Congress Asset Management Co. cut its holdings in Southern Copper Co. (NYSE:SCCO – Free Report) by 27.8% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 2,884 shares of the basic materials company’s stock after selling 1,110 shares during the period. Congress Asset Management Co.’s holdings in Southern Copper were worth $263,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of 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 valued at $26,661,000 after purchasing an additional 15,386 shares during the period. Nordea Investment Management AB boosted its stake in Southern Copper by 15.3% in the 4th 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 during the last quarter. Two Sigma Advisers LP grew its holdings in 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 buying an additional 71,558 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Southern Copper by 74.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,402,983 shares of the basic materials company’s stock valued at $162,283,000 after acquiring an additional 599,610 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. lifted its holdings in shares of 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 during the period. 7.94% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently issued reports on the stock. Morgan Stanley upgraded shares of Southern Copper from an “underweight” rating to an “equal weight” rating and lowered their target price for the company from $106.30 to $102.00 in a report on Thursday, December 12th. JPMorgan Chase & Co. raised shares of Southern Copper from an “underweight” rating to a “neutral” rating and set a $92.50 price objective for the company in a research note on Monday, December 2nd. Four research analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, Southern Copper presently has an average rating of “Hold” and a consensus price target of $94.81.
Southern Copper Price Performance
SCCO opened at $97.31 on Wednesday. Southern Copper Co. has a 52-week low of $78.82 and a 52-week high of $129.79. The company has a 50 day moving average of $95.08 and a two-hundred day moving average of $101.99. The company has a market cap of $76.44 billion, a P/E ratio of 25.05, a P/E/G ratio of 1.85 and a beta of 1.13. The company has a quick ratio of 2.31, a current ratio of 2.77 and a debt-to-equity ratio of 0.64.
Southern Copper (NYSE:SCCO – Get Free Report) last announced its quarterly earnings results on Wednesday, February 12th. The basic materials company reported $1.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.01). Southern Copper had a net margin of 27.67% and a return on equity of 37.11%. On average, analysts expect that Southern Copper Co. will post 4.38 earnings per share for the current year.
Southern Copper Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 27th. Stockholders of record on Tuesday, February 11th will be paid a dividend of $0.70 per share. The ex-dividend date of this dividend is Tuesday, February 11th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.88%. This is a positive change from Southern Copper’s previous quarterly dividend of $0.60. Southern Copper’s dividend payout ratio (DPR) is currently 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.
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