Federated Hermes Inc. Lowers Stake in Southern Copper Co. (NYSE:SCCO)

Federated Hermes Inc. lessened its position in Southern Copper Co. (NYSE:SCCO) by 24.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,424 shares of the basic materials company’s stock after selling 1,088 shares during the period. Federated Hermes Inc.’s holdings in Southern Copper were worth $369,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. Prudential PLC boosted its holdings in shares of Southern Copper by 1.0% during the second quarter. Prudential PLC now owns 10,667 shares of the basic materials company’s stock worth $1,149,000 after purchasing an additional 109 shares during the last quarter. American Financial Advisors LLC grew its holdings in Southern Copper by 1.0% in the 2nd quarter. American Financial Advisors LLC now owns 11,718 shares of the basic materials company’s stock valued at $1,262,000 after buying an additional 117 shares during the period. DekaBank Deutsche Girozentrale increased its stake in shares of Southern Copper by 0.5% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 23,758 shares of the basic materials company’s stock valued at $2,557,000 after acquiring an additional 118 shares during the last quarter. Wahed Invest LLC lifted its holdings in shares of Southern Copper by 9.0% during the 4th quarter. Wahed Invest LLC now owns 1,451 shares of the basic materials company’s stock worth $125,000 after acquiring an additional 120 shares during the period. Finally, Parsons Capital Management Inc. RI boosted its position in shares of Southern Copper by 0.5% in the second quarter. Parsons Capital Management Inc. RI now owns 26,271 shares of the basic materials company’s stock worth $2,830,000 after acquiring an additional 141 shares during the last quarter. Hedge funds and other institutional investors own 7.94% of the company’s stock.

Southern Copper Stock Up 2.4 %

Shares of NYSE:SCCO opened at $106.07 on Tuesday. The company has a market capitalization of $82.86 billion, a price-to-earnings ratio of 35.24, a price-to-earnings-growth ratio of 1.02 and a beta of 1.17. The company has a 50 day moving average of $101.79 and a two-hundred day moving average of $108.14. Southern Copper Co. has a 52-week low of $68.93 and a 52-week high of $129.79. The company has a quick ratio of 2.27, a current ratio of 2.81 and a debt-to-equity ratio of 0.67.

Southern Copper (NYSE:SCCO) last released its quarterly earnings results on Friday, July 19th. The basic materials company reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.09. Southern Copper had a net margin of 26.15% and a return on equity of 34.98%. The firm had revenue of $3.12 billion for the quarter, compared to the consensus estimate of $2.96 billion. As a group, analysts forecast that Southern Copper Co. will post 4.33 earnings per share for the current fiscal year.

Southern Copper Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 26th. Shareholders of record on Friday, August 9th were paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 2.26%. The ex-dividend date was Friday, August 9th. Southern Copper’s payout ratio is currently 79.73%.

Analysts Set New Price Targets

SCCO has been the topic of a number of recent analyst reports. UBS Group started coverage on shares of Southern Copper in a report on Friday, July 12th. They issued a “neutral” rating and a $120.00 price target on the stock. Morgan Stanley lifted their target price on Southern Copper from $97.00 to $100.00 and gave the company an “underweight” rating in a report on Thursday, September 19th. Five investment analysts have rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Southern Copper currently has a consensus rating of “Hold” and an average price target of $89.57.

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.