Mirae Asset Global Investments Co. Ltd. Decreases Stock Holdings in Southern Copper Co. (NYSE:SCCO)

Mirae Asset Global Investments Co. Ltd. lessened its stake in shares of Southern Copper Co. (NYSE:SCCO - Free Report) by 13.4% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 997,084 shares of the basic materials company's stock after selling 154,645 shares during the period. Mirae Asset Global Investments Co. Ltd. owned about 0.13% of Southern Copper worth $85,819,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Hartford Financial Management Inc. purchased a new stake in Southern Copper during the third quarter worth $25,000. Sanctuary Wealth Management L.L.C. purchased a new stake in Southern Copper during the fourth quarter worth $27,000. Loomis Sayles & Co. L P purchased a new stake in Southern Copper during the first quarter worth $29,000. Viking Fund Management LLC purchased a new stake in Southern Copper during the fourth quarter worth $31,000. Finally, Venturi Wealth Management LLC lifted its holdings in Southern Copper by 164.8% during the fourth quarter. Venturi Wealth Management LLC now owns 482 shares of the basic materials company's stock worth $41,000 after buying an additional 300 shares during the period. Institutional investors own 7.94% of the company's stock.

Southern Copper Stock Performance

SCCO traded up $0.70 during midday trading on Friday, hitting $110.29. 875,834 shares of the company were exchanged, compared to its average volume of 1,486,408. The company's 50 day simple moving average is $90.15 and its 200 day simple moving average is $81.46. The firm has a market capitalization of $85.27 billion, a price-to-earnings ratio of 35.12 and a beta of 1.29. The company has a current ratio of 3.19, a quick ratio of 2.46 and a debt-to-equity ratio of 0.84. Southern Copper Co. has a 1-year low of $64.66 and a 1-year high of $112.35.

Southern Copper (NYSE:SCCO - Get Free Report) last announced its quarterly earnings results on Friday, February 2nd. The basic materials company reported $0.58 earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.15). The company had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.37 billion. Southern Copper had a return on equity of 30.85% and a net margin of 24.51%. As a group, sell-side analysts predict that Southern Copper Co. will post 3.67 earnings per share for the current year.

Southern Copper Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, February 29th. Stockholders of record on Tuesday, February 13th were paid a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a dividend yield of 2.90%. The ex-dividend date was Monday, February 12th. Southern Copper's payout ratio is currently 101.91%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. JPMorgan Chase & Co. lowered their target price on Southern Copper from $63.50 to $61.00 and set an "underweight" rating for the company in a report on Thursday, March 21st. Jefferies Financial Group upgraded Southern Copper from a "hold" rating to a "buy" rating and increased their price objective for the company from $91.00 to $130.00 in a report on Friday, March 22nd. The Goldman Sachs Group increased their price objective on Southern Copper from $61.00 to $82.00 and gave the company a "sell" rating in a report on Friday, March 22nd. Finally, StockNews.com lowered Southern Copper from a "buy" rating to a "hold" rating in a report on Monday, February 5th. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company's stock. According to data from MarketBeat.com, Southern Copper currently has an average rating of "Hold" and a consensus price target of $76.83.

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.