BidaskClub upgraded shares of Southern Copper Corporation (NYSE:SCCO) from a buy rating to a strong-buy rating in a research note published on Thursday morning.
Several other research analysts have also recently weighed in on the stock. FBR & Co lowered their price target on shares of Southern Copper Corporation from $43.00 to $42.00 and set an outperform rating on the stock in a research report on Friday, June 16th. Cowen and Company reissued a hold rating and set a $39.00 price target on shares of Southern Copper Corporation in a research report on Wednesday, July 19th. HSBC Holdings plc cut shares of Southern Copper Corporation from a buy rating to a hold rating and set a $41.00 price target on the stock. in a research report on Wednesday, August 16th. Finally, Barclays PLC boosted their price target on shares of Southern Copper Corporation from $33.00 to $35.00 and gave the company an underweight rating in a research report on Wednesday, August 9th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $34.97.
Southern Copper Corporation (SCCO) traded down 0.95% during trading on Thursday, hitting $40.72. 721,395 shares of the company’s stock were exchanged. The company has a market cap of $31.48 billion, a price-to-earnings ratio of 32.01 and a beta of 0.55. Southern Copper Corporation has a 52-week low of $24.90 and a 52-week high of $41.52. The firm has a 50 day moving average price of $38.67 and a 200 day moving average price of $36.42.
The business also recently announced a quarterly dividend, which was paid on Wednesday, August 23rd. Shareholders of record on Wednesday, August 9th were given a $0.14 dividend. The ex-dividend date was Monday, August 7th. This represents a $0.56 dividend on an annualized basis and a yield of 1.38%. This is a boost from Southern Copper Corporation’s previous quarterly dividend of $0.12. Southern Copper Corporation’s dividend payout ratio is presently 43.75%.
In other Southern Copper Corporation news, Chairman German Larrea Mota Velasco sold 235,800 shares of the company’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $39.51, for a total value of $9,316,458.00. Following the transaction, the chairman now owns 3,502,167 shares of the company’s stock, valued at $138,370,618.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders sold 900,670 shares of company stock worth $35,575,771 in the last ninety days. 0.53% of the stock is currently owned by corporate insiders.
Several hedge funds have recently modified their holdings of the company. Gulf International Bank UK Ltd boosted its stake in shares of Southern Copper Corporation by 22.5% in the first quarter. Gulf International Bank UK Ltd now owns 21,783 shares of the basic materials company’s stock valued at $781,000 after buying an additional 4,000 shares in the last quarter. Capstone Asset Management Co. boosted its stake in shares of Southern Copper Corporation by 1.9% in the first quarter. Capstone Asset Management Co. now owns 18,423 shares of the basic materials company’s stock valued at $661,000 after buying an additional 340 shares in the last quarter. Nationwide Fund Advisors boosted its stake in shares of Southern Copper Corporation by 66.7% in the first quarter. Nationwide Fund Advisors now owns 50,000 shares of the basic materials company’s stock valued at $1,795,000 after buying an additional 20,000 shares in the last quarter. Sit Investment Associates Inc. boosted its stake in shares of Southern Copper Corporation by 14.3% in the first quarter. Sit Investment Associates Inc. now owns 3,200 shares of the basic materials company’s stock valued at $115,000 after buying an additional 400 shares in the last quarter. Finally, KAMES CAPITAL plc acquired a new stake in shares of Southern Copper Corporation during the first quarter valued at about $775,000. 6.34% of the stock is currently owned by institutional investors and hedge funds.
About Southern Copper Corporation
Southern Copper Corporation is an integrated copper producer. It produces copper and, in the production process, obtains several by-products, including molybdenum, silver, zinc, sulfuric acid and other metals. Its segments include the Peruvian operations, the Mexican open-pit operations and the Mexican underground mining operations segment identified as the IMMSA unit.
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