copper in the second quarter valued at approximately $139,000. Schroder Investment Management Group purchased a new stake in Southern Copper in the second quarter valued at approximately $158,000. Cadence Capital Management LLC purchased a new stake in Southern Copper in the second quarter valued at approximately $253,000. Finally, Piedmont Investment Advisors Inc. boosted its position in Southern Copper by 128.4% in the third quarter. Piedmont Investment Advisors Inc. now owns 5,966 shares of the basic materials company’s stock valued at $257,000 after buying an additional 3,354 shares during the last quarter. Hedge funds and other institutional investors own 7.32% of the company’s stock.
A number of equities research analysts recently commented on the company. JPMorgan Chase & Co. upgraded Southern Copper from an “underweight” rating to a “neutral” rating and dropped their target price for the company from $47.00 to $34.50 in a research report on Thursday. HSBC lowered Southern Copper from a “hold” rating to a “reduce” rating and set a $32.12 target price on the stock. in a research report on Sunday, December 2nd. Bradesco Corretora upgraded Southern Copper from an “underperform” rating to a “hold” rating and dropped their target price for the company from $45.00 to $42.00 in a research report on Tuesday, November 20th. Citigroup upgraded Southern Copper from a “sell” rating to a “neutral” rating and set a $43.00 target price on the stock in a research report on Monday, October 8th. Finally, B. Riley dropped their target price on Southern Copper from $55.00 to $49.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 19th. Four investment analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $42.26.
Shares of NYSE:SCCO opened at $32.68 on Friday. Southern Copper Corp has a 12-month low of $31.17 and a 12-month high of $58.09. The company has a market capitalization of $25.36 billion, a price-to-earnings ratio of 21.31 and a beta of 0.69. The company has a debt-to-equity ratio of 0.90, a current ratio of 2.71 and a quick ratio of 1.88.
Southern Copper (NYSE:SCCO) last announced its quarterly earnings results on Wednesday, October 24th. The basic materials company reported $0.48 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.50 by ($0.02). Southern Copper had a net margin of 13.24% and a return on equity of 14.97%. The company had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.80 billion. On average, sell-side analysts anticipate that Southern Copper Corp will post 2.18 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, November 21st. Shareholders of record on Wednesday, November 7th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 4.90%. The ex-dividend date of this dividend was Tuesday, November 6th.
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About Southern Copper
Southern Copper Corporation engages in mining, exploring, smelting, and refining copper and other minerals in Peru, Mexico, Argentina, Chile, and Ecuador. 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 and lead.
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