Shares of Southern Copper Corp (NYSE:SCCO) have received an average rating of “Hold” from the twelve research firms that are currently covering the stock, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating on the company. The average 1-year target price among brokers that have covered the stock in the last year is $37.40.
A number of research firms have recently issued reports on SCCO. B. Riley reiterated a “buy” rating on shares of Southern Copper in a research note on Wednesday, November 1st. BidaskClub upgraded shares of Southern Copper from a “buy” rating to a “strong-buy” rating in a research note on Thursday, August 24th. Scotiabank cut shares of Southern Copper from a “sector perform” rating to an “underperform” rating in a research note on Monday, October 23rd. FBR & Co restated a “buy” rating on shares of Southern Copper in a research report on Monday, October 23rd. Finally, cut shares of Southern Copper from a “buy” rating to a “hold” rating and set a $41.00 price objective for the company. in a research report on Wednesday, August 16th.
A number of hedge funds have recently bought and sold shares of the stock. State Street Corp raised its position in Southern Copper by 2.6% in the 2nd quarter. State Street Corp now owns 3,503,768 shares of the basic materials company’s stock worth $121,331,000 after purchasing an additional 89,594 shares during the last quarter. Northern Trust Corp grew its holdings in Southern Copper by 1.1% during the 2nd quarter. Northern Trust Corp now owns 1,664,436 shares of the basic materials company’s stock worth $57,639,000 after acquiring an additional 17,711 shares during the period. Parametric Portfolio Associates LLC grew its holdings in Southern Copper by 0.3% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 1,490,453 shares of the basic materials company’s stock worth $51,614,000 after acquiring an additional 4,061 shares during the period. Capital Growth Management LP grew its holdings in Southern Copper by 2.4% during the 2nd quarter. Capital Growth Management LP now owns 1,300,000 shares of the basic materials company’s stock worth $45,019,000 after acquiring an additional 30,000 shares during the period. Finally, Prudential Financial Inc. grew its holdings in Southern Copper by 131.2% during the 2nd quarter. Prudential Financial Inc. now owns 1,223,889 shares of the basic materials company’s stock worth $42,384,000 after acquiring an additional 694,600 shares during the period. Hedge funds and other institutional investors own 6.34% of the company’s stock.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 22nd. Investors of record on Wednesday, November 8th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.36%. The ex-dividend date was Tuesday, November 7th. This is a boost from Southern Copper’s previous quarterly dividend of $0.14. Southern Copper’s payout ratio is 78.13%.
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About Southern Copper
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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