Teacher Retirement System of Texas raised its position in Southern Copper Corp (NYSE:SCCO) by 2,055.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 175,135 shares of the basic materials company’s stock after purchasing an additional 167,010 shares during the quarter. Teacher Retirement System of Texas’ holdings in Southern Copper were worth $5,977,000 as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of SCCO. Price T Rowe Associates Inc. MD increased its stake in shares of Southern Copper by 15.3% in the second quarter. Price T Rowe Associates Inc. MD now owns 5,825,434 shares of the basic materials company’s stock valued at $226,318,000 after buying an additional 774,578 shares during the period. Vanguard Group Inc. increased its stake in shares of Southern Copper by 1.5% in the second quarter. Vanguard Group Inc. now owns 1,036,258 shares of the basic materials company’s stock valued at $40,258,000 after buying an additional 15,195 shares during the period. Los Angeles Capital Management & Equity Research Inc. increased its stake in shares of Southern Copper by 84.3% in the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 797,772 shares of the basic materials company’s stock valued at $30,993,000 after buying an additional 364,888 shares during the period. Bank of Nova Scotia increased its stake in shares of Southern Copper by 2.1% in the second quarter. Bank of Nova Scotia now owns 502,479 shares of the basic materials company’s stock valued at $19,522,000 after buying an additional 10,316 shares during the period. Finally, Nuveen Asset Management LLC acquired a new stake in shares of Southern Copper in the second quarter valued at about $18,171,000. Hedge funds and other institutional investors own 6.53% of the company’s stock.
Several equities research analysts have recently weighed in on the company. Bank of America reissued a “buy” rating and issued a $46.00 price target on shares of Southern Copper in a research note on Thursday, August 15th. UBS Group decreased their target price on Southern Copper from $45.00 to $42.00 and set a “buy” rating for the company in a research note on Thursday, October 10th. Morgan Stanley raised Southern Copper from an “underweight” rating to an “equal” rating and set a $36.00 target price for the company in a research note on Monday, September 23rd. Zacks Investment Research cut Southern Copper from a “hold” rating to a “sell” rating and set a $36.00 target price for the company. in a research note on Wednesday, October 16th. Finally, JPMorgan Chase & Co. set a $32.00 target price on Southern Copper and gave the stock a “hold” rating in a research note on Wednesday, August 21st. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $39.50.
SCCO stock opened at $37.72 on Friday. Southern Copper Corp has a twelve month low of $29.01 and a twelve month high of $42.42. The company has a quick ratio of 2.18, a current ratio of 2.92 and a debt-to-equity ratio of 0.95. The stock’s 50 day moving average is $35.23 and its 200-day moving average is $35.13. The firm has a market capitalization of $29.21 billion, a PE ratio of 18.86, a P/E/G ratio of 1.58 and a beta of 0.93.
The business also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th will be issued a $0.40 dividend. The ex-dividend date of this dividend is Wednesday, November 6th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.24%. Southern Copper’s dividend payout ratio is presently 80.00%.
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 and lead.
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