Bank of Nova Scotia cut its position in Southern Copper Co. (NYSE:SCCO – Get Rating) by 17.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 14,189 shares of the basic materials company’s stock after selling 2,962 shares during the quarter. Bank of Nova Scotia’s holdings in Southern Copper were worth $707,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Donoghue Forlines LLC grew its stake in Southern Copper by 45.9% in the 2nd quarter. Donoghue Forlines LLC now owns 28,143 shares of the basic materials company’s stock valued at $1,402,000 after buying an additional 8,849 shares during the last quarter. ING Groep NV grew its stake in Southern Copper by 19.8% in the 2nd quarter. ING Groep NV now owns 12,119 shares of the basic materials company’s stock valued at $604,000 after buying an additional 2,001 shares during the last quarter. Meeder Asset Management Inc. grew its stake in Southern Copper by 837.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 7,239 shares of the basic materials company’s stock valued at $361,000 after buying an additional 6,467 shares during the last quarter. Autumn Glory Partners LLC grew its stake in Southern Copper by 64.0% in the 2nd quarter. Autumn Glory Partners LLC now owns 11,519 shares of the basic materials company’s stock valued at $574,000 after buying an additional 4,495 shares during the last quarter. Finally, Credit Agricole S A acquired a new position in Southern Copper in the 2nd quarter valued at $105,000. 7.15% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of analysts have weighed in on the stock. Barclays reduced their price target on shares of Southern Copper to $50.00 in a report on Tuesday, August 9th. The Goldman Sachs Group assumed coverage on shares of Southern Copper in a report on Friday, August 5th. They issued a “neutral” rating and a $65.00 price target for the company. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Southern Copper from $47.00 to $45.00 and set a “hold” rating for the company in a report on Wednesday, October 5th. StockNews.com raised shares of Southern Copper from a “hold” rating to a “buy” rating in a report on Friday, November 11th. Finally, Morgan Stanley raised shares of Southern Copper from an “equal weight” rating to an “overweight” rating and set a $54.00 price target for the company in a report on Tuesday, November 8th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $50.80.
Southern Copper Price Performance
Southern Copper Cuts Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 23rd. Stockholders of record on Wednesday, November 9th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.45%. The ex-dividend date is Tuesday, November 8th. Southern Copper’s payout ratio is 60.06%.
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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