Spire Wealth Management Makes New Investment in Southern Copper Co. (NYSE:SCCO)

Spire Wealth Management acquired a new position in shares of Southern Copper Co. (NYSE:SCCO) during the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 521 shares of the basic materials company’s stock, valued at approximately $47,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. M&T Bank Corp raised its position 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 valued at $2,367,000 after purchasing an additional 105 shares during the period. Tyche Wealth Partners LLC raised its position in Southern Copper by 0.6% in the third quarter. Tyche Wealth Partners LLC now owns 19,685 shares of the basic materials company’s stock valued at $2,277,000 after purchasing an additional 109 shares during the period. Greenwood Capital Associates LLC raised its position in Southern Copper by 0.7% in the third quarter. Greenwood Capital Associates LLC now owns 15,722 shares of the basic materials company’s stock valued at $1,819,000 after purchasing an additional 112 shares during the period. Inspire Advisors LLC raised its holdings in shares of Southern Copper by 3.9% in the 3rd quarter. Inspire Advisors LLC now owns 3,001 shares of the basic materials company’s stock valued at $347,000 after buying an additional 113 shares during the period. Finally, Financial Advocates Investment Management lifted its stake in Southern Copper by 3.5% during the 3rd quarter. Financial Advocates Investment Management now owns 3,808 shares of the basic materials company’s stock worth $440,000 after acquiring an additional 127 shares in the last quarter. Institutional investors and hedge funds own 7.94% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. JPMorgan Chase & Co. raised Southern Copper from an “underweight” rating to a “neutral” rating and set a $92.50 target price on the stock in a research note on Monday, December 2nd. 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 note on Thursday, December 12th. Finally, Scotiabank decreased 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. Four investment analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $94.81.

Southern Copper Price Performance

Shares of NYSE SCCO opened at $96.84 on Monday. The stock’s 50-day moving average is $95.75 and its two-hundred day moving average is $102.34. 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 Co. has a 1-year low of $77.42 and a 1-year high of $129.79. The company has a market cap of $76.07 billion, a price-to-earnings ratio of 24.93, a price-to-earnings-growth ratio of 1.85 and a beta of 1.13.

Southern Copper Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 27th. Stockholders of record on Tuesday, February 11th will be issued a $0.70 dividend. The ex-dividend date is Monday, February 10th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.89%. This is an increase from Southern Copper’s previous quarterly dividend of $0.60. Southern Copper’s dividend payout ratio is presently 72.09%.

Southern Copper 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.