Truist Financial Corp trimmed its holdings in shares of Southern Copper Co. (NYSE:SCCO – Free Report) by 68.6% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 18,797 shares of the basic materials company’s stock after selling 41,090 shares during the quarter. Truist Financial Corp’s holdings in Southern Copper were worth $1,618,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of the stock. Kovack Advisors Inc. grew its holdings in Southern Copper by 3.8% in the fourth quarter. Kovack Advisors Inc. now owns 4,978 shares of the basic materials company’s stock worth $428,000 after purchasing an additional 184 shares during the period. Semanteon Capital Management LP acquired a new stake in shares of Southern Copper in the 4th quarter valued at about $296,000. Stevens Capital Management LP acquired a new position in Southern Copper during the 4th quarter worth approximately $476,000. Bailard Inc. bought a new stake in shares of Southern Copper during the fourth quarter valued at approximately $326,000. Finally, Cumberland Partners Ltd acquired a new stake in Southern Copper in the 4th quarter valued at $1,947,000. Institutional investors own 7.94% of the company’s stock.
Southern Copper Stock Performance
NYSE SCCO opened at $118.83 on Friday. The company has a debt-to-equity ratio of 0.82, a quick ratio of 2.56 and a current ratio of 3.31. The company has a market capitalization of $91.87 billion, a PE ratio of 39.09, a price-to-earnings-growth ratio of 3.33 and a beta of 1.27. Southern Copper Co. has a 52-week low of $64.66 and a 52-week high of $121.00. The company has a 50-day simple moving average of $105.99 and a 200 day simple moving average of $88.27.
Southern Copper Cuts Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, May 23rd. Stockholders of record on Wednesday, May 8th will be paid a dividend of $0.01 per share. The ex-dividend date of this dividend is Tuesday, May 7th. This represents a $0.04 annualized dividend and a dividend yield of 0.03%. Southern Copper’s payout ratio is currently 105.26%.
Analysts Set New Price Targets
A number of research analysts have recently issued reports on the stock. The Goldman Sachs Group lifted their price objective on shares of Southern Copper from $61.00 to $82.00 and gave the company a “sell” rating in a report on Friday, March 22nd. JPMorgan Chase & Co. decreased their price objective on Southern Copper from $63.50 to $61.00 and set an “underweight” rating for the company in a report on Thursday, March 21st. HSBC lowered Southern Copper from a “hold” rating to a “reduce” rating and set a $80.00 target price on the stock. in a report on Monday, April 22nd. Morgan Stanley increased their price target on Southern Copper from $123.00 to $135.00 and gave the company an “underweight” rating in a research report on Tuesday, April 30th. Finally, Jefferies Financial Group raised shares of Southern Copper from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $91.00 to $130.00 in a report on Friday, March 22nd. Five investment analysts have rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $90.50.
Read Our Latest Analysis on Southern Copper
Insider Buying and Selling
In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 300 shares of the stock in a transaction on Monday, April 29th. The stock was sold at an average price of $118.50, for a total transaction of $35,550.00. Following the completion of the transaction, the director now directly owns 4,614 shares of the company’s stock, valued at $546,759. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In the last quarter, insiders have sold 600 shares of company stock valued at $63,430. 0.08% of the stock is owned by company insiders.
Southern Copper Profile
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.
Read More
Want to see what other hedge funds are holding SCCO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Southern Copper Co. (NYSE:SCCO – Free Report).
Receive News & Ratings for Southern Copper Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Southern Copper and related companies with MarketBeat.com’s FREE daily email newsletter.
Source: defenseworld.net
