DNB Asset Management AS Raises Position in Southern Copper Co. (NYSE:SCCO)

DNB Asset Management AS grew its position in shares of Southern Copper Co. (NYSE:SCCO) by 3.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 19,936 shares of the basic materials company’s stock after acquiring an additional 612 shares during the quarter. DNB Asset Management AS’s holdings in Southern Copper were worth $2,148,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD increased its position 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 during the last quarter. Fisher Asset Management LLC boosted its position in Southern Copper by 1.2% during the fourth quarter. Fisher Asset Management LLC now owns 3,349,984 shares of the basic materials company’s stock worth $288,333,000 after purchasing an additional 39,422 shares during the period. Capital World Investors purchased a new stake in shares of Southern Copper during the 1st quarter valued at approximately $340,373,000. abrdn plc boosted its holdings in Southern Copper by 2.3% in the 4th quarter. abrdn plc now owns 3,041,233 shares of the basic materials company’s stock worth $261,759,000 after buying an additional 67,930 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in Southern Copper by 54.6% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,541,396 shares of the basic materials company’s stock valued at $164,190,000 after acquiring an additional 544,312 shares during the period. Institutional investors own 7.94% of the company’s stock.

Southern Copper Trading Up 1.7 %

SCCO traded up $1.66 on Tuesday, hitting $99.13. 1,282,944 shares of the company were exchanged, compared to its average volume of 1,203,324. The company has a debt-to-equity ratio of 0.82, a quick ratio of 2.56 and a current ratio of 3.31. The firm has a fifty day simple moving average of $109.68 and a two-hundred day simple moving average of $103.47. The stock has a market capitalization of $77.44 billion, a PE ratio of 33.24, a price-to-earnings-growth ratio of 1.04 and a beta of 1.20. Southern Copper Co. has a 12 month low of $68.93 and a 12 month high of $129.79.

Southern Copper Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 26th. Stockholders of record on Friday, August 9th will be given a $0.60 dividend. The ex-dividend date of this dividend is Friday, August 9th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.42%. Southern Copper’s dividend payout ratio is currently 79.73%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. HSBC cut Southern Copper from a “hold” rating to a “reduce” rating and set a $80.00 price objective on the stock. in a report on Monday, April 22nd. CICC Research began coverage on shares of Southern Copper in a research note on Wednesday, April 24th. They set an “outperform” rating for the company. Morgan Stanley increased their target price on shares of Southern Copper from $81.70 to $100.00 and gave the stock an “underweight” rating in a research note on Friday, June 21st. UBS Group initiated coverage on shares of Southern Copper in a research report on Friday, July 12th. They set a “neutral” rating and a $120.00 price target for the company. Finally, Scotiabank reduced their target price on Southern Copper from $55.00 to $54.00 and set a “sector underperform” rating for the company in a research report on Tuesday, May 21st. Five research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $89.57.

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.