Skandinaviska Enskilda Banken AB publ trimmed its position in Southern Copper Co. (NYSE:SCCO – Free Report) by 61.9% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 99,568 shares of the basic materials company’s stock after selling 161,457 shares during the quarter. Skandinaviska Enskilda Banken AB publ’s holdings in Southern Copper were worth $7,496,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SCCO. Bank of New York Mellon Corp grew its holdings in Southern Copper by 1.3% in the 1st quarter. Bank of New York Mellon Corp now owns 283,570 shares of the basic materials company’s stock valued at $21,523,000 after buying an additional 3,611 shares in the last quarter. American Century Companies Inc. grew its holdings in Southern Copper by 48.3% in the 1st quarter. American Century Companies Inc. now owns 11,974 shares of the basic materials company’s stock valued at $909,000 after buying an additional 3,901 shares in the last quarter. MetLife Investment Management LLC acquired a new position in Southern Copper in the 1st quarter valued at $388,000. Rhumbline Advisers grew its holdings in Southern Copper by 121.4% in the 1st quarter. Rhumbline Advisers now owns 173,100 shares of the basic materials company’s stock valued at $13,138,000 after buying an additional 94,910 shares in the last quarter. Finally, BlackRock Inc. grew its holdings in Southern Copper by 10.7% in the 1st quarter. BlackRock Inc. now owns 7,022,108 shares of the basic materials company’s stock valued at $532,978,000 after buying an additional 680,165 shares in the last quarter. 7.40% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of research firms have recently weighed in on SCCO. StockNews.com downgraded Southern Copper from a “buy” rating to a “hold” rating in a research report on Monday, February 5th. Morgan Stanley cut Southern Copper from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $83.00 to $68.00 in a research note on Monday, November 27th. Four equities research analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus price target of $64.50.
Southern Copper Trading Down 1.0 %
NYSE SCCO opened at $80.16 on Monday. The business has a 50 day simple moving average of $81.81 and a 200 day simple moving average of $78.34. Southern Copper Co. has a one year low of $64.66 and a one year high of $88.40. The stock has a market capitalization of $61.97 billion, a P/E ratio of 25.53 and a beta of 1.29. The company has a debt-to-equity ratio of 0.80, a current ratio of 3.70 and a quick ratio of 2.94.
Southern Copper Cuts Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 29th. Investors of record on Tuesday, February 13th will be paid a dividend of $0.80 per share. The ex-dividend date of this dividend is Monday, February 12th. This represents a $3.20 annualized dividend and a yield of 3.99%. Southern Copper’s dividend payout ratio is currently 127.39%.
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, copper, molybdenum, silver, gold, and lead.
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