Ballentine Partners LLC Reduces Position in Southern Copper Co. (NYSE:SCCO)

Ballentine Partners LLC lessened its position in shares of Southern Copper Co. (NYSE:SCCO) by 4.4% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,051 shares of the basic materials company’s stock after selling 141 shares during the quarter. Ballentine Partners LLC’s holdings in Southern Copper were worth $353,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Fidelis Capital Partners LLC purchased a new position in Southern Copper during the 1st quarter worth approximately $26,000. Itau Unibanco Holding S.A. purchased a new position in shares of Southern Copper in the 2nd quarter valued at approximately $31,000. McClarren Financial Advisors Inc. grew its stake in shares of Southern Copper by 169.2% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 288 shares of the basic materials company’s stock valued at $33,000 after purchasing an additional 181 shares during the last quarter. Oakworth Capital Inc. purchased a new position in shares of Southern Copper in the 3rd quarter valued at approximately $42,000. Finally, Hanseatic Management Services Inc. purchased a new position in shares of Southern Copper in the 2nd quarter valued at approximately $53,000. Hedge funds and other institutional investors own 7.94% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on SCCO. Citigroup lifted their target price on Southern Copper from $99.44 to $100.00 and gave the company a “sell” rating in a research note on Wednesday, October 2nd. Morgan Stanley lifted their target price on Southern Copper from $97.00 to $100.00 and gave the company an “underweight” rating in a research note on Thursday, September 19th. Scotiabank lowered their target price on Southern Copper from $54.00 to $52.00 and set a “sector underperform” rating on the stock in a research note on Tuesday, October 15th. Finally, UBS Group initiated coverage on Southern Copper in a report on Friday, July 12th. They issued a “neutral” rating and a $120.00 price target for the company. Six investment analysts have rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $90.63.

Southern Copper Stock Performance

Shares of SCCO stock opened at $114.77 on Tuesday. The stock has a fifty day moving average price of $107.81 and a 200 day moving average price of $110.09. The stock has a market cap of $89.65 billion, a PE ratio of 29.55, a P/E/G ratio of 1.18 and a beta of 1.18. Southern Copper Co. has a 1 year low of $68.93 and a 1 year high of $129.79. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.27 and a current ratio of 2.81.

Southern Copper Announces Dividend

The company also recently disclosed a — dividend, which will be paid on Thursday, November 21st. Investors of record on Wednesday, November 6th will be issued a dividend of $0.62 per share. The ex-dividend date of this dividend is Wednesday, November 6th. This represents a yield of 2.1%. Southern Copper’s dividend payout ratio is presently 61.79%.

About Southern Copper

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.