Public Employees Retirement System of Ohio reduced its position in Southern Copper Corp (NYSE:SCCO) by 0.7% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 170,128 shares of the basic materials company’s stock after selling 1,117 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Southern Copper were worth $6,766,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Sei Investments Co. increased its holdings in Southern Copper by 29.7% during the 2nd quarter. Sei Investments Co. now owns 45,766 shares of the basic materials company’s stock worth $1,824,000 after purchasing an additional 10,469 shares during the last quarter. Toroso Investments LLC increased its holdings in Southern Copper by 72.2% during the 2nd quarter. Toroso Investments LLC now owns 43,336 shares of the basic materials company’s stock worth $1,723,000 after purchasing an additional 18,172 shares during the last quarter. Captrust Financial Advisors purchased a new stake in Southern Copper during the 2nd quarter worth approximately $29,000. Balentine LLC increased its holdings in Southern Copper by 157.9% during the 2nd quarter. Balentine LLC now owns 673 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 412 shares during the last quarter. Finally, Man Group plc increased its holdings in Southern Copper by 787.7% during the 2nd quarter. Man Group plc now owns 81,621 shares of the basic materials company’s stock worth $3,247,000 after purchasing an additional 72,426 shares during the last quarter. 6.94% of the stock is currently owned by institutional investors and hedge funds.
NYSE:SCCO opened at $47.55 on Wednesday. Southern Copper Corp has a 12-month low of $23.43 and a 12-month high of $49.19. The firm has a market capitalization of $36.56 billion, a P/E ratio of 31.11, a P/E/G ratio of 2.17 and a beta of 1.14. The company has a debt-to-equity ratio of 0.95, a current ratio of 4.33 and a quick ratio of 3.23. The business has a 50 day simple moving average of $45.88 and a 200 day simple moving average of $37.22.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 25th. Investors of record on Wednesday, August 12th were given a dividend of $0.40 per share. The ex-dividend date was Tuesday, August 11th. This represents a $1.60 dividend on an annualized basis and a yield of 3.36%. This is a positive change from Southern Copper’s previous quarterly dividend of $0.20. Southern Copper’s payout ratio is currently 83.33%.
In related news, Director Bonilla Luis Miguel Palomino sold 1,400 shares of the business’s stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $45.10, for a total transaction of $63,140.00. Following the completion of the transaction, the director now owns 9,014 shares in the company, valued at approximately $406,531.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.46% of the company’s stock.
SCCO has been the subject of a number of research analyst reports. Citigroup downgraded Southern Copper from a “buy” rating to a “sell” rating in a report on Monday, June 8th. Goldman Sachs Group downgraded Southern Copper from a “buy” rating to a “neutral” rating and lowered their price target for the company from $47.00 to $41.00 in a report on Tuesday, June 16th. Zacks Investment Research upgraded Southern Copper from a “hold” rating to a “strong-buy” rating and set a $46.00 price target for the company in a report on Wednesday, July 29th. JPMorgan Chase & Co. downgraded Southern Copper from a “neutral” rating to an “underweight” rating and boosted their price target for the company from $27.00 to $33.00 in a report on Monday, June 22nd. Finally, UBS Group boosted their price target on Southern Copper from $38.00 to $40.00 and gave the company a “buy” rating in a report on Tuesday, May 19th. Four investment analysts have rated the stock with a sell rating, four have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $38.14.
About Southern Copper
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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