NFJ Investment Group LLC lessened its holdings in Southern Copper Co. (NYSE:SCCO) by 13.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 313,301 shares of the basic materials company’s stock after selling 50,091 shares during the quarter. NFJ Investment Group LLC’s holdings in Southern Copper were worth $20,152,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of SCCO. FIL Ltd increased its position in Southern Copper by 60.4% during the 1st quarter. FIL Ltd now owns 3,858,756 shares of the basic materials company’s stock valued at $261,893,000 after purchasing an additional 1,452,479 shares during the period. BlackRock Inc. increased its position in Southern Copper by 12.2% during the 1st quarter. BlackRock Inc. now owns 6,797,292 shares of the basic materials company’s stock valued at $461,331,000 after purchasing an additional 738,188 shares during the period. Acadian Asset Management LLC increased its position in Southern Copper by 41.5% during the 1st quarter. Acadian Asset Management LLC now owns 2,286,213 shares of the basic materials company’s stock valued at $155,160,000 after purchasing an additional 671,048 shares during the period. Millennium Management LLC acquired a new stake in Southern Copper during the 1st quarter valued at approximately $37,015,000. Finally, Capital Growth Management LP acquired a new stake in Southern Copper during the 1st quarter valued at approximately $22,736,000. Institutional investors and hedge funds own 7.26% of the company’s stock.
A number of analysts have weighed in on SCCO shares. HSBC raised shares of Southern Copper from a “reduce” rating to a “hold” rating and increased their target price for the company from $67.00 to $68.50 in a research report on Thursday, July 15th. Barclays raised shares of Southern Copper from an “underweight” rating to an “equal weight” rating and reduced their price objective for the stock from $57.00 to $55.00 in a research report on Thursday, July 8th. Finally, Zacks Investment Research downgraded shares of Southern Copper from a “strong-buy” rating to a “hold” rating and set a $68.00 price objective for the company. in a research report on Tuesday, June 29th. One analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $65.30.
Shares of SCCO traded up $1.22 during trading hours on Wednesday, reaching $57.67. The stock had a trading volume of 9,080 shares, compared to its average volume of 1,228,062. Southern Copper Co. has a 12 month low of $43.26 and a 12 month high of $83.29. The firm has a 50-day simple moving average of $62.94 and a 200 day simple moving average of $67.39. The company has a current ratio of 3.80, a quick ratio of 3.18 and a debt-to-equity ratio of 0.82. The company has a market capitalization of $44.58 billion, a price-to-earnings ratio of 15.64, a P/E/G ratio of 0.81 and a beta of 1.10.
Southern Copper (NYSE:SCCO) last issued its quarterly earnings data on Monday, July 26th. The basic materials company reported $1.21 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.06. Southern Copper had a return on equity of 37.37% and a net margin of 28.18%. The business had revenue of $2.90 billion for the quarter, compared to analysts’ expectations of $2.83 billion. On average, equities analysts forecast that Southern Copper Co. will post 4.51 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 26th. Shareholders of record on Thursday, August 12th were paid a dividend of $0.90 per share. The ex-dividend date of this dividend was Wednesday, August 11th. This is a boost from Southern Copper’s previous quarterly dividend of $0.70. This represents a $3.60 annualized dividend and a yield of 6.24%. Southern Copper’s dividend payout ratio (DPR) is 177.34%.
Southern Copper Profile
Southern Copper Corp. engages in the development, production, and exploration of copper, molybdenum, zinc, and silver. It operates through the following segments: Peruvian Operations; Mexican Open-Pit Operations; and Mexican Underground Mining Operations. The Peruvian Operations segment focuses on the Toquepala and Cuajone mine complexes and the smelting and refining plants, industrial railroad, and port facilities that service both mines.
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