JPMorgan Chase & Co. Boosts Stake in Southern Copper Co. (NYSE:SCCO)

JPMorgan Chase & Co. lifted its position in Southern Copper Co. (NYSE:SCCO) by 74.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,402,983 shares of the basic materials company’s stock after acquiring an additional 599,610 shares during the period. JPMorgan Chase & Co. owned 0.18% of Southern Copper worth $162,283,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Independent Solutions Wealth Management LLC raised its stake in shares of Southern Copper by 2.1% in the third quarter. Independent Solutions Wealth Management LLC now owns 22,767 shares of the basic materials company’s stock worth $2,633,000 after purchasing an additional 474 shares during the last quarter. Principal Financial Group Inc. increased its holdings in Southern Copper by 33.7% in the 3rd quarter. Principal Financial Group Inc. now owns 9,693 shares of the basic materials company’s stock worth $1,121,000 after buying an additional 2,442 shares during the period. Franklin Resources Inc. raised its position in Southern Copper by 27.7% during the 3rd quarter. Franklin Resources Inc. now owns 108,633 shares of the basic materials company’s stock worth $12,772,000 after buying an additional 23,539 shares during the last quarter. Tidal Investments LLC boosted its holdings in shares of Southern Copper by 30.8% in the 3rd quarter. Tidal Investments LLC now owns 71,376 shares of the basic materials company’s stock valued at $8,256,000 after acquiring an additional 16,805 shares during the last quarter. Finally, Sanctuary Advisors LLC increased its stake in shares of Southern Copper by 488.9% in the third quarter. Sanctuary Advisors LLC now owns 30,787 shares of the basic materials company’s stock worth $3,561,000 after acquiring an additional 25,559 shares during the period. Hedge funds and other institutional investors own 7.94% of the company’s stock.

Analyst Ratings Changes

SCCO has been the topic of several recent research reports. Scotiabank lowered their price target on shares of Southern Copper from $54.00 to $52.00 and set a “sector underperform” rating on the stock in a report on Tuesday, October 15th. Citigroup upped their target price on Southern Copper from $99.44 to $100.00 and gave the stock a “sell” rating in a research note on Wednesday, October 2nd. Morgan Stanley upgraded Southern Copper from an “underweight” rating to an “equal weight” rating and reduced their price target for the company from $106.30 to $102.00 in a research report on Thursday, December 12th. Finally, JPMorgan Chase & Co. upgraded Southern Copper from an “underweight” rating to a “neutral” rating and set a $92.50 price objective on the stock in a research report on Monday, December 2nd. Four research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Southern Copper has a consensus rating of “Hold” and a consensus price target of $94.81.

Southern Copper Price Performance

Southern Copper stock opened at $91.13 on Wednesday. The stock has a market capitalization of $71.59 billion, a P/E ratio of 23.46, a P/E/G ratio of 1.56 and a beta of 1.14. The company’s fifty day moving average price is $102.38 and its 200 day moving average price is $105.43. 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 Co. has a 1 year low of $77.14 and a 1 year high of $129.79.

Southern Copper Dividend Announcement

The business also recently announced a — dividend, which was paid on Thursday, November 21st. Stockholders of record on Wednesday, November 6th were paid a dividend of $0.62 per share. The ex-dividend date of this dividend was Wednesday, November 6th. This represents a dividend yield of 2.1%. Southern Copper’s dividend payout ratio is currently 72.16%.

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.