Raymond James & Associates cut its position in shares of Southern Copper Co. (NYSE:SCCO – Get Rating) by 35.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 41,582 shares of the basic materials company’s stock after selling 22,978 shares during the period. Raymond James & Associates’ holdings in Southern Copper were worth $1,865,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently bought and sold shares of the company. American Research & Management Co. acquired a new position in shares of Southern Copper in the 2nd quarter valued at $26,000. Loomis Sayles & Co. L P acquired a new position in Southern Copper in the first quarter valued at about $29,000. Private Trust Co. NA acquired a new stake in shares of Southern Copper during the second quarter valued at about $34,000. CoreCap Advisors LLC purchased a new stake in shares of Southern Copper in the 2nd quarter valued at approximately $38,000. Finally, Wahed Invest LLC acquired a new position in shares of Southern Copper in the 2nd quarter worth approximately $45,000. 7.03% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several research firms recently weighed in on SCCO. Citigroup lifted their target price on shares of Southern Copper from $40.00 to $60.00 in a report on Wednesday, January 11th. Deutsche Bank Aktiengesellschaft boosted their price objective on Southern Copper from $45.00 to $50.00 in a report on Tuesday, January 10th. Grupo Santander upgraded Southern Copper from a “neutral” rating to an “outperform” rating and raised their target price for the company from $60.00 to $69.00 in a report on Monday, November 28th. Wolfe Research upgraded shares of Southern Copper from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, January 11th. Finally, StockNews.com raised shares of Southern Copper from a “hold” rating to a “buy” rating in a research note on Friday, November 11th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $58.00.
Southern Copper Stock Performance
Southern Copper (NYSE:SCCO – Get Rating) last issued its earnings results on Friday, October 28th. The basic materials company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.12. Southern Copper had a net margin of 25.56% and a return on equity of 32.37%. The firm had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.32 billion. On average, analysts predict that Southern Copper Co. will post 3.07 earnings per share for the current fiscal year.
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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