Invesco Ltd. Sells 136,767 Shares of Southern Copper Co. (NYSE:SCCO)

Invesco Ltd. cut its stake in shares of Southern Copper Co. (NYSE:SCCO) by 55.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 109,290 shares of the basic materials company’s stock after selling 136,767 shares during the quarter. Invesco Ltd.’s holdings in Southern Copper were worth $9,960,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Morse Asset Management Inc bought a new position in Southern Copper in the third quarter valued at $1,397,000. Tidal Investments LLC increased its position in shares of Southern Copper by 30.8% during the 3rd quarter. Tidal Investments LLC now owns 71,376 shares of the basic materials company’s stock valued at $8,256,000 after purchasing an additional 16,805 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of Southern Copper by 27.7% during the 3rd quarter. Franklin Resources Inc. now owns 108,633 shares of the basic materials company’s stock valued at $12,772,000 after buying an additional 23,539 shares in the last quarter. Principal Financial Group Inc. lifted its position in Southern Copper by 33.7% in the 3rd quarter. Principal Financial Group Inc. now owns 9,693 shares of the basic materials company’s stock worth $1,121,000 after buying an additional 2,442 shares during the last quarter. Finally, Independent Solutions Wealth Management LLC grew its position in Southern Copper by 2.1% during the third quarter. Independent Solutions Wealth Management LLC now owns 22,767 shares of the basic materials company’s stock valued at $2,633,000 after acquiring an additional 474 shares during the last quarter. Hedge funds and other institutional investors own 7.94% of the company’s stock.

Southern Copper Stock Performance

Shares of NYSE:SCCO opened at $89.12 on Wednesday. The company has a current ratio of 2.77, a quick ratio of 2.31 and a debt-to-equity ratio of 0.64. The company has a market cap of $70.95 billion, a price-to-earnings ratio of 20.63, a price-to-earnings-growth ratio of 1.90 and a beta of 1.04. Southern Copper Co. has a 12 month low of $74.84 and a 12 month high of $127.34. The company has a 50-day moving average price of $90.92 and a 200-day moving average price of $97.67.

Southern Copper (NYSE:SCCO) last released its quarterly earnings data on Wednesday, February 12th. The basic materials company reported $1.01 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.01). Southern Copper had a return on equity of 40.27% and a net margin of 29.53%. As a group, equities analysts anticipate that Southern Copper Co. will post 4.66 EPS for the current year.

Southern Copper Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 27th. Shareholders of record on Tuesday, February 11th were given a dividend of $0.70 per share. This is an increase from Southern Copper’s previous quarterly dividend of $0.60. This represents a $2.80 dividend on an annualized basis and a yield of 3.14%. The ex-dividend date was Tuesday, February 11th. Southern Copper’s payout ratio is presently 64.81%.

Wall Street Analysts Forecast Growth

SCCO has been the subject of a number of research reports. JPMorgan Chase & Co. cut their price objective on shares of Southern Copper from $84.00 to $83.50 and set a “neutral” rating for the company in a research note on Monday, April 14th. Scotiabank upped their price target on shares of Southern Copper from $52.00 to $72.00 and gave the company a “sector underperform” rating in a research report on Monday, March 10th. Finally, UBS Group decreased their price objective on Southern Copper from $120.00 to $100.00 and set a “buy” rating on the stock in a report on Tuesday, April 15th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $91.50.

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