Citigroup Inc. boosted its stake in shares of Southern Copper Co. (NYSE:SCCO – Get Rating) by 87.4% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 123,387 shares of the basic materials company’s stock after buying an additional 57,556 shares during the period. Citigroup Inc.’s holdings in Southern Copper were worth $9,366,000 at the end of the most recent reporting period.
A number of other large investors have also added to or reduced their stakes in the stock. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA bought a new position in shares of Southern Copper in the fourth quarter worth approximately $25,000. FNY Investment Advisers LLC bought a new position in Southern Copper in the 1st quarter valued at approximately $26,000. Sawyer & Company Inc purchased a new stake in Southern Copper during the 1st quarter valued at $43,000. Meeder Asset Management Inc. bought a new stake in shares of Southern Copper in the 1st quarter worth $59,000. Finally, Herold Advisors Inc. purchased a new position in shares of Southern Copper in the first quarter worth $61,000. Hedge funds and other institutional investors own 7.15% of the company’s stock.
Southern Copper Stock Up 0.7 %
Shares of SCCO stock opened at $45.69 on Tuesday. The company has a current ratio of 3.29, a quick ratio of 2.58 and a debt-to-equity ratio of 0.81. Southern Copper Co. has a 12 month low of $44.66 and a 12 month high of $79.32. The stock has a market cap of $35.32 billion, a P/E ratio of 12.09, a P/E/G ratio of 1.97 and a beta of 1.12. The company has a 50 day simple moving average of $48.88 and a two-hundred day simple moving average of $60.59.
Southern Copper Cuts Dividend
Wall Street Analysts Forecast Growth
Several equities research analysts recently commented on the company. Citigroup cut Southern Copper from a “neutral” rating to a “sell” rating and dropped their price objective for the company from $70.00 to $40.00 in a research report on Wednesday, July 13th. Wolfe Research cut shares of Southern Copper from a “peer perform” rating to an “underperform” rating in a report on Thursday, July 7th. The Goldman Sachs Group began coverage on shares of Southern Copper in a report on Friday, August 5th. They issued a “neutral” rating and a $65.00 target price on the stock. StockNews.com lowered shares of Southern Copper from a “buy” rating to a “hold” rating in a research note on Saturday, August 6th. Finally, Morgan Stanley dropped their price target on Southern Copper from $66.00 to $52.00 and set an “underweight” rating on the stock in a research note on Wednesday, June 22nd. Three investment analysts have rated the stock with a sell rating and three have given a hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $53.80.
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 and lead.
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