Southern Copper Co. (NYSE:SCCO) Stake Boosted by Truist Financial Corp

Truist Financial Corp raised its position in shares of Southern Copper Co. (NYSE:SCCO) by 83.4% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 35,185 shares of the basic materials company’s stock after buying an additional 15,995 shares during the quarter. Truist Financial Corp’s holdings in Southern Copper were worth $3,791,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Goldman Sachs Group Inc. lifted its position in shares of Southern Copper by 1.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,014,356 shares of the basic materials company’s stock valued at $87,306,000 after acquiring an additional 18,883 shares in the last quarter. Verition Fund Management LLC lifted its holdings in shares of Southern Copper by 87.0% in the fourth quarter. Verition Fund Management LLC now owns 82,006 shares of the basic materials company’s stock valued at $7,058,000 after purchasing an additional 38,161 shares in the last quarter. Grayhawk Investment Strategies Inc. acquired a new stake in shares of Southern Copper in the fourth quarter worth $456,000. Novak & Powell Financial Services Inc. purchased a new position in shares of Southern Copper during the fourth quarter valued at $370,000. Finally, Scarborough Advisors LLC purchased a new position in shares of Southern Copper during the fourth quarter valued at $881,000. 7.94% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. UBS Group started coverage on Southern Copper in a research note on Friday, July 12th. They issued a “neutral” rating and a $120.00 price objective for the company. Citigroup increased their price target on shares of Southern Copper from $99.44 to $100.00 and gave the stock a “sell” rating in a research report on Wednesday, October 2nd. Finally, Morgan Stanley raised their price target on shares of Southern Copper from $97.00 to $100.00 and gave the stock an “underweight” rating in a report on Thursday, September 19th. Six investment analysts have rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Southern Copper currently has an average rating of “Hold” and an average target price of $90.88.

Southern Copper Trading Down 3.8 %

NYSE:SCCO opened at $113.11 on Wednesday. The company has a market capitalization of $88.36 billion, a P/E ratio of 37.59, a P/E/G ratio of 1.20 and a beta of 1.18. The stock’s 50 day moving average price is $103.93 and its 200 day moving average price is $109.54. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.27 and a current ratio of 2.81. Southern Copper Co. has a 52 week low of $68.93 and a 52 week high of $129.79.

Southern Copper (NYSE:SCCO) last announced its quarterly earnings results 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 net margin of 26.15% and a return on equity of 34.98%. The company had revenue of $3.12 billion for the quarter, compared to analyst estimates of $2.96 billion. On average, research analysts forecast that Southern Copper Co. will post 4.32 EPS for the current fiscal year.

Southern Copper Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 26th. Shareholders of record on Friday, August 9th were issued a dividend of $0.60 per share. The ex-dividend date was Friday, August 9th. This represents a $2.40 annualized dividend and a yield of 2.12%. Southern Copper’s dividend payout ratio (DPR) is currently 79.77%.

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.