Oppenheimer & Co. Inc. Purchases New Stake in Southern Copper Corporation (NYSE:SCCO)

Oppenheimer & Co. Inc. acquired a new stake in Southern Copper Corporation (NYSE:SCCO - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 3,611 shares of the basic materials company's stock, valued at approximately $337,000.

A number of other institutional investors have also modified their holdings of SCCO. QRG Capital Management Inc. acquired a new position in Southern Copper during the first quarter valued at approximately $263,000. Raymond James Financial Inc. purchased a new position in shares of Southern Copper in the 4th quarter valued at $8,420,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Southern Copper by 2.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 237,437 shares of the basic materials company's stock valued at $21,638,000 after acquiring an additional 4,889 shares in the last quarter. Janney Montgomery Scott LLC boosted its position in Southern Copper by 6.2% during the 1st quarter. Janney Montgomery Scott LLC now owns 187,970 shares of the basic materials company's stock worth $17,568,000 after purchasing an additional 11,052 shares during the period. Finally, Bearing Point Capital LLC purchased a new stake in Southern Copper during the 4th quarter worth $257,000. Hedge funds and other institutional investors own 7.94% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have commented on SCCO. Itau BBA Securities raised Southern Copper from an "underperform" rating to a "market perform" rating in a research report on Wednesday, June 11th. Scotiabank raised their target price on Southern Copper from $52.00 to $72.00 and gave the company a "sector underperform" rating in a report on Monday, March 10th. JPMorgan Chase & Co. reduced their price target on Southern Copper from $83.50 to $79.00 and set a "neutral" rating on the stock in a research report on Thursday. UBS Group downgraded shares of Southern Copper from a "buy" rating to a "neutral" rating and set a $105.00 price objective for the company. in a research report on Tuesday. Finally, Wall Street Zen lowered shares of Southern Copper from a "buy" rating to a "hold" rating in a research note on Tuesday, May 20th. Two analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $91.60.

Southern Copper Stock Down 0.4%

NYSE SCCO traded down $0.42 during mid-day trading on Friday, reaching $105.67. 718,128 shares of the company's stock traded hands, compared to its average volume of 1,220,434. The company has a current ratio of 3.71, a quick ratio of 3.22 and a debt-to-equity ratio of 0.70. Southern Copper Corporation has a 1-year low of $74.11 and a 1-year high of $118.64. The company has a fifty day simple moving average of $94.25 and a 200-day simple moving average of $93.11. The company has a market cap of $84.13 billion, a price-to-earnings ratio of 23.12, a P/E/G ratio of 2.39 and a beta of 1.02.

Southern Copper (NYSE:SCCO - Get Free Report) last released its quarterly earnings results 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 business had revenue of $3.12 billion during the quarter, compared to the consensus estimate of $3.05 billion. Southern Copper had a net margin of 30.00% and a return on equity of 39.39%. As a group, equities research analysts expect that Southern Copper Corporation will post 4.66 EPS for the current year.

Southern Copper Announces Dividend

The business also recently announced a dividend, which was paid on Monday, May 19th. Stockholders of record on Monday, May 5th were paid a $0.70 dividend. The ex-dividend date was Friday, May 2nd. This represents a dividend yield of 2.98%. Southern Copper's dividend payout ratio (DPR) is presently 61.27%.

Southern Copper Company Profile

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.