Mackenzie Financial Corp lifted its position in shares of Southern Copper Co. (NYSE:SCCO - Free Report) by 51.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 170,816 shares of the basic materials company's stock after purchasing an additional 57,834 shares during the period. Mackenzie Financial Corp's holdings in Southern Copper were worth $15,454,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also made changes to their positions in the company. Whittier Trust Co. of Nevada Inc. acquired a new position in Southern Copper in the 4th quarter worth $30,000. Deseret Mutual Benefit Administrators increased its position in shares of Southern Copper by 210.7% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 379 shares of the basic materials company's stock worth $35,000 after acquiring an additional 257 shares during the last quarter. IFP Advisors Inc lifted its stake in shares of Southern Copper by 143.4% in the fourth quarter. IFP Advisors Inc now owns 477 shares of the basic materials company's stock worth $43,000 after acquiring an additional 281 shares in the last quarter. Spire Wealth Management purchased a new position in Southern Copper in the fourth quarter valued at about $47,000. Finally, Larson Financial Group LLC boosted its holdings in Southern Copper by 28.0% in the fourth quarter. Larson Financial Group LLC now owns 521 shares of the basic materials company's stock valued at $48,000 after purchasing an additional 114 shares during the last quarter. 7.94% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of equities analysts have issued reports on SCCO shares. JPMorgan Chase & Co. cut their target price on Southern Copper from $84.00 to $83.50 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Hsbc Global Res upgraded shares of Southern Copper from a "moderate sell" rating to a "hold" rating in a research note on Thursday, April 24th. Scotiabank increased their price objective on shares of Southern Copper from $52.00 to $72.00 and gave the company a "sector underperform" rating in a research note on Monday, March 10th. Wall Street Zen downgraded shares of Southern Copper from a "buy" rating to a "hold" rating in a research report on Tuesday, May 20th. Finally, UBS Group cut their target price on shares of Southern Copper from $120.00 to $100.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $91.50.
Check Out Our Latest Analysis on Southern Copper
Southern Copper Stock Performance
SCCO traded down $1.44 during trading hours on Friday, hitting $90.95. 1,312,415 shares of the stock were exchanged, compared to its average volume of 1,192,894. The stock has a market cap of $72.41 billion, a price-to-earnings ratio of 21.05, a price-to-earnings-growth ratio of 1.90 and a beta of 1.05. The stock has a 50-day simple moving average of $89.45 and a 200-day simple moving average of $93.65. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.77 and a quick ratio of 2.31. Southern Copper Co. has a 12 month low of $74.11 and a 12 month high of $118.64.
Southern Copper (NYSE:SCCO - Get Free Report) last issued its 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. Southern Copper had a net margin of 29.53% and a return on equity of 40.27%. The company had revenue of $3.12 billion for the quarter, compared to analysts' expectations of $3.05 billion. Analysts anticipate that Southern Copper Co. will post 4.66 earnings per share 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 issued a $0.70 dividend. The ex-dividend date was Friday, May 2nd. This represents a yield of 2.98%. Southern Copper's dividend payout ratio is currently 61.27%.
Southern Copper Company Profile
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Free Report)
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.
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