Southern Copper Co. (NYSE:SCCO) Stock Position Decreased by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. lessened its holdings in shares of Southern Copper Co. (NYSE:SCCO) by 70.2% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 6,340 shares of the basic materials company’s stock after selling 14,959 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Southern Copper were worth $591,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the business. Fisher Asset Management LLC grew its position in shares of Southern Copper by 10.6% during the 3rd quarter. Fisher Asset Management LLC now owns 2,963,572 shares of the basic materials company’s stock valued at $342,796,000 after buying an additional 283,562 shares during the last quarter. abrdn plc grew its position in Southern Copper by 4.4% in the 4th quarter. abrdn plc now owns 2,849,638 shares of the basic materials company’s stock worth $260,428,000 after purchasing an additional 118,909 shares during the last quarter. State Street Corp grew its position in Southern Copper by 1.0% in the 3rd quarter. State Street Corp now owns 2,728,802 shares of the basic materials company’s stock worth $315,641,000 after purchasing an additional 27,358 shares during the last quarter. JPMorgan Chase & Co. grew its position in Southern Copper by 74.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,402,983 shares of the basic materials company’s stock worth $162,283,000 after purchasing an additional 599,610 shares during the last quarter. Finally, Empower Advisory Group LLC grew its position in Southern Copper by 3.3% in the 3rd quarter. Empower Advisory Group LLC now owns 1,004,060 shares of the basic materials company’s stock worth $116,140,000 after purchasing an additional 32,314 shares during the last quarter. Institutional investors own 7.94% of the company’s stock.

Southern Copper Trading Up 2.2 %

Southern Copper stock opened at $94.10 on Thursday. The firm has a 50 day simple moving average of $95.50 and a 200-day simple moving average of $102.18. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.77 and a quick ratio of 2.31. The stock has a market capitalization of $73.92 billion, a PE ratio of 24.23, a price-to-earnings-growth ratio of 1.85 and a beta of 1.13. Southern Copper Co. has a 12-month low of $77.42 and a 12-month high of $129.79.

Southern Copper (NYSE:SCCO) last released its earnings results on Wednesday, February 12th. The basic materials company reported $1.01 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.01). Southern Copper had a net margin of 27.67% and a return on equity of 37.11%. As a group, equities research analysts expect that Southern Copper Co. will post 4.38 EPS for the current fiscal year.

Southern Copper Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 27th. Investors of record on Tuesday, February 11th will be paid a dividend of $0.70 per share. The ex-dividend date of this dividend is Tuesday, February 11th. This is a positive change from Southern Copper’s previous quarterly dividend of $0.60. This represents a $2.80 annualized dividend and a yield of 2.98%. Southern Copper’s dividend payout ratio is currently 72.09%.

Analyst Upgrades and Downgrades

SCCO has been the subject of several recent analyst reports. Morgan Stanley upgraded shares of Southern Copper from an “underweight” rating to an “equal weight” rating and decreased their target price for the stock from $106.30 to $102.00 in a research report on Thursday, December 12th. JPMorgan Chase & Co. upgraded shares of Southern Copper from an “underweight” rating to a “neutral” rating and set a $92.50 target price for the company in a research report on Monday, December 2nd. Four analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $94.81.

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.