CIBC Asset Management Inc Acquires 1,456 Shares of Southern Copper Co. (NYSE:SCCO)

CIBC Asset Management Inc boosted its holdings in shares of Southern Copper Co. (NYSE:SCCO) by 6.6% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 23,568 shares of the basic materials company’s stock after buying an additional 1,456 shares during the quarter. CIBC Asset Management Inc’s holdings in Southern Copper were worth $2,539,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SCCO. Fortis Group Advisors LLC grew its position in shares of Southern Copper by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 302 shares of the basic materials company’s stock valued at $26,000 after acquiring an additional 151 shares during the period. Fidelis Capital Partners LLC purchased a new position in Southern Copper during the first quarter valued at $26,000. Riverview Trust Co bought a new stake in Southern Copper during the first quarter valued at about $27,000. Hanseatic Management Services Inc. purchased a new stake in Southern Copper in the second quarter worth about $53,000. Finally, EverSource Wealth Advisors LLC raised its stake in shares of Southern Copper by 52.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,069 shares of the basic materials company’s stock worth $92,000 after buying an additional 369 shares during the period. 7.94% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on SCCO. Morgan Stanley boosted their price objective on Southern Copper from $81.70 to $100.00 and gave the company an “underweight” rating in a research note on Friday, June 21st. UBS Group initiated coverage on shares of Southern Copper in a research report on Friday, July 12th. They issued a “neutral” rating and a $120.00 price target for the company. Scotiabank decreased their price objective on shares of Southern Copper from $55.00 to $54.00 and set a “sector underperform” rating on the stock in a research report on Tuesday, May 21st. Finally, StockNews.com upgraded shares of Southern Copper from a “hold” rating to a “buy” rating in a research note on Wednesday, May 15th. Five investment analysts have rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $89.57.

Southern Copper Price Performance

Shares of NYSE:SCCO opened at $96.65 on Friday. The firm has a market cap of $75.50 billion, a price-to-earnings ratio of 32.11, a P/E/G ratio of 1.04 and a beta of 1.17. The firm has a fifty day moving average price of $105.27 and a 200 day moving average price of $106.30. Southern Copper Co. has a fifty-two week low of $68.93 and a fifty-two week 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 (NYSE:SCCO) last issued its quarterly earnings data on Friday, July 19th. The basic materials company reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.09. Southern Copper had a return on equity of 34.98% and a net margin of 26.15%. The firm had revenue of $3.12 billion during the quarter, compared to analyst estimates of $2.96 billion. As a group, sell-side analysts expect that Southern Copper Co. will post 4.33 earnings per share for the current fiscal year.

Southern Copper Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, August 26th. Investors of record on Friday, August 9th were issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.48%. The ex-dividend date was Friday, August 9th. Southern Copper’s dividend payout ratio (DPR) is presently 79.73%.

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.