Moran Wealth Management LLC increased its holdings in Southern Copper Corporation (NYSE:SCCO – Free Report) by 6.3% during the first quarter, HoldingsChannel reports. The fund owned 6,105 shares of the basic materials company’s stock after acquiring an additional 362 shares during the quarter. Moran Wealth Management LLC’s holdings in Southern Copper were worth $571,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in SCCO. Principal Financial Group Inc. raised its holdings in shares of Southern Copper by 1.8% in the 4th quarter. Principal Financial Group Inc. now owns 9,867 shares of the basic materials company’s stock worth $899,000 after acquiring an additional 174 shares during the last quarter. IFP Advisors Inc raised its holdings in shares of Southern Copper by 143.4% in the 4th quarter. IFP Advisors Inc now owns 477 shares of the basic materials company’s stock worth $43,000 after acquiring an additional 281 shares during the last quarter. Kovack Advisors Inc. raised its holdings in shares of Southern Copper by 3.5% in the 4th quarter. Kovack Advisors Inc. now owns 5,044 shares of the basic materials company’s stock worth $460,000 after acquiring an additional 169 shares during the last quarter. Oppenheimer Asset Management Inc. raised its holdings in shares of Southern Copper by 0.7% in the 4th quarter. Oppenheimer Asset Management Inc. now owns 19,936 shares of the basic materials company’s stock worth $1,817,000 after acquiring an additional 145 shares during the last quarter. Finally, Proficio Capital Partners LLC acquired a new stake in shares of Southern Copper in the 4th quarter worth about $84,000. Institutional investors and hedge funds own 7.94% of the company’s stock.
Analyst Upgrades and Downgrades
Several research firms have commented on SCCO. Scotiabank increased their price objective on shares of Southern Copper from $52.00 to $72.00 and gave the company a “sector underperform” rating in a research note on Monday, March 10th. Wall Street Zen lowered shares of Southern Copper from a “buy” rating to a “hold” rating in a research note on Tuesday, May 20th. 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 research note on Tuesday, April 15th. Hsbc Global Res upgraded shares of Southern Copper from a “moderate sell” rating to a “hold” rating in a research note on Thursday, April 24th. Finally, Itau BBA Securities raised shares of Southern Copper from an “underperform” rating to a “market perform” rating in a research report on Wednesday, June 11th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $91.50.
Southern Copper Stock Up 7.9%
Southern Copper stock opened at $104.76 on Friday. Southern Copper Corporation has a twelve month low of $74.11 and a twelve month high of $118.64. The firm has a 50 day moving average price of $92.91 and a 200-day moving average price of $93.02. The company has a market capitalization of $83.41 billion, a P/E ratio of 22.92, a P/E/G ratio of 2.30 and a beta of 1.01. The company has a quick ratio of 3.22, a current ratio of 3.71 and a debt-to-equity ratio of 0.70.
Southern Copper (NYSE:SCCO – Get Free Report) last released its earnings results on Friday, April 25th. The basic materials company reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $1.05 by $0.14. Southern Copper had a net margin of 30.00% and a return on equity of 39.39%. The firm had revenue of $3.12 billion during the quarter, compared to the consensus estimate of $3.05 billion. As a group, equities analysts predict that Southern Copper Corporation will post 4.66 EPS for the current year.
Southern Copper Announces Dividend
The firm also recently disclosed a dividend, which was paid on Monday, May 19th. Investors of record on Monday, May 5th were issued a $0.70 dividend. This represents a yield of 2.98%. The ex-dividend date of this dividend was Friday, May 2nd. Southern Copper’s dividend payout ratio (DPR) is presently 61.27%.
About Southern Copper
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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