Allspring Global Investments Holdings LLC Sells 61,153 Shares of Southern Copper Co. (NYSE:SCCO)

Allspring Global Investments Holdings LLC cut its position in Southern Copper Co. (NYSE:SCCO - Free Report) by 8.7% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 642,848 shares of the basic materials company's stock after selling 61,153 shares during the period. Allspring Global Investments Holdings LLC owned about 0.08% of Southern Copper worth $55,330,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Hartford Financial Management Inc. acquired a new position in Southern Copper in the 3rd quarter worth $25,000. Sanctuary Wealth Management L.L.C. acquired a new position in shares of Southern Copper during the 4th quarter worth approximately $27,000. Loomis Sayles & Co. L P bought a new position in shares of Southern Copper in the first quarter valued at about $29,000. Viking Fund Management LLC acquired a new stake in shares of Southern Copper during the 4th quarter worth about $31,000. Finally, Venturi Wealth Management LLC boosted its holdings in shares of 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 acquiring an additional 300 shares during the period. 7.94% of the stock is owned by institutional investors.

Southern Copper Trading Up 0.7 %

SCCO traded up $0.76 during trading on Thursday, hitting $116.97. The company's stock had a trading volume of 1,228,258 shares, compared to its average volume of 1,094,399. The firm has a market capitalization of $90.43 billion, a P/E ratio of 37.25 and a beta of 1.29. Southern Copper Co. has a twelve month low of $64.66 and a twelve month high of $117.86. The stock's fifty day moving average price is $92.07 and its 200-day moving average price is $82.29. The company has a quick ratio of 2.46, a current ratio of 3.19 and a debt-to-equity ratio of 0.84.

Southern Copper (NYSE:SCCO - Get Free Report) last released its quarterly earnings data on Friday, February 2nd. The basic materials company reported $0.58 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.73 by ($0.15). Southern Copper had a return on equity of 30.85% and a net margin of 24.51%. The company had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.37 billion. Analysts anticipate that Southern Copper Co. will post 3.67 EPS 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 given a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date of this dividend was Monday, February 12th. Southern Copper's payout ratio is 101.91%.

Analyst Ratings Changes

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

About Southern Copper

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.