KLP Kapitalforvaltning AS Takes $3.27 Million Position in Southern Copper Co. (NYSE:SCCO)

KLP Kapitalforvaltning AS bought a new position in Southern Copper Co. (NYSE:SCCO) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 35,918 shares of the basic materials company’s stock, valued at approximately $3,273,000.

A number of other institutional investors also recently modified their holdings of SCCO. Whittier Trust Co. of Nevada Inc. acquired a new stake in Southern Copper in the fourth quarter valued at approximately $30,000. Deseret Mutual Benefit Administrators lifted its stake in shares of Southern Copper by 210.7% in the 4th quarter. Deseret Mutual Benefit Administrators now owns 379 shares of the basic materials company’s stock valued at $35,000 after purchasing an additional 257 shares during the last quarter. IFP Advisors Inc boosted its holdings in Southern Copper by 143.4% in the fourth quarter. IFP Advisors Inc now owns 477 shares of the basic materials company’s stock worth $43,000 after purchasing an additional 281 shares in the last quarter. Larson Financial Group LLC boosted its holdings in Southern Copper by 578.3% in the third quarter. Larson Financial Group LLC now owns 407 shares of the basic materials company’s stock worth $47,000 after purchasing an additional 347 shares in the last quarter. Finally, Spire Wealth Management acquired a new position in Southern Copper during the fourth quarter worth $47,000. Institutional investors and hedge funds own 7.94% of the company’s stock.

Southern Copper Stock Down 3.7 %

SCCO opened at $97.69 on Thursday. The business has a 50 day moving average of $94.50 and a 200-day moving average of $100.68. The stock has a market capitalization of $77.78 billion, a price-to-earnings ratio of 22.61, a P/E/G ratio of 1.90 and a beta of 1.12. The company has a current ratio of 2.77, a quick ratio of 2.31 and a debt-to-equity ratio of 0.64. Southern Copper Co. has a 1-year low of $84.33 and a 1-year high of $127.34.

Southern Copper (NYSE:SCCO) last issued its quarterly earnings results on Wednesday, February 12th. The basic materials company reported $1.01 earnings per share for the quarter, missing analysts’ consensus estimates 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, sell-side analysts anticipate that Southern Copper Co. will post 4.66 earnings per share for the current year.

Southern Copper Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, February 27th. Investors of record on Tuesday, February 11th were paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 2.87%. This is a positive change from Southern Copper’s previous quarterly dividend of $0.60. The ex-dividend date was Tuesday, February 11th. Southern Copper’s payout ratio is currently 64.81%.

Wall Street Analysts Forecast Growth

SCCO has been the subject of several recent analyst reports. UBS Group upgraded Southern Copper from a “neutral” rating to a “buy” rating and set a $120.00 price target for the company in a research note on Thursday, March 13th. Morgan Stanley raised Southern Copper from an “underweight” rating to an “equal weight” rating and decreased their target price for the stock from $106.30 to $102.00 in a research report on Thursday, December 12th. Scotiabank lifted their price target on shares of Southern Copper from $52.00 to $72.00 and gave the company a “sector underperform” rating in a research report on Monday, March 10th. Finally, JPMorgan Chase & Co. raised shares of Southern Copper from an “underweight” rating to a “neutral” rating and set a $92.50 price objective for the company in a report on Monday, December 2nd. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $94.42.

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.