Norges Bank Buys Shares of 578,709 Southern Copper Co. (NYSE:SCCO)

by · The Markets Daily

Norges Bank purchased a new position in Southern Copper Co. (NYSE:SCCO – Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 578,709 shares of the basic materials company’s stock, valued at approximately $52,738,000. Norges Bank owned about 0.07% of Southern Copper as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. M&T Bank Corp lifted its holdings in Southern Copper by 0.5% in the third quarter. M&T Bank Corp now owns 20,460 shares of the basic materials company’s stock worth $2,367,000 after acquiring an additional 105 shares during the last quarter. Larson Financial Group LLC boosted its position in Southern Copper by 28.0% during the 4th quarter. Larson Financial Group LLC now owns 521 shares of the basic materials company’s stock valued at $48,000 after purchasing an additional 114 shares during the period. Cadence Wealth Management LLC grew its stake in Southern Copper by 4.1% during the 4th quarter. Cadence Wealth Management LLC now owns 2,919 shares of the basic materials company’s stock worth $266,000 after buying an additional 116 shares during the last quarter. Tyche Wealth Partners LLC increased its position in Southern Copper by 0.6% in the fourth quarter. Tyche Wealth Partners LLC now owns 19,807 shares of the basic materials company’s stock worth $1,805,000 after buying an additional 122 shares during the period. Finally, Yousif Capital Management LLC lifted its stake in Southern Copper by 0.9% in the fourth quarter. Yousif Capital Management LLC now owns 14,390 shares of the basic materials company’s stock valued at $1,311,000 after buying an additional 122 shares during the last quarter. 7.94% of the stock is owned by institutional investors and hedge funds.

Southern Copper Price Performance

NYSE SCCO opened at $78.46 on Friday. Southern Copper Co. has a 12 month low of $77.43 and a 12 month high of $127.34. The firm has a market capitalization of $62.47 billion, a PE ratio of 18.16, a P/E/G ratio of 1.90 and a beta of 1.04. The company’s 50 day simple moving average is $93.61 and its 200 day simple moving average is $100.37. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.77 and a quick ratio of 2.31.

Southern Copper (NYSE:SCCO – Get Free Report) last issued its quarterly earnings results on Wednesday, February 12th. The basic materials company reported $1.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.01). Southern Copper had a net margin of 29.53% and a return on equity of 40.27%. As a group, equities research analysts forecast that Southern Copper Co. will post 4.66 EPS for the current fiscal year.

Southern Copper Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 27th. Shareholders of record on Tuesday, February 11th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.57%. This is an increase from Southern Copper’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend was Tuesday, February 11th. Southern Copper’s dividend payout ratio is presently 64.81%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on SCCO. Morgan Stanley raised shares of Southern Copper from an “underweight” rating to an “equal weight” rating and dropped their price objective for the stock from $106.30 to $102.00 in a report on Thursday, December 12th. UBS Group raised Southern Copper from a “neutral” rating to a “buy” rating and set a $120.00 price target on the stock in a report on Thursday, March 13th. Finally, Scotiabank boosted their price objective on Southern Copper from $52.00 to $72.00 and gave the stock a “sector underperform” rating in a research report on Monday, March 10th. Three equities 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 company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $94.42.

Get Our Latest Report on SCCO

Southern Copper Company Profile

(Free Report)

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.

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