Cambridge Investment Research Advisors Inc. grew its holdings in Southern Copper Co. (NYSE:SCCO – Get Rating) by 5.6% in the 1st quarter, Holdings Channel reports. The fund owned 33,248 shares of the basic materials company’s stock after purchasing an additional 1,758 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in Southern Copper were worth $2,524,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of the business. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA bought a new position in shares of Southern Copper during the fourth quarter worth about $25,000. FNY Investment Advisers LLC bought a new position in shares of Southern Copper during the first quarter worth about $26,000. Sawyer & Company Inc bought a new position in Southern Copper in the first quarter valued at approximately $43,000. Meeder Asset Management Inc. bought a new position in Southern Copper in the first quarter valued at approximately $59,000. Finally, Herold Advisors Inc. bought a new position in Southern Copper in the first quarter valued at approximately $61,000. 7.15% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of research analysts have weighed in on the company. The Goldman Sachs Group assumed coverage on Southern Copper in a research note on Friday, August 5th. They issued a “neutral” rating and a $65.00 price target for the company. Barclays decreased their price target on Southern Copper to $50.00 in a research note on Tuesday, August 9th. StockNews.com downgraded Southern Copper from a “buy” rating to a “hold” rating in a research note on Saturday, August 6th. Morgan Stanley decreased their price target on Southern Copper from $66.00 to $52.00 and set an “underweight” rating for the company in a research note on Wednesday, June 22nd. Finally, Wolfe Research cut Southern Copper from a “peer perform” rating to an “underperform” rating in a research report on Thursday, July 7th. Three research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $53.80.
Southern Copper Stock Performance
Southern Copper Cuts Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, August 25th. Investors of record on Thursday, August 11th were issued a dividend of $0.75 per share. The ex-dividend date was Wednesday, August 10th. This represents a $3.00 annualized dividend and a yield of 6.57%. Southern Copper’s payout ratio is currently 79.37%.
Southern Copper Company 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 and lead.
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