Alaska Permanent Fund Corp Lowers Stock Position in Southern Copper Co. (NYSE:SCCO)

Alaska Permanent Fund Corp reduced its holdings in shares of Southern Copper Co. (NYSE:SCCO - Free Report) by 33.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 88,863 shares of the basic materials company's stock after selling 45,416 shares during the period. Alaska Permanent Fund Corp's holdings in Southern Copper were worth $7,648,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. abrdn plc increased its position in shares of Southern Copper by 2.3% in the 4th quarter. abrdn plc now owns 3,041,233 shares of the basic materials company's stock valued at $261,759,000 after purchasing an additional 67,930 shares during the last quarter. Empower Advisory Group LLC increased its position in shares of Southern Copper by 0.9% in the 3rd quarter. Empower Advisory Group LLC now owns 1,234,784 shares of the basic materials company's stock valued at $92,967,000 after purchasing an additional 10,718 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Southern Copper by 7.5% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,151,729 shares of the basic materials company's stock valued at $86,714,000 after purchasing an additional 80,576 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Southern Copper by 1.3% in the 3rd quarter. Vanguard Group Inc. now owns 968,149 shares of the basic materials company's stock valued at $72,892,000 after buying an additional 12,201 shares in the last quarter. Finally, Legal & General Group Plc boosted its holdings in shares of Southern Copper by 5.1% in the 3rd quarter. Legal & General Group Plc now owns 928,187 shares of the basic materials company's stock valued at $69,883,000 after buying an additional 44,841 shares in the last quarter. 7.94% of the stock is owned by hedge funds and other institutional investors.

Southern Copper Stock Up 2.4 %

Shares of NYSE:SCCO traded up $2.61 during midday trading on Thursday, reaching $111.84. The company had a trading volume of 1,481,471 shares, compared to its average volume of 1,135,334. The company has a debt-to-equity ratio of 0.84, a current ratio of 3.19 and a quick ratio of 2.46. The stock's fifty day moving average price is $99.14 and its 200-day moving average price is $85.25. The stock has a market capitalization of $86.46 billion, a P/E ratio of 35.62, a PEG ratio of 3.14 and a beta of 1.29. Southern Copper Co. has a one year low of $64.66 and a one year high of $120.37.

Southern Copper (NYSE:SCCO - Get Free Report) last released its quarterly earnings data on Friday, February 2nd. The basic materials company reported $0.58 EPS for the quarter, missing analysts' consensus estimates of $0.73 by ($0.15). The business had revenue of $2.30 billion during 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%. Equities research analysts expect that Southern Copper Co. will post 3.95 earnings per share for the current fiscal year.

Analysts Set New Price Targets

SCCO has been the subject of a number of recent research reports. HSBC cut shares of Southern Copper from a "hold" rating to a "reduce" rating and set a $80.00 price target for the company. in a research note on Monday. The Goldman Sachs Group raised their target price on shares of Southern Copper from $61.00 to $82.00 and gave the company a "sell" rating in a report on Friday, March 22nd. Jefferies Financial Group raised shares of Southern Copper from a "hold" rating to a "buy" rating and raised their price target for the stock from $91.00 to $130.00 in a research note on Friday, March 22nd. StockNews.com cut shares of Southern Copper from a "buy" rating to a "hold" rating in a research note on Monday, February 5th. Finally, CICC Research initiated coverage on shares of Southern Copper in a research report on Wednesday. They issued an "outperform" rating on the stock. Five equities research analysts have rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $76.00.

Southern Copper 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.