Southern Copper (NYSE:SCCO) Lowered to Hold at StockNews.com

StockNews.com cut shares of Southern Copper (NYSE:SCCO) from a buy rating to a hold rating in a research report released on Tuesday.

A number of other research firms have also recently issued reports on SCCO. CICC Research began coverage on Southern Copper in a research note on Wednesday, April 24th. They issued an outperform rating for the company. Morgan Stanley increased their target price on Southern Copper from $123.00 to $135.00 and gave the stock an underweight rating in a research note on Tuesday, April 30th. Jefferies Financial Group raised shares of Southern Copper from a hold rating to a buy rating and lifted their price target for the company from $91.00 to $130.00 in a research note on Friday, March 22nd. The Goldman Sachs Group increased their price objective on shares of Southern Copper from $61.00 to $82.00 and gave the stock a sell rating in a research report on Friday, March 22nd. Finally, Scotiabank boosted their price objective on shares of Southern Copper from $53.00 to $55.00 and gave the company a sector underperform rating in a research report on Thursday, April 18th. Five research analysts have rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, Southern Copper has an average rating of Hold and an average price target of $90.50.

Southern Copper Trading Down 2.5 %

Shares of NYSE SCCO opened at $115.07 on Tuesday. The company has a quick ratio of 2.56, a current ratio of 3.31 and a debt-to-equity ratio of 0.82. Southern Copper has a twelve month low of $64.66 and a twelve month high of $121.00. The company’s fifty day moving average is $104.59 and its 200-day moving average is $87.89. The stock has a market cap of $88.96 billion, a price-to-earnings ratio of 37.85, a P/E/G ratio of 3.25 and a beta of 1.27.

Southern Copper Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 23rd. Investors of record on Wednesday, May 8th will be issued a dividend of $0.01 per share. The ex-dividend date of this dividend is Tuesday, May 7th. This represents a $0.04 annualized dividend and a yield of 0.03%. Southern Copper’s payout ratio is presently 105.26%.

Insider Activity at Southern Copper

In related news, Director Bonilla Luis Miguel Palomino sold 300 shares of the firm’s stock in a transaction on Monday, April 29th. The shares were sold at an average price of $118.50, for a total value of $35,550.00. Following the completion of the transaction, the director now directly owns 4,614 shares of the company’s stock, valued at $546,759. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last ninety days, insiders sold 600 shares of company stock valued at $63,430. Insiders own 0.08% of the company’s stock.

Institutional Investors Weigh In On Southern Copper

Several hedge funds have recently bought and sold shares of the company. Fortis Group Advisors LLC raised its holdings in Southern Copper by 100.0% in the 4th quarter. Fortis Group Advisors LLC now owns 302 shares of the basic materials company’s stock valued at $26,000 after acquiring an additional 151 shares during the period. Fidelis Capital Partners LLC bought a new position in shares of Southern Copper during the first quarter worth approximately $26,000. Riverview Trust Co acquired a new stake in Southern Copper during the 1st quarter worth approximately $27,000. Viking Fund Management LLC bought a new stake in Southern Copper in the 4th quarter valued at $31,000. Finally, Venturi Wealth Management LLC grew its holdings in Southern Copper by 164.8% in the 4th quarter. Venturi Wealth Management LLC now owns 482 shares of the basic materials company’s stock valued at $41,000 after buying an additional 300 shares in the last quarter. 7.94% of the stock is currently owned by institutional investors and hedge funds.

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, copper, molybdenum, silver, gold, and lead.