Oppenheimer Asset Management Inc. Purchases 145 Shares of Southern Copper Co. (NYSE:SCCO)

Oppenheimer Asset Management Inc. raised its stake in shares of Southern Copper Co. (NYSE:SCCO) by 0.7% during the fourth quarter, HoldingsChannel reports. The firm owned 19,936 shares of the basic materials company’s stock after buying an additional 145 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Southern Copper were worth $1,817,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SCCO. JPMorgan Chase & Co. raised its position in Southern Copper by 74.6% during the third quarter. JPMorgan Chase & Co. now owns 1,402,983 shares of the basic materials company’s stock valued at $162,283,000 after purchasing an additional 599,610 shares during the period. Itau Unibanco Holding S.A. raised its position in Southern Copper by 115,910.7% during 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 during the period. Fisher Asset Management LLC raised its holdings in shares of Southern Copper by 10.6% in the third quarter. Fisher Asset Management LLC now owns 2,963,572 shares of the basic materials company’s stock worth $342,796,000 after buying an additional 283,562 shares during the period. BNP Paribas Financial Markets raised its holdings in shares of Southern Copper by 1,601.3% in the third quarter. BNP Paribas Financial Markets now owns 192,571 shares of the basic materials company’s stock worth $22,275,000 after buying an additional 181,252 shares during the period. Finally, abrdn plc raised its holdings in shares of Southern Copper by 4.4% in the fourth 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 during the period. 7.94% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on SCCO shares. JPMorgan Chase & Co. upgraded Southern Copper from an “underweight” rating to a “neutral” rating and set a $92.50 price target on the stock in a report on Monday, December 2nd. Morgan Stanley upgraded Southern Copper from an “underweight” rating to an “equal weight” rating and reduced their price target for the stock from $106.30 to $102.00 in a report on Thursday, December 12th. Four analysts have rated the stock with a sell rating, three have given a hold rating and three have issued 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 Stock Down 2.7 %

Shares of NYSE:SCCO opened at $86.57 on Tuesday. Southern Copper Co. has a 52-week low of $79.33 and a 52-week high of $129.79. The stock has a market cap of $68.00 billion, a P/E ratio of 20.04, a price-to-earnings-growth ratio of 1.90 and a beta of 1.13. The business’s 50 day moving average is $94.21 and its 200 day moving average is $101.49. 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) last announced its quarterly earnings data 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 return on equity of 40.27% and a net margin of 29.53%. Sell-side analysts predict that Southern Copper Co. will post 4.66 EPS for the current year.

Southern Copper Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, February 27th. Shareholders of record on Tuesday, February 11th were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.23%. The ex-dividend date was Tuesday, February 11th. This is a boost from Southern Copper’s previous quarterly dividend of $0.60. Southern Copper’s dividend payout ratio (DPR) is 64.81%.

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.