Zurcher Kantonalbank Zurich Cantonalbank reduced its position in Southern Copper Corp (NYSE:SCCO) by 9.4% in the first quarter, Holdings Channel reports. The institutional investor owned 27,539 shares of the basic materials company’s stock after selling 2,864 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Southern Copper were worth $1,093,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also recently added to or reduced their stakes in the business. Deutsche Bank AG increased its position in Southern Copper by 2.2% in the fourth quarter. Deutsche Bank AG now owns 1,645,479 shares of the basic materials company’s stock worth $50,627,000 after buying an additional 35,903 shares during the last quarter. Norges Bank purchased a new stake in Southern Copper in the fourth quarter worth $34,968,000. Morgan Stanley increased its position in Southern Copper by 85.1% in the third quarter. Morgan Stanley now owns 934,501 shares of the basic materials company’s stock worth $40,315,000 after buying an additional 429,726 shares during the last quarter. JPMorgan Chase & Co. increased its position in Southern Copper by 215.4% in the third quarter. JPMorgan Chase & Co. now owns 895,330 shares of the basic materials company’s stock worth $38,625,000 after buying an additional 611,501 shares during the last quarter. Finally, Millennium Management LLC increased its position in Southern Copper by 45.4% in the fourth quarter. Millennium Management LLC now owns 653,440 shares of the basic materials company’s stock worth $20,106,000 after buying an additional 204,050 shares during the last quarter. 7.21% of the stock is owned by institutional investors and hedge funds.
Southern Copper stock opened at $35.65 on Friday. Southern Copper Corp has a one year low of $29.01 and a one year high of $52.80. The company has a quick ratio of 1.91, a current ratio of 2.83 and a debt-to-equity ratio of 0.89.
The business also recently declared a quarterly dividend, which will be paid on Friday, May 17th. Stockholders of record on Friday, May 3rd will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.49%. The ex-dividend date of this dividend is Thursday, May 2nd.
A number of analysts have issued reports on the company. ValuEngine downgraded Southern Copper from a “hold” rating to a “sell” rating in a research report on Wednesday, May 1st. HSBC raised Southern Copper from a “reduce” rating to a “hold” rating and set a $37.00 target price for the company in a research report on Tuesday, March 19th. Itau BBA Securities raised Southern Copper from a “market perform” rating to an “outperform” rating and set a $48.00 price target for the company in a report on Wednesday, January 16th. TheStreet raised Southern Copper from a “c+” rating to a “b-” rating in a report on Monday, March 11th. Finally, Bank of America began coverage on Southern Copper in a report on Tuesday, January 29th. They issued a “buy” rating and a $39.00 price target for the company. Four equities research analysts have rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company. Southern Copper currently has a consensus rating of “Hold” and an average price target of $41.86.
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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 and lead.
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