Oppenheimer & Co. Inc. Reduces Position in Southern Copper Co. (NYSE:SCCO)

Oppenheimer & Co. Inc. decreased its holdings in Southern Copper Co. (NYSE:SCCO) by 93.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,903 shares of the basic materials company’s stock after selling 25,121 shares during the period. Oppenheimer & Co. Inc.’s holdings in Southern Copper were worth $220,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of SCCO. Cetera Investment Advisers lifted its holdings in Southern Copper by 395.1% during the 1st quarter. Cetera Investment Advisers now owns 38,803 shares of the basic materials company’s stock worth $4,133,000 after purchasing an additional 30,966 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Southern Copper by 18.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,771,332 shares of the basic materials company’s stock worth $827,804,000 after buying an additional 1,192,111 shares in the last quarter. Gateway Advisory LLC bought a new position in shares of Southern Copper in the second quarter valued at approximately $625,000. Lazard Asset Management LLC grew its stake in Southern Copper by 421.6% during the first quarter. Lazard Asset Management LLC now owns 155,265 shares of the basic materials company’s stock valued at $16,538,000 after acquiring an additional 125,496 shares in the last quarter. Finally, Toronto Dominion Bank increased its holdings in Southern Copper by 15.2% during the 1st quarter. Toronto Dominion Bank now owns 5,145 shares of the basic materials company’s stock worth $542,000 after acquiring an additional 679 shares during the period. Institutional investors own 7.94% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Morgan Stanley raised their price target on shares of Southern Copper from $97.00 to $100.00 and gave the company an “underweight” rating in a report on Thursday, September 19th. Scotiabank reduced their target price on Southern Copper from $54.00 to $52.00 and set a “sector underperform” rating for the company in a research report on Tuesday, October 15th. Finally, Citigroup raised their price target on Southern Copper from $99.44 to $100.00 and gave the company a “sell” rating in a report on Wednesday, October 2nd. Six analysts have rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $90.63.

Southern Copper Price Performance

SCCO opened at $99.74 on Friday. The company has a current ratio of 2.77, a quick ratio of 2.31 and a debt-to-equity ratio of 0.64. The stock has a market capitalization of $78.35 billion, a P/E ratio of 25.68, a PEG ratio of 1.07 and a beta of 1.18. The stock has a 50-day moving average price of $110.24 and a 200-day moving average price of $109.08. Southern Copper Co. has a 12-month low of $70.63 and a 12-month high of $129.79.

Southern Copper Announces Dividend

The firm also recently declared a — dividend, which was paid on Thursday, November 21st. Shareholders of record on Wednesday, November 6th were given a dividend of $0.62 per share. This represents a yield of 2.1%. The ex-dividend date of this dividend was Wednesday, November 6th. Southern Copper’s payout ratio is currently 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.