Geode Capital Management LLC Increases Stake in Southern Copper Co. (NYSE:SCCO)

Geode Capital Management LLC boosted its stake in Southern Copper Co. (NYSE:SCCO - Free Report) by 4.6% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 641,765 shares of the basic materials company's stock after purchasing an additional 28,479 shares during the period. Geode Capital Management LLC owned about 0.08% of Southern Copper worth $58,180,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. abrdn plc raised its holdings in shares of Southern Copper by 4.4% in the 4th quarter. abrdn plc now owns 2,849,638 shares of the basic materials company's stock valued at $260,428,000 after buying an additional 118,909 shares during the period. JPMorgan Chase & Co. grew its position in Southern Copper by 74.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,402,983 shares of the basic materials company's stock valued at $162,283,000 after acquiring an additional 599,610 shares in the last quarter. Vanguard Group Inc. increased its stake in Southern Copper by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 972,657 shares of the basic materials company's stock worth $88,638,000 after purchasing an additional 18,426 shares during the period. Norges Bank acquired a new stake in shares of Southern Copper during the fourth quarter worth about $52,738,000. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of Southern Copper by 1.4% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 451,421 shares of the basic materials company's stock valued at $41,603,000 after purchasing an additional 6,023 shares during the period. Hedge funds and other institutional investors own 7.94% of the company's stock.

Southern Copper Stock Performance

SCCO traded up $0.28 during trading on Friday, hitting $86.47. 1,058,290 shares of the stock were exchanged, compared to its average volume of 1,224,272. The firm has a market capitalization of $68.84 billion, a P/E ratio of 20.01, a PEG ratio of 1.90 and a beta of 1.04. Southern Copper Co. has a 1-year low of $74.84 and a 1-year high of $127.34. The stock has a fifty day moving average price of $91.25 and a two-hundred day moving average price of $98.21. The company has a quick ratio of 2.31, a current ratio of 2.77 and a debt-to-equity ratio of 0.64.

Southern Copper (NYSE:SCCO - Get Free Report) last released its quarterly earnings results on Wednesday, February 12th. The basic materials company reported $1.01 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.01). Southern Copper had a net margin of 29.53% and a return on equity of 40.27%. As a group, sell-side analysts predict that Southern Copper Co. will post 4.66 earnings per share for the current year.

Southern Copper Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, February 27th. Investors of record on Tuesday, February 11th were issued a dividend of $0.70 per share. The ex-dividend date was Tuesday, February 11th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.24%. This is a positive change from Southern Copper's previous quarterly dividend of $0.60. Southern Copper's dividend payout ratio (DPR) is currently 64.81%.

Analyst Ratings Changes

Several brokerages recently weighed in on SCCO. JPMorgan Chase & Co. cut their target price on shares of Southern Copper from $84.00 to $83.50 and set a "neutral" rating on the stock in a research note on Monday. UBS Group cut their price objective on Southern Copper from $120.00 to $100.00 and set a "buy" rating on the stock in a research report on Tuesday. Finally, Scotiabank lifted 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. Three research analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $89.58.

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.