Great West Life Assurance Co. Can acquired a new position in Southern Copper Co. (NYSE:SCCO – Get Rating) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 80,567 shares of the basic materials company’s stock, valued at approximately $3,610,000.
Other institutional investors and hedge funds also recently made changes to their positions in the company. American Research & Management Co. purchased a new stake in shares of Southern Copper in the second quarter worth $26,000. Loomis Sayles & Co. L P purchased a new stake in shares of Southern Copper in the first quarter worth $29,000. Private Trust Co. NA purchased a new stake in shares of Southern Copper in the second quarter worth $34,000. Fifth Third Bancorp raised its position in shares of Southern Copper by 69.6% in the third quarter. Fifth Third Bancorp now owns 782 shares of the basic materials company’s stock worth $35,000 after buying an additional 321 shares in the last quarter. Finally, CoreCap Advisors LLC purchased a new stake in shares of Southern Copper in the second quarter worth $38,000. Hedge funds and other institutional investors own 7.03% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities research analysts recently issued reports on SCCO shares. Grupo Santander upgraded Southern Copper from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $60.00 to $69.00 in a research report on Monday, November 28th. Citigroup increased their target price on Southern Copper from $40.00 to $60.00 in a research note on Wednesday, January 11th. Wolfe Research raised Southern Copper from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, January 11th. StockNews.com raised Southern Copper from a “hold” rating to a “buy” rating in a research note on Friday, November 11th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on Southern Copper from $45.00 to $50.00 in a research note on Tuesday, January 10th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $58.00.
Southern Copper Stock Down 1.1 %
Southern Copper (NYSE:SCCO – Get Rating) last announced its quarterly earnings data on Friday, October 28th. The basic materials company reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.12. Southern Copper had a return on equity of 32.37% and a net margin of 25.56%. The firm had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.32 billion. On average, equities analysts anticipate that Southern Copper Co. will post 3.07 earnings per share for the current year.
Southern Copper Company Profile
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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