US Bancorp DE Sells 11,216 Shares of Southern Copper Co. (NYSE:SCCO)

US Bancorp DE lessened its stake in Southern Copper Co. (NYSE:SCCO) by 16.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 55,871 shares of the basic materials company’s stock after selling 11,216 shares during the period. US Bancorp DE’s holdings in Southern Copper were worth $6,463,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in SCCO. Financial Advocates Investment Management grew its holdings in shares of Southern Copper by 3.5% in the third quarter. Financial Advocates Investment Management now owns 3,808 shares of the basic materials company’s stock worth $440,000 after acquiring an additional 127 shares during the period. Pinnacle Associates Ltd. grew its stake in shares of Southern Copper by 50.6% during the 3rd quarter. Pinnacle Associates Ltd. now owns 3,354 shares of the basic materials company’s stock valued at $388,000 after purchasing an additional 1,127 shares during the period. First Trust Direct Indexing L.P. increased its position in shares of Southern Copper by 30.7% during the 3rd quarter. First Trust Direct Indexing L.P. now owns 5,167 shares of the basic materials company’s stock valued at $598,000 after purchasing an additional 1,215 shares during the last quarter. Fidelis Capital Partners LLC lifted its stake in shares of Southern Copper by 14.5% in the 3rd quarter. Fidelis Capital Partners LLC now owns 5,814 shares of the basic materials company’s stock worth $662,000 after purchasing an additional 736 shares during the period. Finally, Tyche Wealth Partners LLC boosted its holdings in shares of Southern Copper by 0.6% in the third quarter. Tyche Wealth Partners LLC now owns 19,685 shares of the basic materials company’s stock worth $2,277,000 after buying an additional 109 shares during the last quarter. 7.94% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on SCCO shares. Citigroup upped their target price on shares of Southern Copper from $99.44 to $100.00 and gave the company a “sell” rating in a report on Wednesday, October 2nd. Morgan Stanley raised their target price on Southern Copper from $97.00 to $100.00 and gave the stock an “underweight” rating in a report on Thursday, September 19th. Scotiabank cut their price target on Southern Copper from $54.00 to $52.00 and set a “sector underperform” rating for the company in a report on Tuesday, October 15th. Finally, UBS Group assumed coverage on Southern Copper in a research note on Friday, July 12th. They issued a “neutral” rating and a $120.00 price objective on the stock. Six analysts have rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, Southern Copper presently has a consensus rating of “Hold” and an average price target of $90.63.

Southern Copper Stock Performance

NYSE:SCCO opened at $110.10 on Monday. The stock has a 50-day moving average price of $108.45 and a 200 day moving average price of $110.01. The stock has a market capitalization of $86.01 billion, a P/E ratio of 28.35, a P/E/G ratio of 1.12 and a beta of 1.18. Southern Copper Co. has a 12-month low of $68.93 and a 12-month high of $129.79. The company has a current ratio of 2.81, a quick ratio of 2.27 and a debt-to-equity ratio of 0.67.

Southern Copper Announces Dividend

The business also recently disclosed a — dividend, which will be paid on Thursday, November 21st. Stockholders of record on Wednesday, November 6th will be given a dividend of $0.62 per share. This represents a dividend yield of 2.1%. The ex-dividend date of this dividend is Wednesday, November 6th. Southern Copper’s payout ratio is currently 61.79%.

Southern Copper Company 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.