Veracity Capital LLC Makes New $325,000 Investment in Southern Copper Co. (NYSE:SCCO)

Veracity Capital LLC purchased a new stake in Southern Copper Co. (NYSE:SCCO) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 2,811 shares of the basic materials company’s stock, valued at approximately $325,000.

Several other hedge funds have also recently modified their holdings of the business. Price T Rowe Associates Inc. MD raised its stake in Southern Copper by 18.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,771,332 shares of the basic materials company’s stock worth $827,804,000 after buying an additional 1,192,111 shares in the last quarter. Capital World Investors bought a new position in shares of Southern Copper in the 1st quarter worth $340,373,000. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Southern Copper by 54.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,541,396 shares of the basic materials company’s stock worth $164,190,000 after acquiring an additional 544,312 shares in the last quarter. Marathon Asset Management Ltd lifted its stake in shares of Southern Copper by 2.9% during the 3rd quarter. Marathon Asset Management Ltd now owns 788,672 shares of the basic materials company’s stock worth $91,226,000 after purchasing an additional 22,437 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its position in Southern Copper by 0.7% during the second quarter. Allspring Global Investments Holdings LLC now owns 630,579 shares of the basic materials company’s stock valued at $67,939,000 after purchasing an additional 4,580 shares in the last quarter. Hedge funds and other institutional investors own 7.94% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. UBS Group started coverage on shares of Southern Copper in a report on Friday, July 12th. They issued a “neutral” rating and a $120.00 target price for the company. Morgan Stanley boosted their price objective on shares of Southern Copper from $97.00 to $100.00 and gave the stock an “underweight” rating in a research note on Thursday, September 19th. Scotiabank lowered their target price on shares of Southern Copper from $54.00 to $52.00 and set a “sector underperform” rating for the company in a research note on Tuesday, October 15th. Finally, Citigroup lifted their price target on shares of Southern Copper from $99.44 to $100.00 and gave the stock a “sell” rating in a report on Wednesday, October 2nd. Six equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, Southern Copper has a consensus rating of “Hold” and a consensus price target of $90.63.

Southern Copper Trading Up 0.8 %

NYSE SCCO opened at $112.90 on Friday. Southern Copper Co. has a 12-month low of $68.93 and a 12-month high of $129.79. The company has a fifty day simple moving average of $106.45 and a two-hundred day simple moving average of $110.08. The company has a current ratio of 2.81, a quick ratio of 2.27 and a debt-to-equity ratio of 0.67. The stock has a market cap of $88.19 billion, a P/E ratio of 32.02, a P/E/G ratio of 1.27 and a beta of 1.18.

Southern Copper (NYSE:SCCO) last issued its earnings results on Friday, July 19th. The basic materials company reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.09. The company had revenue of $3.12 billion during the quarter, compared to analyst estimates of $2.96 billion. Southern Copper had a return on equity of 34.98% and a net margin of 26.15%. On average, analysts forecast that Southern Copper Co. will post 4.45 earnings per share for the current year.

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.