Drive Wealth Management LLC Makes New $202,000 Investment in Southern Copper Co. (NYSE:SCCO)

Drive Wealth Management LLC purchased a new stake in Southern Copper Co. (NYSE:SCCOFree Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,347 shares of the basic materials company’s stock, valued at approximately $202,000.

A number of other large investors have also made changes to their positions in the stock. Hartford Financial Management Inc. acquired a new position in Southern Copper in the third quarter valued at approximately $25,000. Sanctuary Wealth Management L.L.C. acquired a new position in Southern Copper during the fourth quarter worth $27,000. Loomis Sayles & Co. L P acquired a new position in Southern Copper during the first quarter worth $29,000. Viking Fund Management LLC acquired a new position in Southern Copper during the fourth quarter worth $31,000. Finally, Ronald Blue Trust Inc. lifted its stake in Southern Copper by 43.7% during the third quarter. Ronald Blue Trust Inc. now owns 602 shares of the basic materials company’s stock worth $44,000 after purchasing an additional 183 shares in the last quarter. 7.94% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have commented on SCCO. StockNews.com cut Southern Copper from a “buy” rating to a “hold” rating in a research note on Monday, February 5th. JPMorgan Chase & Co. decreased their price target on Southern Copper from $63.50 to $61.00 and set an “underweight” rating on the stock in a research note on Thursday, March 21st. Jefferies Financial Group upgraded Southern Copper from a “hold” rating to a “buy” rating and upped their price target for the stock from $91.00 to $130.00 in a research note on Friday, March 22nd. Finally, The Goldman Sachs Group upped their price objective on Southern Copper from $61.00 to $82.00 and gave the stock a “sell” rating in a research report on Friday, March 22nd. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $76.83.

Read Our Latest Analysis on SCCO

Southern Copper Stock Up 0.7 %

Southern Copper stock opened at $107.77 on Wednesday. The firm has a market capitalization of $83.32 billion, a P/E ratio of 34.32 and a beta of 1.29. The stock’s fifty day simple moving average is $88.01 and its 200-day simple moving average is $80.64. The company has a current ratio of 3.19, a quick ratio of 2.46 and a debt-to-equity ratio of 0.84. Southern Copper Co. has a twelve month low of $64.66 and a twelve month high of $108.66.

Southern Copper (NYSE:SCCOGet Free Report) last posted its earnings results on Friday, February 2nd. The basic materials company reported $0.58 EPS for the quarter, missing the consensus estimate of $0.73 by ($0.15). The business had revenue of $2.30 billion during the quarter, compared to analysts’ expectations of $2.37 billion. Southern Copper had a net margin of 24.51% and a return on equity of 30.85%. As a group, equities analysts expect that Southern Copper Co. will post 3.67 earnings per share for the current fiscal year.

Southern Copper Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 29th. Shareholders of record on Tuesday, February 13th were issued a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a dividend yield of 2.97%. The ex-dividend date of this dividend was Monday, February 12th. Southern Copper’s payout ratio is 101.91%.

About Southern Copper

(Free Report)

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, copper, molybdenum, silver, gold, and lead.

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Institutional Ownership by Quarter for Southern Copper (NYSE:SCCO)

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