14,063 Shares in Southern Copper Corporation $SCCO Bought by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Southern Copper Corporation (NYSE:SCCO) in the third quarter, HoldingsChannel.com reports. The fund purchased 14,063 shares of the basic materials company’s stock, valued at approximately $2,850,000.

Several other large investors have also made changes to their positions in the company. Bell Investment Advisors Inc bought a new position in shares of Southern Copper in the second quarter worth about $26,000. Rakuten Securities Inc. bought a new stake in shares of Southern Copper during the 2nd quarter valued at approximately $28,000. Pin Oak Investment Advisors Inc. bought a new stake in shares of Southern Copper during the 2nd quarter valued at approximately $30,000. Compass Financial Management LLC acquired a new position in Southern Copper during the 2nd quarter worth approximately $41,000. Finally, Caitlin John LLC acquired a new position in Southern Copper during the 2nd quarter worth approximately $43,000. Institutional investors and hedge funds own 7.94% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on SCCO shares. Wall Street Zen downgraded Southern Copper from a “buy” rating to a “hold” rating in a research report on Saturday. Morgan Stanley restated an “underweight” rating and set a $168.22 price target on shares of Southern Copper in a report on Wednesday, October 7th. Citigroup reaffirmed a “positive” rating on shares of Southern Copper in a research note on Wednesday, July 15th. Barclays set a $163.27 target price on shares of Southern Copper and gave the stock an “underweight” rating in a research report on Monday, October 26th. Finally, UBS Group reaffirmed a “sell” rating and set a $178.11 price target (up from $158.32) on shares of Southern Copper in a research note on Thursday, October 8th. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and seven have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $159.26.

Southern Copper Stock Performance

NYSE:SCCO traded up $1.72 during trading on Friday, reaching $167.10. The company’s stock had a trading volume of 1,127,985 shares, compared to its average volume of 1,222,065. Southern Copper Corporation has a 12 month low of $119.25 and a 12 month high of $223.88. The firm has a market cap of $139.42 billion, a price-to-earnings ratio of 21.87, a price-to-earnings-growth ratio of 1.66 and a beta of 1.15. The firm has a 50 day moving average of $194.62 and a 200-day moving average of $185.44. The company has a debt-to-equity ratio of 0.59, a quick ratio of 4.56 and a current ratio of 4.31.

Southern Copper (NYSE:SCCO) last posted its quarterly earnings data on Wednesday, October 21st. The basic materials company reported $2.13 EPS for the quarter, beating the consensus estimate of $2.01 by $0.12. Southern Copper had a return on equity of 51.61% and a net margin of 37.16%. The business had revenue of $4.70 billion for the quarter, compared to the consensus estimate of $4.49 billion. During the same quarter in the prior year, the business earned $1.34 earnings per share. Research analysts expect that Southern Copper Corporation will post 8.01 EPS for the current fiscal year.

Southern Copper Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 19th. Shareholders of record on Tuesday, November 3rd will be paid a $1.30 dividend. The ex-dividend date is Tuesday, November 3rd. This represents a $5.20 dividend on an annualized basis and a yield of 3.1%. This is an increase from Southern Copper’s previous quarterly dividend of $1.10. Southern Copper’s dividend payout ratio is currently 57.59%.

Southern Copper Profile

Southern Copper Corporation is an integrated mining company focused primarily on the exploration, mining, processing, and refining of copper. Its operations also produce molybdenum, zinc, lead, silver, and other mineral products.

The company operates mines and processing facilities in Peru and Mexico, including the Toquepala and Cuajone operations in Peru and the Buenavista and La Caridad operations in Mexico. Its activities extend across the mining and metals value chain, from extracting ore to producing refined metals and concentrates.

Southern Copper traces its origins to Southern Peru Copper Corporation, established in 1952, and is part of Grupo México.