Bank of Montreal Can lowered its stake in Southern Copper Co. (NYSE:SCCO - Free Report) by 11.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 66,311 shares of the basic materials company's stock after selling 8,635 shares during the period. Bank of Montreal Can's holdings in Southern Copper were worth $6,043,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of SCCO. Nordea Investment Management AB boosted its stake in shares of Southern Copper by 15.3% in the fourth quarter. Nordea Investment Management AB now owns 108,753 shares of the basic materials company's stock valued at $9,969,000 after buying an additional 14,391 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Southern Copper by 74.6% during the third quarter. JPMorgan Chase & Co. now owns 1,402,983 shares of the basic materials company's stock valued at $162,283,000 after purchasing an additional 599,610 shares during the period. Robeco Institutional Asset Management B.V. grew its holdings in Southern Copper by 22.2% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 137,019 shares of the basic materials company's stock valued at $12,487,000 after purchasing an additional 24,933 shares in the last quarter. Morse Asset Management Inc acquired a new position in Southern Copper in the 3rd quarter worth $1,397,000. Finally, Raymond James Financial Inc. purchased a new position in Southern Copper in the 4th quarter valued at about $8,420,000. 7.94% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
SCCO has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. cut their target price on Southern Copper from $84.00 to $83.50 and set a "neutral" rating on the stock in a research report on Monday, April 14th. UBS Group decreased their price objective on shares of Southern Copper from $120.00 to $100.00 and set a "buy" rating for the company in a report on Tuesday. Finally, Scotiabank increased their price target on shares of Southern Copper from $52.00 to $72.00 and gave the stock a "sector underperform" rating in a research report on Monday, March 10th. Three analysts have rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $89.58.
Check Out Our Latest Research Report on Southern Copper
Southern Copper Stock Performance
SCCO stock traded up $0.28 during midday trading on Friday, reaching $86.47. The company had a trading volume of 1,058,290 shares, compared to its average volume of 1,224,272. The company has a quick ratio of 2.31, a current ratio of 2.77 and a debt-to-equity ratio of 0.64. The stock has a 50 day moving average price of $91.25 and a 200 day moving average price of $98.21. The firm has a market capitalization of $68.84 billion, a PE ratio of 20.01, a P/E/G ratio of 1.90 and a beta of 1.04. Southern Copper Co. has a fifty-two week low of $74.84 and a fifty-two week high of $127.34.
Southern Copper (NYSE:SCCO - Get Free Report) last issued its quarterly earnings data on Wednesday, February 12th. The basic materials company reported $1.01 EPS for the quarter, missing analysts' consensus estimates of $1.02 by ($0.01). Southern Copper had a return on equity of 40.27% and a net margin of 29.53%. Analysts anticipate that Southern Copper Co. will post 4.66 earnings per share for the current year.
Southern Copper Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, February 27th. Shareholders of record on Tuesday, February 11th were paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.24%. This is a positive change from Southern Copper's previous quarterly dividend of $0.60. The ex-dividend date was Tuesday, February 11th. Southern Copper's payout ratio is presently 64.81%.
Southern Copper Company Profile
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Free Report)
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.
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