CIBC Asset Management Inc Raises Position in Southern Copper Co. (NYSE:SCCO)

CIBC Asset Management Inc grew its position in shares of Southern Copper Co. (NYSE:SCCO) by 6.3% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 26,051 shares of the basic materials company’s stock after purchasing an additional 1,548 shares during the period. CIBC Asset Management Inc’s holdings in Southern Copper were worth $2,374,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Creative Financial Designs Inc. ADV lifted its position in Southern Copper by 172.0% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 223 shares of the basic materials company’s stock valued at $26,000 after acquiring an additional 141 shares in the last quarter. Prospera Private Wealth LLC purchased a new position in shares of Southern Copper in the third quarter worth $47,000. Larson Financial Group LLC lifted its holdings in shares of Southern Copper by 578.3% during the third quarter. Larson Financial Group LLC now owns 407 shares of the basic materials company’s stock valued at $47,000 after purchasing an additional 347 shares in the last quarter. Spire Wealth Management purchased a new stake in shares of Southern Copper during the fourth quarter valued at $47,000. Finally, Stonebridge Financial Group LLC bought a new stake in Southern Copper in the 4th quarter worth about $51,000. Hedge funds and other institutional investors own 7.94% of the company’s stock.

Southern Copper Stock Performance

Shares of NYSE SCCO opened at $92.87 on Friday. Southern Copper Co. has a 12-month low of $78.82 and a 12-month high of $129.79. The firm has a market capitalization of $72.95 billion, a price-to-earnings ratio of 21.50, a price-to-earnings-growth ratio of 1.87 and a beta of 1.13. The company has a current ratio of 2.77, a quick ratio of 2.31 and a debt-to-equity ratio of 0.64. The firm has a 50 day moving average of $94.61 and a 200 day moving average of $101.88.

Southern Copper (NYSE:SCCO) last issued its quarterly earnings data on Wednesday, February 12th. The basic materials company reported $1.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.01). Southern Copper had a net margin of 29.53% and a return on equity of 40.27%. On average, research analysts anticipate that Southern Copper Co. will post 4.66 earnings per share for the current year.

Southern Copper Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, February 27th. Shareholders of record on Tuesday, February 11th will be given a $0.70 dividend. This is a boost from Southern Copper’s previous quarterly dividend of $0.60. The ex-dividend date is Tuesday, February 11th. This represents a $2.80 dividend on an annualized basis and a yield of 3.02%. Southern Copper’s dividend payout ratio is presently 64.81%.

Analyst Ratings Changes

SCCO has been the topic of several research analyst reports. JPMorgan Chase & Co. upgraded shares of Southern Copper from an “underweight” rating to a “neutral” rating and set a $92.50 target price on the stock in a research note on Monday, December 2nd. Morgan Stanley upgraded shares of Southern Copper from an “underweight” rating to an “equal weight” rating and lowered their price objective for the company from $106.30 to $102.00 in a research report on Thursday, December 12th. Four research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $94.81.

Southern Copper 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.