Pictet Asset Management SA Trims Holdings in Southern Copper Co. (NYSE:SCCO)

Pictet Asset Management SA lessened its stake in Southern Copper Co. (NYSE:SCCOGet Rating) by 6.7% in the second quarter, Holdings Channel reports. The institutional investor owned 109,571 shares of the basic materials company’s stock after selling 7,838 shares during the quarter. Pictet Asset Management SA’s holdings in Southern Copper were worth $5,458,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the stock. SeaCrest Wealth Management LLC bought a new stake in shares of Southern Copper in the 2nd quarter worth about $71,000. Lazard Asset Management LLC grew its stake in Southern Copper by 455.4% in the second quarter. Lazard Asset Management LLC now owns 5,654 shares of the basic materials company’s stock worth $281,000 after purchasing an additional 4,636 shares in the last quarter. RWC Asset Advisors US LLC increased its holdings in Southern Copper by 1.9% in the second quarter. RWC Asset Advisors US LLC now owns 827,304 shares of the basic materials company’s stock valued at $41,208,000 after buying an additional 15,581 shares during the last quarter. Donoghue Forlines LLC raised its stake in Southern Copper by 45.9% during the second 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 in the last quarter. Finally, ING Groep NV lifted its holdings in Southern Copper by 19.8% during the 2nd quarter. ING Groep NV now owns 12,119 shares of the basic materials company’s stock worth $604,000 after buying an additional 2,001 shares during the last quarter. 7.15% of the stock is owned by institutional investors and hedge funds.

Southern Copper Price Performance

Shares of NYSE:SCCO opened at $58.02 on Friday. The firm’s 50 day moving average is $49.30 and its two-hundred day moving average is $51.54. The firm 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 current ratio of 3.34, a quick ratio of 2.63 and a debt-to-equity ratio of 0.82. Southern Copper Co. has a 52 week low of $42.42 and a 52 week high of $79.32.

Southern Copper Cuts Dividend

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

Analyst Upgrades and Downgrades

SCCO has been the subject of a number of research analyst reports. The Goldman Sachs Group began coverage on Southern Copper in a report on Friday, August 5th. They issued a “neutral” rating and a $65.00 price target for the company. StockNews.com raised shares of Southern Copper from a “hold” rating to a “buy” rating in a report on Friday, November 11th. Deutsche Bank Aktiengesellschaft decreased 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. Barclays cut their target price on shares of Southern Copper to $50.00 in a report on Tuesday, August 9th. Finally, Morgan Stanley upgraded Southern Copper from an “equal weight” rating to an “overweight” rating and set a $54.00 price target on the stock in a research report on Tuesday, November 8th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $50.80.

Southern Copper 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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