Southern Copper Corporation (NYSE:SCCO) Given Average Rating of “Hold” by Brokerages
Southern Copper Corporation (NYSE:SCCO) has been assigned an average rating of “Hold” from the twelve ratings firms that are currently covering the company, Marketbeat reports. Three analysts have rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $32.32.
A number of research analysts recently commented on SCCO shares. Cowen and Company reissued a “hold” rating and issued a $39.00 price target on shares of Southern Copper Corporation in a report on Wednesday, July 19th. BidaskClub raised Southern Copper Corporation from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. Finally, FBR & Co reduced their price target on Southern Copper Corporation from $43.00 to $42.00 and set an “outperform” rating for the company in a report on Friday, June 16th.
In other Southern Copper Corporation news, Chairman German Larrea Mota Velasco sold 25,070 shares of the company’s stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $39.50, for a total transaction of $990,265.00. Following the sale, the chairman now owns 3,477,097 shares in the company, valued at $137,345,331.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold 900,670 shares of company stock worth $35,575,771 in the last 90 days. 0.53% of the stock is currently owned by insiders.
Several hedge funds have recently made changes to their positions in SCCO. IndexIQ Advisors LLC boosted its stake in shares of Southern Copper Corporation by 199.8% in the first quarter. IndexIQ Advisors LLC now owns 59,503 shares of the basic materials company’s stock worth $2,136,000 after buying an additional 39,657 shares during the last quarter. Commerzbank Aktiengesellschaft FI bought a new stake in shares of Southern Copper Corporation during the first quarter worth $1,253,000. Wells Fargo & Company MN boosted its stake in shares of Southern Copper Corporation by 33.1% in the first quarter. Wells Fargo & Company MN now owns 86,411 shares of the basic materials company’s stock worth $3,101,000 after buying an additional 21,494 shares during the last quarter. KAMES CAPITAL plc bought a new stake in shares of Southern Copper Corporation during the first quarter worth $775,000. Finally, Sit Investment Associates Inc. boosted its stake in shares of Southern Copper Corporation by 14.3% in the first quarter. Sit Investment Associates Inc. now owns 3,200 shares of the basic materials company’s stock worth $115,000 after buying an additional 400 shares during the last quarter. Institutional investors and hedge funds own 6.32% of the company’s stock.
Shares of Southern Copper Corporation (NYSE:SCCO) traded up 1.11% during midday trading on Tuesday, hitting $39.28. The stock had a trading volume of 655,508 shares. Southern Copper Corporation has a one year low of $24.90 and a one year high of $39.94. The stock has a 50 day moving average of $36.66 and a 200-day moving average of $36.20. The company has a market cap of $30.36 billion, a P/E ratio of 30.88 and a beta of 0.55.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 23rd. Shareholders of record on Wednesday, August 9th will be paid a dividend of $0.14 per share. The ex-dividend date is Monday, August 7th. This represents a $0.56 annualized dividend and a yield of 1.43%. This is a boost from Southern Copper Corporation’s previous quarterly dividend of $0.12. Southern Copper Corporation’s dividend payout ratio is presently 37.50%.
Southern Copper Corporation Company Profile
Southern Copper Corporation is an integrated copper producer. It produces copper and, in the production process, obtains several by-products, including molybdenum, silver, zinc, sulfuric acid and other metals. Its segments include the Peruvian operations, the Mexican open-pit operations and the Mexican underground mining operations segment identified as the IMMSA unit.
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