AdvisorNet Financial Inc lifted its position in shares of Southern Copper Co. (NYSE:SCCO – Get Rating) by 13.7% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 11,188 shares of the basic materials company’s stock after purchasing an additional 1,347 shares during the quarter. AdvisorNet Financial Inc’s holdings in Southern Copper were worth $557,000 as of its most recent SEC filing.
Other large investors have also recently bought and sold shares of the company. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA acquired a new position in Southern Copper during the fourth quarter valued at approximately $25,000. FNY Investment Advisers LLC acquired a new position in Southern Copper during the first quarter valued at approximately $26,000. Loomis Sayles & Co. L P acquired a new stake in shares of Southern Copper in the first quarter valued at approximately $29,000. Sawyer & Company Inc acquired a new stake in shares of Southern Copper in the first quarter valued at approximately $43,000. Finally, Penserra Capital Management LLC acquired a new stake in shares of Southern Copper in the first quarter valued at approximately $46,000. 7.15% of the stock is owned by institutional investors and hedge funds.
Southern Copper Price Performance
Shares of NYSE SCCO opened at $46.68 on Monday. The firm has a market cap of $36.09 billion, a P/E ratio of 12.35, a price-to-earnings-growth ratio of 2.01 and a beta of 1.12. 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 1-year low of $44.31 and a 1-year high of $79.32. The business’s 50 day moving average is $48.02 and its 200-day moving average is $58.74.
Southern Copper Cuts Dividend
Wall Street Analyst Weigh In
A number of research firms have recently issued reports on SCCO. Citigroup cut Southern Copper from a “neutral” rating to a “sell” rating and cut their price objective for the company from $70.00 to $40.00 in a research report on Wednesday, July 13th. Morgan Stanley raised Southern Copper from an “underweight” rating to an “equal weight” rating and raised their price objective for the company from $51.00 to $55.00 in a research report on Friday. The Goldman Sachs Group began coverage on Southern Copper in a research report on Friday, August 5th. They issued a “neutral” rating and a $65.00 price objective for the company. Deutsche Bank Aktiengesellschaft assumed coverage on Southern Copper in a research report on Wednesday, September 14th. They issued a “hold” rating and a $47.00 price objective for the company. Finally, Barclays lowered their target price on Southern Copper to $50.00 in a research note on Tuesday, August 9th. Two equities research analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. According to data from MarketBeat.com, Southern Copper has an average rating of “Hold” and an average price target of $53.17.
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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