Lazard Asset Management LLC Boosts Stock Position in Southern Copper Co. (NYSE:SCCO)

Lazard Asset Management LLC raised its position in shares of Southern Copper Co. (NYSE:SCCOGet Rating) by 455.4% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 5,654 shares of the basic materials company’s stock after purchasing an additional 4,636 shares during the quarter. Lazard Asset Management LLC’s holdings in Southern Copper were worth $281,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Financial Sense Advisors Inc. purchased a new stake in shares of Southern Copper in the second quarter worth about $249,000. Crossmark Global Holdings Inc. boosted its stake in shares of Southern Copper by 5.6% in the second quarter. Crossmark Global Holdings Inc. now owns 18,515 shares of the basic materials company’s stock worth $922,000 after buying an additional 990 shares during the last quarter. Aigen Investment Management LP boosted its stake in shares of Southern Copper by 145.5% in the second quarter. Aigen Investment Management LP now owns 28,938 shares of the basic materials company’s stock worth $1,441,000 after buying an additional 17,151 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its stake in shares of Southern Copper by 28.8% in the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 48,238 shares of the basic materials company’s stock worth $2,403,000 after buying an additional 10,798 shares during the last quarter. Finally, Ranch Capital Advisors Inc. purchased a new stake in shares of Southern Copper in the first quarter worth about $667,000. Hedge funds and other institutional investors own 7.15% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. The Goldman Sachs Group assumed coverage on Southern Copper in a research note on Friday, August 5th. They issued a “neutral” rating and a $65.00 target price on the stock. StockNews.com raised Southern Copper from a “hold” rating to a “buy” rating in a report on Friday, November 11th. Morgan Stanley raised 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. Barclays reduced their price target on Southern Copper to $50.00 in a report on Tuesday, August 9th. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on Southern Copper from $47.00 to $45.00 and set a “hold” rating for the company in a report on Wednesday, October 5th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, Southern Copper currently has an average rating of “Hold” and a consensus target price of $50.80.

Southern Copper Price Performance

Shares of Southern Copper stock opened at $58.02 on Friday. The business has a 50 day simple moving average of $49.30 and a two-hundred day simple moving average of $51.54. Southern Copper Co. has a 12 month low of $42.42 and a 12 month high of $79.32. The stock has a market capitalization of $44.86 billion, a P/E ratio of 17.42, a PEG ratio of 2.49 and a beta of 1.07. The company has a debt-to-equity ratio of 0.82, a current ratio of 3.34 and a quick ratio of 2.63.

Southern Copper Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 23rd. Shareholders of record on Wednesday, November 9th will be issued a dividend of $0.50 per share. The ex-dividend date is Tuesday, November 8th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.45%. Southern Copper’s payout ratio is currently 60.06%.

About Southern Copper

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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.

See Also

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

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