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Southern Copper Co. (NYSE:SCCO) Shares Bought by New York State Common Retirement Fund

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New York State Common Retirement Fund grew its stake in shares of Southern Copper Co. (NYSE:SCCOGet Rating) by 5.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 217,660 shares of the basic materials company’s stock after purchasing an additional 10,359 shares during the period. New York State Common Retirement Fund’s holdings in Southern Copper were worth $16,520,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the company. National Asset Management Inc. boosted its stake in shares of Southern Copper by 1.6% during the 1st quarter. National Asset Management Inc. now owns 10,649 shares of the basic materials company’s stock worth $809,000 after acquiring an additional 164 shares in the last quarter. Krane Funds Advisors LLC raised its position in shares of Southern Copper by 12.5% in the fourth quarter. Krane Funds Advisors LLC now owns 1,513 shares of the basic materials company’s stock valued at $93,000 after purchasing an additional 168 shares during the period. Mutual Advisors LLC lifted its stake in shares of Southern Copper by 3.6% in the fourth quarter. Mutual Advisors LLC now owns 5,186 shares of the basic materials company’s stock worth $320,000 after buying an additional 180 shares during the last quarter. Asset Management One Co. Ltd. boosted its holdings in shares of Southern Copper by 1.3% during the 4th quarter. Asset Management One Co. Ltd. now owns 16,641 shares of the basic materials company’s stock worth $1,013,000 after buying an additional 220 shares during the period. Finally, Xponance Inc. grew its stake in Southern Copper by 2.8% in the 1st quarter. Xponance Inc. now owns 8,788 shares of the basic materials company’s stock valued at $667,000 after buying an additional 238 shares during the last quarter. 6.83% of the stock is owned by hedge funds and other institutional investors.

Southern Copper Stock Up 2.5 %

Shares of NYSE SCCO opened at $47.45 on Friday. The business has a fifty day moving average of $52.83 and a two-hundred day moving average of $62.64. The company has a debt-to-equity ratio of 0.81, a quick ratio of 2.58 and a current ratio of 3.29. Southern Copper Co. has a 52-week low of $44.70 and a 52-week high of $79.32. The stock has a market cap of $36.68 billion, a PE ratio of 12.55, a PEG ratio of 1.67 and a beta of 1.12.

Southern Copper (NYSE:SCCOGet Rating) last announced its quarterly earnings results on Tuesday, May 3rd. The basic materials company reported $1.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.01 by $0.01. The firm had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.68 billion. Southern Copper had a net margin of 27.59% and a return on equity of 36.17%. As a group, equities research analysts expect that Southern Copper Co. will post 3.36 earnings per share for the current fiscal year.

Southern Copper Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 25th. Investors of record on Thursday, August 11th will be given a dividend of $0.75 per share. The ex-dividend date is Wednesday, August 10th. This represents a $3.00 dividend on an annualized basis and a yield of 6.32%. Southern Copper’s dividend payout ratio (DPR) is presently 132.28%.

Analyst Ratings Changes

A number of research firms have issued reports on SCCO. The Goldman Sachs Group began coverage on shares of Southern Copper in a report on Friday. They set a “neutral” rating and a $65.00 price target for the company. StockNews.com downgraded shares of Southern Copper from a “buy” rating to a “hold” rating in a report on Saturday. Wolfe Research cut Southern Copper from a “peer perform” rating to an “underperform” rating in a research report on Thursday, July 7th. Barclays reduced their target price on Southern Copper from $61.00 to $51.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 19th. Finally, Morgan Stanley lowered their price target on shares of Southern Copper from $66.00 to $52.00 and set an “underweight” rating on the stock in a report on Wednesday, June 22nd. Three investment analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $54.00.

Southern Copper Profile

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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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