Global X Management Co. LLC raised its holdings in shares of Southern Copper Corp (NYSE:SCCO) by 23.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 81,231 shares of the basic materials company’s stock after buying an additional 15,687 shares during the period. Global X Management Co. LLC’s holdings in Southern Copper were worth $3,854,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Americafirst Capital Management LLC acquired a new position in Southern Copper during the third quarter valued at approximately $166,000. SG Americas Securities LLC lifted its position in Southern Copper by 32.9% during the third quarter. SG Americas Securities LLC now owns 5,141 shares of the basic materials company’s stock valued at $204,000 after buying an additional 1,274 shares in the last quarter. Comerica Bank acquired a new position in Southern Copper during the fourth quarter valued at approximately $205,000. Lau Associates LLC acquired a new position in Southern Copper during the fourth quarter valued at approximately $216,000. Finally, Checchi Capital Advisers LLC acquired a new position in Southern Copper during the fourth quarter valued at approximately $230,000. 6.63% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts have weighed in on SCCO shares. Goldman Sachs Group reaffirmed a “neutral” rating and set a $40.00 price target on shares of Southern Copper in a research report on Monday, October 23rd. FBR & Co reaffirmed a “buy” rating on shares of Southern Copper in a research report on Monday, October 23rd. Scotiabank cut shares of Southern Copper from a “sector perform” rating to an “underperform” rating in a research report on Monday, October 23rd. BidaskClub cut shares of Southern Copper from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 28th. Finally, Zacks Investment Research raised shares of Southern Copper from a “hold” rating to a “strong-buy” rating and set a $50.00 price target on the stock in a research report on Saturday, October 28th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $45.07.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 27th. Stockholders of record on Tuesday, February 13th will be paid a dividend of $0.30 per share. The ex-dividend date is Monday, February 12th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.38%. This is a positive change from Southern Copper’s previous quarterly dividend of $0.25. Southern Copper’s dividend payout ratio (DPR) is currently 77.92%.
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About Southern Copper
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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