Korea Investment CORP Has $2.96 Million Stake in Southern Copper Co. (NYSE:SCCO)

Korea Investment CORP lowered its holdings in Southern Copper Co. (NYSE:SCCO) by 0.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 32,506 shares of the basic materials company’s stock after selling 297 shares during the quarter. Korea Investment CORP’s holdings in Southern Copper were worth $2,962,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in SCCO. JPMorgan Chase & Co. grew its holdings in 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 worth $162,283,000 after acquiring an additional 599,610 shares during the last quarter. Itau Unibanco Holding S.A. increased its holdings in shares of Southern Copper by 115,910.7% in the third quarter. Itau Unibanco Holding S.A. now owns 336,431 shares of the basic materials company’s stock valued at $38,915,000 after purchasing an additional 336,141 shares in the last quarter. Wealthfront Advisers LLC bought a new position in Southern Copper in the 4th quarter worth approximately $15,197,000. abrdn plc lifted its holdings in Southern Copper by 4.4% during the 4th quarter. abrdn plc now owns 2,849,638 shares of the basic materials company’s stock worth $260,428,000 after buying an additional 118,909 shares in the last quarter. Finally, Temasek Holdings Private Ltd boosted its position in Southern Copper by 44.2% in the 3rd quarter. Temasek Holdings Private Ltd now owns 338,617 shares of the basic materials company’s stock valued at $39,168,000 after buying an additional 103,852 shares during the last quarter. Institutional investors own 7.94% of the company’s stock.

Southern Copper Stock Up 0.5 %

Shares of NYSE:SCCO opened at $93.97 on Wednesday. The company has a 50 day moving average price of $94.22 and a two-hundred day moving average price of $100.65. The company has a market capitalization of $74.82 billion, a PE ratio of 21.75, a PEG ratio of 1.90 and a beta of 1.12. Southern Copper Co. has a 52 week low of $84.33 and a 52 week high of $127.34. The company has a debt-to-equity ratio of 0.64, a quick ratio of 2.31 and a current ratio of 2.77.

Southern Copper (NYSE:SCCO) last issued its quarterly earnings data 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 return on equity of 40.27% and a net margin of 29.53%. Analysts forecast that Southern Copper Co. will post 4.66 earnings per share for the current year.

Southern Copper Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 27th. Investors of record on Tuesday, February 11th were paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 2.98%. This is a boost from Southern Copper’s previous quarterly dividend of $0.60. The ex-dividend date was Tuesday, February 11th. Southern Copper’s dividend payout ratio is presently 64.81%.

Analyst Ratings Changes

SCCO has been the topic of several research reports. Scotiabank upped 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, March 10th. Morgan Stanley upgraded shares of Southern Copper from an “underweight” rating to an “equal weight” rating and lowered their price target for the stock from $106.30 to $102.00 in a research report on Thursday, December 12th. Finally, UBS Group upgraded shares of Southern Copper from a “neutral” rating to a “buy” rating and set a $120.00 price objective on the stock in a report on Thursday, March 13th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $94.42.

Southern Copper 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.