Concentric Capital Strategies LP Buys New Holdings in Southern Copper Co. (NYSE:SCCO)

Concentric Capital Strategies LP bought a new stake in shares of Southern Copper Co. (NYSE:SCCO - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 22,337 shares of the basic materials company's stock, valued at approximately $2,036,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Capital World Investors raised its position in Southern Copper by 0.6% during the fourth quarter. Capital World Investors now owns 4,232,245 shares of the basic materials company's stock valued at $385,684,000 after purchasing an additional 24,787 shares during the period. Price T Rowe Associates Inc. MD raised its position in Southern Copper by 0.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,700,844 shares of the basic materials company's stock valued at $337,260,000 after purchasing an additional 15,037 shares during the period. abrdn plc raised its position in Southern Copper by 4.4% during the fourth quarter. abrdn plc now owns 2,849,638 shares of the basic materials company's stock valued at $260,428,000 after purchasing an additional 118,909 shares during the period. FIL Ltd raised its position in Southern Copper by 0.3% during the fourth quarter. FIL Ltd now owns 1,171,227 shares of the basic materials company's stock valued at $106,734,000 after purchasing an additional 3,045 shares during the period. Finally, Northern Trust Corp raised its position in Southern Copper by 44.9% during the fourth quarter. Northern Trust Corp now owns 1,146,537 shares of the basic materials company's stock valued at $104,484,000 after purchasing an additional 355,013 shares during the period. 7.94% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently commented on SCCO. Hsbc Global Res raised shares of Southern Copper from a "moderate sell" rating to a "hold" rating in a research note on Thursday, April 24th. StockNews.com raised shares of Southern Copper from a "hold" rating to a "buy" rating in a research note on Monday. UBS Group dropped their price target on shares of Southern Copper from $120.00 to $100.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. Scotiabank increased their price target on Southern Copper from $52.00 to $72.00 and gave the stock a "sector underperform" rating in a report on Monday, March 10th. Finally, JPMorgan Chase & Co. reduced their price target on Southern Copper from $84.00 to $83.50 and set a "neutral" rating on the stock in a report on Monday, April 14th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $91.50.

Southern Copper Stock Up 1.7%

Shares of Southern Copper stock traded up $1.58 during trading on Tuesday, reaching $93.84. The company's stock had a trading volume of 255,312 shares, compared to its average volume of 1,210,492. The company has a quick ratio of 2.31, a current ratio of 2.77 and a debt-to-equity ratio of 0.64. The company has a market cap of $74.71 billion, a price-to-earnings ratio of 21.72, a P/E/G ratio of 1.90 and a beta of 1.05. Southern Copper Co. has a 1-year low of $74.11 and a 1-year high of $126.09. The company has a 50-day simple moving average of $90.41 and a two-hundred day simple moving average of $95.26.

Southern Copper (NYSE:SCCO - Get Free Report) last posted its quarterly earnings data on Friday, April 25th. The basic materials company reported $1.19 earnings per share for the quarter, topping analysts' consensus estimates of $1.05 by $0.14. The firm had revenue of $3.12 billion during the quarter, compared to analysts' expectations of $3.05 billion. Southern Copper had a return on equity of 40.27% and a net margin of 29.53%. As a group, equities analysts forecast that Southern Copper Co. will post 4.66 earnings per share for the current year.

Southern Copper Announces Dividend

The company also recently announced a dividend, which will be paid on Monday, May 19th. Investors of record on Monday, May 5th will be given a $0.70 dividend. The ex-dividend date of this dividend is Friday, May 2nd. This represents a yield of 2.98%. Southern Copper's dividend payout ratio is currently 61.27%.

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.