Handelsbanken Fonder AB Increases Stock Position in Southern Copper Co. (NYSE:SCCO)

Handelsbanken Fonder AB boosted its position in shares of Southern Copper Co. (NYSE:SCCO) by 2.0% in the third quarter, Holdings Channel.com reports. The firm owned 101,563 shares of the basic materials company’s stock after acquiring an additional 1,950 shares during the period. Handelsbanken Fonder AB’s holdings in Southern Copper were worth $11,748,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Fortis Group Advisors LLC lifted its position in Southern Copper by 100.0% in the 4th quarter. Fortis Group Advisors LLC now owns 302 shares of the basic materials company’s stock valued at $26,000 after purchasing an additional 151 shares during the last quarter. Fidelis Capital Partners LLC acquired a new position in shares of Southern Copper during the first quarter worth approximately $26,000. Riverview Trust Co bought a new position in Southern Copper in the 1st quarter worth approximately $27,000. Itau Unibanco Holding S.A. bought a new position in shares of Southern Copper in the second quarter worth $31,000. Finally, Hanseatic Management Services Inc. acquired a new position in shares of Southern Copper during the second quarter valued at $53,000. Hedge funds and other institutional investors own 7.94% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on SCCO shares. UBS Group initiated coverage on shares of Southern Copper in a report on Friday, July 12th. They issued a “neutral” rating and a $120.00 price objective for the company. Morgan Stanley upped their price objective on Southern Copper from $97.00 to $100.00 and gave the company an “underweight” rating in a report on Thursday, September 19th. Finally, Citigroup lifted their target price on Southern Copper from $99.44 to $100.00 and gave the stock a “sell” rating in a report on Wednesday, October 2nd. Six investment analysts have rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $90.88.

Southern Copper Trading Down 0.3 %

Shares of SCCO stock opened at $117.58 on Tuesday. The company has a market capitalization of $91.85 billion, a P/E ratio of 39.08, a P/E/G ratio of 1.20 and a beta of 1.18. Southern Copper Co. has a 12-month low of $68.93 and a 12-month high of $129.79. The company has a quick ratio of 2.27, a current ratio of 2.81 and a debt-to-equity ratio of 0.67. The firm has a 50-day moving average price of $103.66 and a 200 day moving average price of $109.44.

Southern Copper (NYSE:SCCO) last issued its quarterly earnings data on Friday, July 19th. The basic materials company reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.09. The firm had revenue of $3.12 billion for the quarter, compared to analyst estimates of $2.96 billion. Southern Copper had a net margin of 26.15% and a return on equity of 34.98%. Research analysts forecast that Southern Copper Co. will post 4.32 earnings per share for the current fiscal year.

Southern Copper Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 26th. Stockholders of record on Friday, August 9th were given a $0.60 dividend. The ex-dividend date was Friday, August 9th. This represents a $2.40 annualized dividend and a dividend yield of 2.04%. Southern Copper’s dividend payout ratio is currently 79.77%.

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.