Southern Copper Corporation $SCCO Stock Holdings Lowered by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA lessened its holdings in shares of Southern Copper Corporation (NYSE:SCCO) by 5.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 126,477 shares of the basic materials company’s stock after selling 6,611 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Southern Copper were worth $25,629,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in Southern Copper in the second quarter valued at about $1,729,500,000. Bank of America Corp DE bought a new stake in shares of Southern Copper in the second quarter worth about $318,448,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Southern Copper by 2.2% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,290,648 shares of the basic materials company’s stock worth $224,908,000 after purchasing an additional 27,744 shares during the period. Legal & General Group Plc acquired a new stake in shares of Southern Copper during the second quarter worth about $149,739,000. Finally, Bollard Group LLC raised its position in shares of Southern Copper by 14.0% during the first quarter. Bollard Group LLC now owns 861,950 shares of the basic materials company’s stock worth $148,307,000 after purchasing an additional 105,763 shares during the period. 7.94% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SCCO. Wells Fargo & Company set a $190.98 price objective on Southern Copper and gave the company an “equal weight” rating in a research report on Friday, October 23rd. Weiss Ratings cut Southern Copper from a “buy (b+)” rating to a “buy (b)” rating in a research note on Friday, October 30th. Morgan Stanley restated an “underweight” rating and set a $168.22 target price on shares of Southern Copper in a report on Wednesday, October 7th. CICC Research downgraded shares of Southern Copper to a “market perform” rating in a report on Sunday, July 26th. Finally, Citigroup reaffirmed a “positive” rating on shares of Southern Copper in a research note on Wednesday, July 15th. Three equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and six have given a Sell rating to the company. According to data from MarketBeat, Southern Copper presently has an average rating of “Reduce” and an average target price of $159.47.

Southern Copper Trading Up 1.2%

Southern Copper stock opened at $172.38 on Thursday. The firm has a 50-day moving average of $192.69 and a 200-day moving average of $185.39. Southern Copper Corporation has a one year low of $119.25 and a one year high of $223.88. The company has a debt-to-equity ratio of 0.59, a current ratio of 4.31 and a quick ratio of 3.93. The company has a market cap of $145.55 billion, a price-to-earnings ratio of 22.56, a P/E/G ratio of 1.57 and a beta of 1.15.

Southern Copper (NYSE:SCCO) last released its earnings results on Wednesday, October 21st. The basic materials company reported $2.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 previous year, the business earned $1.34 earnings per share. On average, equities analysts expect that Southern Copper Corporation will post 8.01 earnings per share for the current fiscal year.

Southern Copper Increases Dividend

The business also recently declared 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. This is a positive change from Southern Copper’s previous quarterly dividend of $1.10. This represents a $5.20 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Tuesday, November 3rd. Southern Copper’s dividend payout ratio is 68.06%.

Southern Copper Company 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.