Wahed Invest LLC Has $243,000 Holdings in Southern Copper Co. (NYSE:SCCO)

Wahed Invest LLC boosted its position in Southern Copper Co. (NYSE:SCCO) by 17.1% during the third quarter, HoldingsChannel.com reports. The fund owned 2,104 shares of the basic materials company’s stock after buying an additional 308 shares during the quarter. Wahed Invest LLC’s holdings in Southern Copper were worth $243,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Cetera Investment Advisers lifted its holdings in Southern Copper by 395.1% in the first quarter. Cetera Investment Advisers now owns 38,803 shares of the basic materials company’s stock valued at $4,133,000 after buying an additional 30,966 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Southern Copper by 7.2% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 230,495 shares of the basic materials company’s stock valued at $26,661,000 after acquiring an additional 15,386 shares during the period. Gateway Advisory LLC bought a new position in shares of Southern Copper during the 2nd quarter valued at approximately $625,000. BNP Paribas Financial Markets grew its position in shares of Southern Copper by 1,601.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 192,571 shares of the basic materials company’s stock valued at $22,275,000 after acquiring an additional 181,252 shares during the period. Finally, Citigroup Inc. lifted its stake in shares of Southern Copper by 3.3% during the 3rd quarter. Citigroup Inc. now owns 199,978 shares of the basic materials company’s stock valued at $23,131,000 after buying an additional 6,436 shares in the last quarter. 7.94% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

SCCO has been the topic of several recent analyst reports. Morgan Stanley increased their target price 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 cut 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 boosted their price target on shares of Southern Copper from $99.44 to $100.00 and gave the company a “sell” rating in a research report on Wednesday, October 2nd. Finally, JPMorgan Chase & Co. raised shares of Southern Copper from an “underweight” rating to a “neutral” rating and set a $92.50 price objective on the stock in a research note on Monday, December 2nd. Five research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $94.56.

Southern Copper Trading Down 1.1 %

NYSE SCCO opened at $100.05 on Friday. The company’s 50-day simple moving average is $109.13 and its two-hundred day simple moving average is $107.88. 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 one year low of $70.92 and a one year high of $129.79. The company has a market capitalization of $78.59 billion, a price-to-earnings ratio of 25.76, a price-to-earnings-growth ratio of 1.57 and a beta of 1.14.

Southern Copper Dividend Announcement

The company also recently disclosed a — dividend, which was paid on Thursday, November 21st. Stockholders of record on Wednesday, November 6th were given a $0.62 dividend. This represents a dividend yield of 2.1%. The ex-dividend date of this dividend was Wednesday, November 6th. Southern Copper’s payout ratio is currently 72.09%.

Southern Copper Company 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.