Goldman Sachs Group Inc. Grows Stock Position in Southern Copper Co. (NYSE:SCCO)

Goldman Sachs Group Inc. raised its stake in shares of Southern Copper Co. (NYSE:SCCOFree Report) by 1.9% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 1,014,356 shares of the basic materials company’s stock after buying an additional 18,883 shares during the period. Goldman Sachs Group Inc. owned about 0.13% of Southern Copper worth $87,306,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. California State Teachers Retirement System increased its stake in shares of Southern Copper by 36.5% in the 4th quarter. California State Teachers Retirement System now owns 100,525 shares of the basic materials company’s stock valued at $8,652,000 after purchasing an additional 26,894 shares in the last quarter. Madison Asset Management LLC increased its stake in shares of Southern Copper by 1.1% in the 4th quarter. Madison Asset Management LLC now owns 39,307 shares of the basic materials company’s stock valued at $3,383,000 after purchasing an additional 441 shares in the last quarter. Bank of Nova Scotia Trust Co. purchased a new position in shares of Southern Copper in the 4th quarter valued at about $975,000. TFO Wealth Partners LLC increased its stake in shares of Southern Copper by 34,680.0% in the 4th quarter. TFO Wealth Partners LLC now owns 1,739 shares of the basic materials company’s stock valued at $150,000 after purchasing an additional 1,734 shares in the last quarter. Finally, Treasurer of the State of North Carolina increased its stake in shares of Southern Copper by 4.2% in the 4th quarter. Treasurer of the State of North Carolina now owns 39,038 shares of the basic materials company’s stock valued at $3,360,000 after purchasing an additional 1,571 shares in the last quarter. Hedge funds and other institutional investors own 7.94% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on SCCO. Scotiabank cut their price target on Southern Copper from $55.00 to $54.00 and set a “sector underperform” rating for the company in a research note on Tuesday, May 21st. StockNews.com upgraded Southern Copper from a “hold” rating to a “buy” rating in a report on Wednesday, May 15th. JPMorgan Chase & Co. lowered their price objective on Southern Copper from $63.50 to $61.00 and set an “underweight” rating on the stock in a report on Thursday, March 21st. The Goldman Sachs Group lifted their price objective on Southern Copper from $61.00 to $82.00 and gave the stock a “sell” rating in a report on Friday, March 22nd. Finally, Morgan Stanley lifted their price objective on Southern Copper from $123.00 to $135.00 and gave the stock an “underweight” rating in a report on Tuesday, April 30th. Five equities research analysts have rated the stock with a sell rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Southern Copper currently has an average rating of “Hold” and an average target price of $90.33.

Get Our Latest Analysis on Southern Copper

Southern Copper Stock Up 1.3 %

NYSE:SCCO opened at $110.29 on Tuesday. The company has a quick ratio of 2.56, a current ratio of 3.31 and a debt-to-equity ratio of 0.82. The stock’s fifty day moving average is $115.90 and its two-hundred day moving average is $95.58. Southern Copper Co. has a 52 week low of $67.64 and a 52 week high of $129.79. The stock has a market capitalization of $86.15 billion, a price-to-earnings ratio of 36.66, a price-to-earnings-growth ratio of 1.19 and a beta of 1.24.

Southern Copper (NYSE:SCCOGet Free Report) last released its quarterly earnings results on Thursday, April 25th. The basic materials company reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.17. The company had revenue of $2.60 billion for the quarter, compared to analysts’ expectations of $2.50 billion. Southern Copper had a return on equity of 30.44% and a net margin of 24.20%. Research analysts anticipate that Southern Copper Co. will post 4.22 EPS for the current year.

Southern Copper Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 23rd. Stockholders of record on Wednesday, May 8th were paid a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.04%. The ex-dividend date of this dividend was Tuesday, May 7th. Southern Copper’s payout ratio is currently 1.33%.

Insider Activity

In other 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 value of $35,550.00. Following the sale, the director now directly owns 4,614 shares in the company, valued at $546,759. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Over the last three months, insiders have sold 500 shares of company stock worth $55,280. Corporate insiders own 0.08% of the company’s stock.

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.

Further Reading

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

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