Principal Financial Group Inc. Acquires 2,442 Shares of Southern Copper Co. (NYSE:SCCO)

Principal Financial Group Inc. grew its holdings in shares of Southern Copper Co. (NYSE:SCCO) by 33.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,693 shares of the basic materials company’s stock after acquiring an additional 2,442 shares during the period. Principal Financial Group Inc.’s holdings in Southern Copper were worth $1,121,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of SCCO. Ensign Peak Advisors Inc lifted its position in Southern Copper by 1.0% during the second quarter. Ensign Peak Advisors Inc now owns 10,558 shares of the basic materials company’s stock valued at $1,138,000 after purchasing an additional 108 shares in the last quarter. Prudential PLC lifted its position in shares of Southern Copper by 1.0% during the 2nd quarter. Prudential PLC now owns 10,667 shares of the basic materials company’s stock valued at $1,149,000 after buying an additional 109 shares in the last quarter. Tyche Wealth Partners LLC lifted its position in shares of Southern Copper by 0.6% during the 3rd quarter. Tyche Wealth Partners LLC now owns 19,685 shares of the basic materials company’s stock valued at $2,277,000 after buying an additional 109 shares in the last quarter. Greenwood Capital Associates LLC grew its stake in shares of Southern Copper by 0.7% during the 3rd quarter. Greenwood Capital Associates LLC now owns 15,722 shares of the basic materials company’s stock valued at $1,819,000 after acquiring an additional 112 shares during the period. Finally, Inspire Advisors LLC increased its holdings in Southern Copper by 3.9% in the 3rd quarter. Inspire Advisors LLC now owns 3,001 shares of the basic materials company’s stock worth $347,000 after acquiring an additional 113 shares in the last quarter. Institutional investors own 7.94% of the company’s stock.

Southern Copper Price Performance

Shares of NYSE:SCCO opened at $99.74 on Friday. The firm has a market cap of $78.35 billion, a price-to-earnings ratio of 25.68, a P/E/G ratio of 1.04 and a beta of 1.18. The firm has a fifty day moving average price of $110.24 and a 200 day moving average price of $109.04. Southern Copper Co. has a fifty-two week low of $70.63 and a fifty-two week high of $129.79. The company has a debt-to-equity ratio of 0.64, a quick ratio of 2.31 and a current ratio of 2.77.

Southern Copper Dividend Announcement

The company also recently disclosed a — dividend, which was paid on Thursday, November 21st. Stockholders of record on Wednesday, November 6th were given a dividend of $0.62 per share. The ex-dividend date was Wednesday, November 6th. This represents a dividend yield of 2.1%. Southern Copper’s payout ratio is 72.09%.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Citigroup lifted their price target on shares of Southern Copper from $99.44 to $100.00 and gave the company a “sell” rating in a report on Wednesday, October 2nd. Morgan Stanley raised their price objective on shares of Southern Copper from $97.00 to $100.00 and gave the company an “underweight” rating in a research report on Thursday, September 19th. Finally, Scotiabank dropped their target price on shares of Southern Copper from $54.00 to $52.00 and set a “sector underperform” rating for the company in a report on Tuesday, October 15th. Six investment analysts have rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $90.63.

About Southern Copper

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.