Southern Copper Co. (NYSE:SCCO) Shares Purchased by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC boosted its holdings in Southern Copper Co. (NYSE:SCCO) by 0.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 630,579 shares of the basic materials company’s stock after buying an additional 4,580 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Southern Copper were worth $67,939,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of SCCO. International Assets Investment Management LLC lifted its position in shares of Southern Copper by 8,523.8% during the 4th quarter. International Assets Investment Management LLC now owns 172,907 shares of the basic materials company’s stock worth $14,882,000 after buying an additional 170,902 shares during the last quarter. Cerity Partners LLC purchased a new stake in Southern Copper in the fourth quarter valued at $261,000. CWM LLC boosted its stake in Southern Copper by 3.3% in the fourth quarter. CWM LLC now owns 4,329 shares of the basic materials company’s stock valued at $373,000 after acquiring an additional 137 shares in the last quarter. Bailard Inc. purchased a new position in shares of Southern Copper during the fourth quarter worth about $326,000. Finally, Kovack Advisors Inc. increased its position in shares of Southern Copper by 3.8% during the fourth quarter. Kovack Advisors Inc. now owns 4,978 shares of the basic materials company’s stock worth $428,000 after purchasing an additional 184 shares in the last quarter. 7.94% of the stock is currently owned by institutional investors and hedge funds.

Southern Copper Price Performance

Shares of SCCO opened at $105.66 on Wednesday. The company has a current ratio of 2.81, a quick ratio of 2.27 and a debt-to-equity ratio of 0.67. The stock’s 50 day moving average is $106.69 and its two-hundred day moving average is $105.58. Southern Copper Co. has a twelve month low of $68.93 and a twelve month high of $129.79. The firm has a market capitalization of $82.54 billion, a PE ratio of 35.10, a P/E/G ratio of 1.06 and a beta of 1.20.

Southern Copper (NYSE:SCCO) last posted its quarterly earnings results on Friday, July 19th. The basic materials company reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.09. The firm had revenue of $3.12 billion for the quarter, compared to the consensus estimate of $2.96 billion. Southern Copper had a return on equity of 34.98% and a net margin of 26.15%. Research analysts anticipate that Southern Copper Co. will post 4.33 earnings per share for the current year.

Southern Copper Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, August 26th. Stockholders of record on Friday, August 9th were paid a dividend of $0.60 per share. The ex-dividend date of this dividend was Friday, August 9th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.27%. Southern Copper’s dividend payout ratio (DPR) is presently 79.73%.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. StockNews.com raised Southern Copper from a “hold” rating to a “buy” rating in a research report on Wednesday, May 15th. Morgan Stanley upped their price target on shares of Southern Copper from $81.70 to $100.00 and gave the company an “underweight” rating in a research report on Friday, June 21st. UBS Group initiated coverage on shares of Southern Copper in a research report on Friday, July 12th. They set a “neutral” rating and a $120.00 price objective on the stock. Finally, Scotiabank lowered their price target on Southern Copper from $55.00 to $54.00 and set a “sector underperform” rating on the stock in a report on Tuesday, May 21st. Five analysts have rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $89.57.

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.