World Asset Management Inc lessened its holdings in Southern Copper Corp (NYSE:SCCO) by 5.4% during the 2nd quarter, HoldingsChannel reports. The firm owned 12,910 shares of the basic materials company’s stock after selling 741 shares during the period. World Asset Management Inc’s holdings in Southern Copper were worth $502,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also made changes to their positions in the company. Toronto Dominion Bank bought a new stake in Southern Copper in the first quarter worth $32,000. NEXT Financial Group Inc bought a new stake in Southern Copper in the second quarter worth $49,000. Cullen Frost Bankers Inc. bought a new stake in Southern Copper in the first quarter worth $55,000. Manchester Financial Inc. bought a new stake in Southern Copper in the second quarter worth $63,000. Finally, CENTRAL TRUST Co increased its position in Southern Copper by 12.9% in the first quarter. CENTRAL TRUST Co now owns 4,481 shares of the basic materials company’s stock worth $178,000 after purchasing an additional 511 shares during the last quarter. Institutional investors own 6.84% of the company’s stock.
NYSE SCCO traded down $1.44 on Friday, hitting $33.11. 1,110,036 shares of the stock were exchanged, compared to its average volume of 757,868. The company has a quick ratio of 1.91, a current ratio of 2.24 and a debt-to-equity ratio of 0.82. The business has a fifty day moving average price of $37.69. The stock has a market capitalization of $26.71 billion, a price-to-earnings ratio of 16.56, a P/E/G ratio of 1.01 and a beta of 0.89. Southern Copper Corp has a 52-week low of $29.01 and a 52-week high of $47.70.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 4.83%. The ex-dividend date is Wednesday, August 7th. Southern Copper’s payout ratio is 80.00%.
Several brokerages recently weighed in on SCCO. Zacks Investment Research cut shares of Southern Copper from a “strong-buy” rating to a “hold” rating and set a $160.00 price target on the stock. in a research report on Tuesday, June 4th. Macquarie began coverage on shares of Southern Copper in a research report on Wednesday, July 10th. They issued an “underperform” rating and a $35.00 price target on the stock. Finally, ValuEngine upgraded shares of Southern Copper from a “sell” rating to a “hold” rating in a research report on Monday, June 17th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $51.95.
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 and lead.
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