Confluence Investment Management LLC Acquires 1,304 Shares of Southern Copper Co. (NYSE:SCCO)

Confluence Investment Management LLC boosted its holdings in shares of Southern Copper Co. (NYSE:SCCOGet Rating) by 25.1% during the 2nd quarter, Holdings Channel.com reports. The fund owned 6,505 shares of the basic materials company’s stock after purchasing an additional 1,304 shares during the period. Confluence Investment Management LLC’s holdings in Southern Copper were worth $324,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Colonial River Wealth Management LLC bought a new position in Southern Copper during the first quarter valued at approximately $226,000. Belpointe Asset Management LLC raised its position in Southern Copper by 22.4% during the first quarter. Belpointe Asset Management LLC now owns 4,171 shares of the basic materials company’s stock valued at $316,000 after acquiring an additional 764 shares in the last quarter. Ranch Capital Advisors Inc. bought a new position in Southern Copper during the first quarter valued at approximately $667,000. Itau Unibanco Holding S.A. bought a new position in shares of Southern Copper in the fourth quarter valued at approximately $31,024,000. Finally, Duality Advisers LP bought a new position in shares of Southern Copper in the first quarter valued at approximately $1,456,000. Institutional investors own 7.15% of the company’s stock.

Southern Copper Price Performance

SCCO opened at $46.68 on Friday. Southern Copper Co. has a one year low of $44.31 and a one year high of $79.32. The company has a debt-to-equity ratio of 0.81, a current ratio of 3.29 and a quick ratio of 2.58. The company’s 50 day simple moving average is $48.02 and its 200-day simple moving average is $58.84. The stock has a market capitalization of $36.09 billion, a P/E ratio of 12.35, a price-to-earnings-growth ratio of 2.02 and a beta of 1.12.

Southern Copper Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 25th. Shareholders of record on Thursday, August 11th were paid a $0.75 dividend. The ex-dividend date of this dividend was Wednesday, August 10th. This represents a $3.00 dividend on an annualized basis and a yield of 6.43%. Southern Copper’s payout ratio is presently 79.37%.

Analyst Upgrades and Downgrades

SCCO has been the topic of a number of recent analyst reports. Citigroup lowered shares of Southern Copper from a “neutral” rating to a “sell” rating and dropped their price target for the company from $70.00 to $40.00 in a research report on Wednesday, July 13th. Wolfe Research lowered shares of Southern Copper from a “peer perform” rating to an “underperform” rating in a research report on Thursday, July 7th. Morgan Stanley raised shares of Southern Copper from an “underweight” rating to an “equal weight” rating and lifted their price target for the company from $51.00 to $55.00 in a research report on Friday. StockNews.com downgraded shares of Southern Copper from a “buy” rating to a “hold” rating in a research note on Saturday, August 6th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Southern Copper in a research note on Wednesday. They issued a “hold” rating and a $47.00 price objective on the stock. Two research analysts have rated the stock with a sell rating and five have given a hold rating to the company. Based on data from MarketBeat.com, Southern Copper has a consensus rating of “Hold” and a consensus price target of $53.17.

Southern Copper Company Profile

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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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Institutional Ownership by Quarter for Southern Copper (NYSE:SCCO)

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