IndexIQ Advisors LLC Reduces Stock Holdings in Southern Copper Co. (NYSE:SCCO)

IndexIQ Advisors LLC lowered its position in Southern Copper Co. (NYSE:SCCOGet Rating) by 6.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,299 shares of the basic materials company’s stock after selling 458 shares during the quarter. IndexIQ Advisors LLC’s holdings in Southern Copper were worth $478,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Fisher Asset Management LLC increased its position in Southern Copper by 5.5% during the 1st quarter. Fisher Asset Management LLC now owns 3,792,167 shares of the basic materials company’s stock worth $287,826,000 after purchasing an additional 197,756 shares in the last quarter. Goldman Sachs Group Inc. increased its position in Southern Copper by 55.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,928,568 shares of the basic materials company’s stock worth $119,011,000 after purchasing an additional 691,883 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in Southern Copper by 106.4% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,310,987 shares of the basic materials company’s stock worth $80,901,000 after purchasing an additional 675,694 shares in the last quarter. 1832 Asset Management L.P. increased its position in Southern Copper by 44.9% during the 4th quarter. 1832 Asset Management L.P. now owns 784,848 shares of the basic materials company’s stock worth $48,552,000 after purchasing an additional 243,227 shares in the last quarter. Finally, Renaissance Technologies LLC increased its position in Southern Copper by 17.8% during the 4th quarter. Renaissance Technologies LLC now owns 695,656 shares of the basic materials company’s stock worth $42,929,000 after purchasing an additional 105,300 shares in the last quarter. Hedge funds and other institutional investors own 6.83% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on SCCO shares. Morgan Stanley dropped their price objective on Southern Copper from $66.00 to $52.00 and set an “underweight” rating for the company in a research report on Wednesday, June 22nd. Wolfe Research cut Southern Copper from a “peer perform” rating to an “underperform” rating in a research report on Thursday, July 7th. Barclays decreased their price target on Southern Copper from $61.00 to $51.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 19th. StockNews.com lowered Southern Copper from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, Citigroup lowered Southern Copper from a “neutral” rating to a “sell” rating and decreased their price target for the stock from $70.00 to $40.00 in a research note on Wednesday, July 13th. Three analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, Southern Copper presently has a consensus rating of “Hold” and an average price target of $54.00.

Southern Copper Stock Performance

NYSE SCCO opened at $47.45 on Friday. The firm has a market capitalization of $36.68 billion, a P/E ratio of 12.55, a P/E/G ratio of 1.67 and a beta of 1.12. Southern Copper Co. has a 1-year low of $44.70 and a 1-year high of $79.32. The company has a debt-to-equity ratio of 0.81, a current ratio of 3.29 and a quick ratio of 2.58. The business’s 50-day simple moving average is $52.83 and its 200-day simple moving average is $62.64.

Southern Copper (NYSE:SCCOGet Rating) last released its quarterly earnings data on Tuesday, May 3rd. The basic materials company reported $1.02 earnings per share for the quarter, beating the consensus estimate of $1.01 by $0.01. The business had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.68 billion. Southern Copper had a return on equity of 36.17% and a net margin of 27.59%. Equities analysts predict that Southern Copper Co. will post 3.36 EPS for the current year.

Southern Copper Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 25th. Stockholders of record on Thursday, August 11th will be paid a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 6.32%. The ex-dividend date of this dividend is Wednesday, August 10th. Southern Copper’s dividend payout ratio is currently 132.28%.

Southern Copper Profile

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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 and lead.

Further Reading

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Institutional Ownership by Quarter for Southern Copper (NYSE:SCCO)

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