Southern Copper (NYSE:SCCO) Shares Gap Down – What’s Next?

Southern Copper Co. (NYSE:SCCO)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $95.64, but opened at $92.35. Southern Copper shares last traded at $92.43, with a volume of 57,776 shares traded.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. JPMorgan Chase & Co. raised shares of Southern Copper from an “underweight” rating to a “neutral” rating and set a $92.50 price target on the stock in a research report on Monday, December 2nd. Morgan Stanley upgraded shares of Southern Copper from an “underweight” rating to an “equal weight” rating and reduced their target price for the company from $106.30 to $102.00 in a report on Thursday, December 12th. Finally, Scotiabank lowered their price target on Southern Copper from $54.00 to $52.00 and set a “sector underperform” rating for the company in a report on Tuesday, October 15th. Four research analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $94.81.

Southern Copper Stock Down 3.0 %

The company has a market capitalization of $72.85 billion, a PE ratio of 23.86, a P/E/G ratio of 1.85 and a beta of 1.13. The company has a debt-to-equity ratio of 0.64, a quick ratio of 2.31 and a current ratio of 2.77. The firm has a fifty day simple moving average of $95.68 and a 200-day simple moving average of $102.27.

Southern Copper Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, February 27th. Stockholders of record on Tuesday, February 11th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.02%. The ex-dividend date is Tuesday, February 11th. This is a positive change from Southern Copper’s previous quarterly dividend of $0.60. Southern Copper’s dividend payout ratio is 72.09%.

Institutional Trading of Southern Copper

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Sanctuary Advisors LLC acquired a new stake in shares of Southern Copper during the second quarter worth $611,000. GAMMA Investing LLC boosted its stake in Southern Copper by 53.0% in the third quarter. GAMMA Investing LLC now owns 517 shares of the basic materials company’s stock valued at $60,000 after acquiring an additional 179 shares during the period. Brookstone Capital Management grew its holdings in shares of Southern Copper by 4.7% during the third quarter. Brookstone Capital Management now owns 3,047 shares of the basic materials company’s stock valued at $352,000 after purchasing an additional 137 shares during the last quarter. Empirical Asset Management LLC raised its position in shares of Southern Copper by 12.0% during the 3rd quarter. Empirical Asset Management LLC now owns 2,859 shares of the basic materials company’s stock worth $331,000 after purchasing an additional 306 shares during the period. Finally, ORG Partners LLC lifted its holdings in shares of Southern Copper by 369.7% in the 3rd quarter. ORG Partners LLC now owns 10,978 shares of the basic materials company’s stock worth $1,270,000 after purchasing an additional 8,641 shares during the last quarter. 7.94% of the stock is owned by institutional investors.

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.