Jennison Associates LLC Takes Position in Southern Copper Corporation (NYSE:SCCO)

Jennison Associates LLC bought a new stake in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 275,396 shares of the basic materials company's stock, valued at approximately $25,739,000.

Other large investors have also recently bought and sold shares of the company. Capital World Investors increased its holdings in shares of Southern Copper by 0.6% during the 4th quarter. Capital World Investors now owns 4,232,245 shares of the basic materials company's stock valued at $385,684,000 after acquiring an additional 24,787 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Southern Copper by 0.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,700,844 shares of the basic materials company's stock worth $337,260,000 after acquiring an additional 15,037 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Southern Copper by 10.7% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,354,637 shares of the basic materials company's stock worth $123,448,000 after acquiring an additional 130,710 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Southern Copper by 6.6% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,280,286 shares of the basic materials company's stock worth $116,672,000 after acquiring an additional 78,769 shares during the period. Finally, FIL Ltd lifted its position in shares of Southern Copper by 0.3% in the 4th quarter. FIL Ltd now owns 1,171,227 shares of the basic materials company's stock worth $106,734,000 after acquiring an additional 3,045 shares during the period. 7.94% of the stock is owned by institutional investors and hedge funds.

Southern Copper Stock Performance

Shares of Southern Copper stock traded down $0.06 on Friday, hitting $96.45. The stock had a trading volume of 921,873 shares, compared to its average volume of 1,250,784. Southern Copper Corporation has a twelve month low of $74.11 and a twelve month high of $118.64. The business's 50 day moving average is $96.45 and its two-hundred day moving average is $93.66. The company has a quick ratio of 3.22, a current ratio of 3.71 and a debt-to-equity ratio of 0.70. The stock has a market cap of $76.79 billion, a price-to-earnings ratio of 21.11, a price-to-earnings-growth ratio of 2.48 and a beta of 1.02.

Southern Copper (NYSE:SCCO - Get Free Report) last issued its quarterly earnings results on Friday, April 25th. The basic materials company reported $1.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.14. The business 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 39.39% and a net margin of 30.00%. Analysts forecast that Southern Copper Corporation will post 4.66 EPS for the current year.

Southern Copper Dividend Announcement

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

Wall Street Analyst Weigh In

A number of research firms recently weighed in on SCCO. Morgan Stanley cut Southern Copper from an "equal weight" rating to an "underweight" rating and raised their price target for the company from $86.00 to $99.00 in a report on Tuesday, July 15th. UBS Group cut Southern Copper from a "buy" rating to a "neutral" rating and set a $105.00 price objective for the company. in a research note on Tuesday, July 1st. Itau BBA Securities upgraded Southern Copper from an "underperform" rating to a "market perform" rating in a report on Wednesday, June 11th. JPMorgan Chase & Co. cut their price target on Southern Copper from $83.50 to $79.00 and set a "neutral" rating on the stock in a report on Thursday, July 3rd. Finally, Wall Street Zen lowered Southern Copper from a "buy" rating to a "hold" rating in a report on Tuesday, May 20th. Three investment analysts have rated the stock with a sell rating and five have given a hold rating to the company. Based on data from MarketBeat.com, Southern Copper currently has an average rating of "Hold" and a consensus price target of $91.00.

Southern Copper 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.