Public Employees Retirement System of Ohio increased its stake in Southern Copper Corp (NYSE:SCCO) by 12.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 184,131 shares of the basic materials company’s stock after buying an additional 20,428 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Southern Copper were worth $6,284,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD raised its stake in Southern Copper by 15.3% in the 2nd 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 acquiring an additional 774,578 shares during the period. Parametric Portfolio Associates LLC increased its position in Southern Copper by 16.2% during the 3rd quarter. Parametric Portfolio Associates LLC now owns 1,111,781 shares of the basic materials company’s stock worth $37,945,000 after buying an additional 155,270 shares during the period. Vanguard Group Inc. increased its position in Southern Copper by 1.5% during the 2nd quarter. Vanguard Group Inc. now owns 1,036,258 shares of the basic materials company’s stock worth $40,258,000 after buying an additional 15,195 shares during the period. Los Angeles Capital Management & Equity Research Inc. increased its position in Southern Copper by 84.3% during the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 797,772 shares of the basic materials company’s stock worth $30,993,000 after buying an additional 364,888 shares during the period. Finally, Bank of Nova Scotia increased its position in Southern Copper by 2.1% during the 2nd quarter. Bank of Nova Scotia now owns 502,479 shares of the basic materials company’s stock worth $19,522,000 after buying an additional 10,316 shares during the period. 6.25% of the stock is owned by institutional investors.
NYSE:SCCO opened at $42.01 on Wednesday. The stock’s 50-day simple moving average is $38.25 and its 200 day simple moving average is $35.65. Southern Copper Corp has a twelve month low of $29.01 and a twelve month high of $42.42. The firm has a market capitalization of $32.48 billion, a PE ratio of 21.01, a price-to-earnings-growth ratio of 1.83 and a beta of 0.94. The company has a quick ratio of 2.18, a current ratio of 2.92 and a debt-to-equity ratio of 0.95.
Southern Copper (NYSE:SCCO) last announced its quarterly earnings results on Friday, October 25th. The basic materials company reported $0.50 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.50. Southern Copper had a return on equity of 21.86% and a net margin of 20.68%. The firm had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.83 billion. On average, analysts anticipate that Southern Copper Corp will post 1.97 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.81%. The ex-dividend date was Wednesday, November 6th. Southern Copper’s payout ratio is 80.00%.
Several analysts have recently issued reports on the company. UBS Group reduced their target price on Southern Copper from $45.00 to $42.00 and set a “buy” rating on the stock in a report on Thursday, October 10th. Zacks Investment Research lowered Southern Copper from a “hold” rating to a “sell” rating and set a $36.00 target price on the stock. in a report on Wednesday, October 16th. ValuEngine lowered Southern Copper from a “hold” rating to a “sell” rating in a report on Monday, November 25th. Morgan Stanley raised Southern Copper from an “underweight” rating to an “equal” rating and set a $36.00 target price on the stock in a report on Monday, September 23rd. Finally, Itau Unibanco lowered Southern Copper to a “hold” rating and set a $45.00 target price on the stock. in a report on Tuesday. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the stock. Southern Copper currently has a consensus rating of “Hold” and an average target price of $39.80.
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.
Further Reading: Derivative
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