Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Southern Copper Corp (NYSE:SCCO) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 104,506 shares of the basic materials company’s stock, valued at approximately $4,509,000.
Other large investors also recently modified their holdings of the company. BlackRock Inc. increased its stake in Southern Copper by 2.5% in the 3rd quarter. BlackRock Inc. now owns 6,266,845 shares of the basic materials company’s stock valued at $270,352,000 after buying an additional 150,890 shares during the last quarter. Fisher Asset Management LLC increased its stake in Southern Copper by 319.6% in the 3rd quarter. Fisher Asset Management LLC now owns 4,595,692 shares of the basic materials company’s stock valued at $198,258,000 after buying an additional 3,500,463 shares during the last quarter. Acadian Asset Management LLC increased its stake in Southern Copper by 2.8% in the 3rd quarter. Acadian Asset Management LLC now owns 3,609,257 shares of the basic materials company’s stock valued at $155,705,000 after buying an additional 99,708 shares during the last quarter. Northern Trust Corp increased its stake in Southern Copper by 0.8% in the 2nd quarter. Northern Trust Corp now owns 1,039,201 shares of the basic materials company’s stock valued at $48,707,000 after buying an additional 8,354 shares during the last quarter. Finally, Capital Growth Management LP increased its stake in Southern Copper by 2.2% in the 3rd quarter. Capital Growth Management LP now owns 945,000 shares of the basic materials company’s stock valued at $40,767,000 after buying an additional 20,000 shares during the last quarter. Institutional investors and hedge funds own 7.32% of the company’s stock.
Several equities research analysts have issued reports on SCCO shares. Citigroup lowered shares of Southern Copper from a “neutral” rating to a “sell” rating and lowered their price target for the company from $43.00 to $33.00 in a research note on Monday, November 12th. UBS Group upgraded shares of Southern Copper from a “neutral” rating to a “buy” rating and set a $46.00 price target on the stock in a research note on Friday, November 2nd. Santander lowered shares of Southern Copper from a “buy” rating to a “hold” rating in a research note on Tuesday, October 16th. B. Riley lowered their price target on shares of Southern Copper from $55.00 to $49.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 19th. Finally, HSBC lowered shares of Southern Copper from a “hold” rating to a “reduce” rating in a research note on Monday, November 26th. Four investment analysts have rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the stock. Southern Copper has a consensus rating of “Hold” and an average target price of $42.26.
Shares of SCCO stock opened at $32.68 on Friday. The firm has a market capitalization of $25.05 billion, a price-to-earnings ratio of 21.05 and a beta of 0.69. Southern Copper Corp has a 1 year low of $31.17 and a 1 year high of $58.09. The company has a current ratio of 2.71, a quick ratio of 1.88 and a debt-to-equity ratio of 0.90.
Southern Copper (NYSE:SCCO) last released its quarterly earnings data on Wednesday, October 24th. The basic materials company reported $0.48 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.02). The firm had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.80 billion. Southern Copper had a return on equity of 14.97% and a net margin of 13.24%. Research analysts expect that Southern Copper Corp will post 2.11 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 21st. Stockholders of record on Wednesday, November 7th were paid a dividend of $0.40 per share. The ex-dividend date was Tuesday, November 6th. This represents a $1.60 annualized dividend and a dividend yield of 4.90%.
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Southern Copper Profile
Southern Copper Corporation engages in mining, exploring, smelting, and refining copper and other minerals in Peru, Mexico, Argentina, Chile, and Ecuador. 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 and lead.
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