Mirae Asset Global Investments Co. Ltd. acquired a new stake in Southern Copper Corp (NYSE:SCCO) in the third quarter, Holdings Channel reports. The fund acquired 104,506 shares of the basic materials company’s stock, valued at approximately $4,509,000.
A number of other hedge funds and other institutional investors have also bought and sold shares of SCCO. Piedmont Investment Advisors LLC bought a new stake in Southern Copper in the 2nd quarter valued at about $122,000. Navellier & Associates Inc bought a new stake in shares of Southern Copper during the 2nd quarter worth approximately $139,000. Schroder Investment Management Group bought a new stake in shares of Southern Copper during the 2nd quarter worth approximately $158,000. Cadence Capital Management LLC bought a new stake in shares of Southern Copper during the 2nd quarter worth approximately $253,000. Finally, Piedmont Investment Advisors Inc. lifted its holdings in shares of Southern Copper by 128.4% during the 3rd quarter. Piedmont Investment Advisors Inc. now owns 5,966 shares of the basic materials company’s stock worth $257,000 after acquiring an additional 3,354 shares during the period. 7.32% of the stock is owned by hedge funds and other institutional investors.
A number of analysts have recently weighed in on SCCO shares. B. Riley cut their price target on shares of Southern Copper from $55.00 to $49.00 and set a “neutral” rating for the company in a report on Wednesday, September 19th. Citigroup raised shares of Southern Copper from a “sell” rating to a “neutral” rating and set a $43.00 price target for the company in a report on Monday, October 8th. Santander downgraded shares of Southern Copper from a “buy” rating to a “hold” rating in a report on Tuesday, October 16th. UBS Group raised shares of Southern Copper from a “neutral” rating to a “buy” rating and set a $46.00 price target for the company in a report on Friday, November 2nd. Finally, Bradesco Corretora raised shares of Southern Copper from an “underperform” rating to a “hold” rating and cut their price target for the stock from $45.00 to $42.00 in a report on Tuesday, November 20th. Four equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $42.26.
Shares of Southern Copper stock opened at $32.68 on Friday. Southern Copper Corp has a 1-year low of $31.17 and a 1-year high of $58.09. The company has a quick ratio of 1.88, a current ratio of 2.71 and a debt-to-equity ratio of 0.90. The company has a market cap of $25.05 billion, a PE ratio of 21.05 and a beta of 0.69.
Southern Copper (NYSE:SCCO) last issued its quarterly earnings results on Wednesday, October 24th. The basic materials company reported $0.48 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.50 by ($0.02). The firm had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.80 billion. Southern Copper had a return on equity of 14.97% and a net margin of 13.24%. On average, research analysts forecast that Southern Copper Corp will post 2.11 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 21st. Investors of record on Wednesday, November 7th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 4.90%. The ex-dividend date of this dividend was Tuesday, November 6th.
Southern Copper Profile
Southern Copper Corporation engages in mining, exploring, smelting, and refining copper and other minerals in Peru, Mexico, Argentina, Chile, and Ecuador. 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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