Pinpoint Asset Management Ltd Invests $564,000 in Southern Copper Corporation (NYSE:SCCO)

Key Points

• Pinpoint Asset Management Ltd has acquired a new stake in Southern Copper Corporation, purchasing 6,032 shares valued at approximately $564,000.
• Several hedge funds have increased their stakes in Southern Copper, with Cullen Frost Bankers Inc. raising its stake by 117.6% during the first quarter.
• Analysts have revised their price targets for Southern Copper, with JPMorgan Chase & Co. lowering its target from $83.50 to $79.00 while maintaining a "neutral" rating.

Pinpoint Asset Management Ltd purchased a new position in Southern Copper Corporation (NYSE:SCCO - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 6,032 shares of the basic materials company's stock, valued at approximately $564,000.

Other hedge funds have also recently made changes to their positions in the company. Cullen Frost Bankers Inc. boosted its position in shares of Southern Copper by 117.6% in the 1st quarter. Cullen Frost Bankers Inc. now owns 272 shares of the basic materials company's stock worth $25,000 after purchasing an additional 147 shares in the last quarter. Golden State Wealth Management LLC bought a new stake in shares of Southern Copper in the 1st quarter worth approximately $29,000. N.E.W. Advisory Services LLC bought a new stake in shares of Southern Copper in the 1st quarter worth approximately $34,000. IFP Advisors Inc boosted its position in shares of Southern Copper by 53.7% in the 1st quarter. IFP Advisors Inc now owns 733 shares of the basic materials company's stock worth $69,000 after purchasing an additional 256 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in Southern Copper by 35.2% in the 1st quarter. GAMMA Investing LLC now owns 906 shares of the basic materials company's stock worth $85,000 after acquiring an additional 236 shares during the last quarter. 7.94% of the stock is owned by institutional investors.

Southern Copper Stock Performance

SCCO traded up $2.58 during mid-day trading on Friday, reaching $100.09. 1,284,495 shares of the company traded hands, compared to its average volume of 1,511,343. The stock has a market capitalization of $79.69 billion, a P/E ratio of 21.90, a P/E/G ratio of 1.41 and a beta of 1.00. The company has a quick ratio of 4.51, a current ratio of 5.27 and a debt-to-equity ratio of 0.67. The company's fifty day moving average price is $97.78 and its 200-day moving average price is $93.77. Southern Copper Corporation has a 52-week low of $74.84 and a 52-week high of $121.44.

Southern Copper Increases Dividend

The business also recently disclosed a -- dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 15th will be paid a $1.01 dividend. This is a positive change from Southern Copper's previous -- dividend of $0.62. The ex-dividend date is Friday, August 15th. This represents a dividend yield of 270.0%. Southern Copper's dividend payout ratio (DPR) is currently 61.27%.

Analyst Upgrades and Downgrades

SCCO has been the subject of a number of recent analyst reports. Wall Street Zen lowered shares of Southern Copper from a "buy" rating to a "hold" rating in a report on Tuesday, May 20th. JPMorgan Chase & Co. decreased their price objective on shares of Southern Copper from $83.50 to $79.00 and set a "neutral" rating for the company in a report on Thursday, July 3rd. Itau BBA Securities upgraded shares of Southern Copper from an "underperform" rating to a "market perform" rating in a report on Wednesday, June 11th. UBS Group lowered shares of Southern Copper from a "buy" rating to a "neutral" rating and set a $105.00 price objective for the company. in a report on Tuesday, July 1st. Finally, Morgan Stanley restated an "underweight" rating and issued a $99.00 price objective (up from $86.00) on shares of Southern Copper in a report on Tuesday, July 15th. Three analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $91.00.

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.