1832 Asset Management L.P. Sells 154,242 Shares of Southern Copper Co. (NYSE:SCCO)

1832 Asset Management L.P. cut its holdings in Southern Copper Co. (NYSE:SCCO) by 21.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 558,489 shares of the basic materials company’s stock after selling 154,242 shares during the quarter. 1832 Asset Management L.P. owned 0.07% of Southern Copper worth $60,172,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in SCCO. Fortis Group Advisors LLC raised its stake in shares of Southern Copper by 100.0% in the fourth quarter. Fortis Group Advisors LLC now owns 302 shares of the basic materials company’s stock worth $26,000 after purchasing an additional 151 shares during the last quarter. Fidelis Capital Partners LLC bought a new stake in Southern Copper in the 1st quarter worth about $26,000. Riverview Trust Co purchased a new position in Southern Copper in the 1st quarter worth about $27,000. Hanseatic Management Services Inc. bought a new position in Southern Copper during the 2nd quarter valued at about $53,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of Southern Copper by 52.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,069 shares of the basic materials company’s stock valued at $92,000 after acquiring an additional 369 shares during the last quarter. 7.94% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SCCO. Morgan Stanley boosted their price objective on shares of Southern Copper from $97.00 to $100.00 and gave the company an “underweight” rating in a report on Thursday. UBS Group assumed coverage on shares of Southern Copper in a research note on Friday, July 12th. They set a “neutral” rating and a $120.00 target price for the company. Five equities research 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, Southern Copper presently has an average rating of “Hold” and an average target price of $89.57.

Southern Copper Stock Down 1.2 %

Shares of SCCO stock opened at $103.60 on Monday. The company has a current ratio of 2.81, a quick ratio of 2.27 and a debt-to-equity ratio of 0.67. Southern Copper Co. has a 12 month low of $68.93 and a 12 month high of $129.79. The stock has a market cap of $80.93 billion, a P/E ratio of 34.43, a P/E/G ratio of 1.02 and a beta of 1.17. The company has a 50 day simple moving average of $101.92 and a two-hundred day simple moving average of $107.99.

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

Southern Copper Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 26th. Stockholders of record on Friday, August 9th were paid a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 2.32%. The ex-dividend date was Friday, August 9th. Southern Copper’s dividend payout ratio (DPR) is currently 79.77%.

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.