Southern Copper Co. (NYSE:SCCO) Stock Holdings Boosted by CIBC Asset Management Inc

CIBC Asset Management Inc lifted its holdings in Southern Copper Co. (NYSE:SCCO) by 4.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 24,503 shares of the basic materials company’s stock after buying an additional 935 shares during the period. CIBC Asset Management Inc’s holdings in Southern Copper were worth $2,834,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of SCCO. Creative Financial Designs Inc. ADV boosted its holdings in shares of Southern Copper by 172.0% during the 3rd quarter. Creative Financial Designs Inc. ADV now owns 223 shares of the basic materials company’s stock worth $26,000 after buying an additional 141 shares during the period. McClarren Financial Advisors Inc. raised its stake in Southern Copper by 169.2% during the third quarter. McClarren Financial Advisors Inc. now owns 288 shares of the basic materials company’s stock worth $33,000 after acquiring an additional 181 shares in the last quarter. Itau Unibanco Holding S.A. bought a new position in shares of Southern Copper in the second quarter valued at approximately $31,000. Oakworth Capital Inc. bought a new position in shares of Southern Copper in the third quarter valued at about $42,000. Finally, Planning Capital Management Corp acquired a new position in shares of Southern Copper during the third quarter worth approximately $52,000. 7.94% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on SCCO. Citigroup increased their target price on Southern Copper from $99.44 to $100.00 and gave the company a “sell” rating in a research note on Wednesday, October 2nd. Scotiabank dropped their price target on Southern Copper from $54.00 to $52.00 and set a “sector underperform” rating on the stock in a research report on Tuesday, October 15th. Finally, Morgan Stanley upped their price target on shares of Southern Copper from $97.00 to $100.00 and gave the company an “underweight” rating in a report on Thursday, September 19th. Six analysts have rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $90.63.

Southern Copper Stock Performance

NYSE:SCCO opened at $101.77 on Tuesday. The stock has a 50 day simple moving average of $109.85 and a 200 day simple moving average of $109.39. The stock has a market cap of $79.94 billion, a P/E ratio of 26.23, a PEG ratio of 1.02 and a beta of 1.18. Southern Copper Co. has a 1-year low of $70.63 and a 1-year high of $129.79. The company has a current ratio of 2.77, a quick ratio of 2.31 and a debt-to-equity ratio of 0.64.

Southern Copper Announces Dividend

The firm also recently declared a — dividend, which will be paid on Thursday, November 21st. Stockholders of record on Wednesday, November 6th will be given a $0.62 dividend. The ex-dividend date is Wednesday, November 6th. This represents a dividend yield of 2.1%. Southern Copper’s payout ratio is 72.16%.

About Southern Copper

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.