Cumberland Partners Ltd Purchases New Position in Southern Copper Co. (NYSE:SCCO)

Cumberland Partners Ltd purchased a new stake in Southern Copper Co. (NYSE:SCCO) during the fourth quarter, according to its most recent filing with the SEC. The firm purchased 22,625 shares of the basic materials company’s stock, valued at approximately $1,947,000.

A number of other hedge funds have also modified their holdings of the company. abrdn plc increased its stake in Southern Copper by 2.3% during the 4th quarter. abrdn plc now owns 3,041,233 shares of the basic materials company’s stock worth $261,759,000 after purchasing an additional 67,930 shares in the last quarter. Empower Advisory Group LLC increased its stake in Southern Copper by 0.9% during the 3rd quarter. Empower Advisory Group LLC now owns 1,234,784 shares of the basic materials company’s stock worth $92,967,000 after purchasing an additional 10,718 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in Southern Copper by 7.5% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,151,729 shares of the basic materials company’s stock worth $86,714,000 after purchasing an additional 80,576 shares in the last quarter. Vanguard Group Inc. increased its stake in Southern Copper by 1.3% during the 3rd quarter. Vanguard Group Inc. now owns 968,149 shares of the basic materials company’s stock worth $72,892,000 after purchasing an additional 12,201 shares in the last quarter. Finally, Legal & General Group Plc increased its stake in Southern Copper by 5.1% during the 3rd quarter. Legal & General Group Plc now owns 928,187 shares of the basic materials company’s stock worth $69,883,000 after purchasing an additional 44,841 shares in the last quarter. 7.94% of the stock is currently owned by institutional investors and hedge funds.

Southern Copper Stock Performance

Southern Copper stock traded down $1.92 during mid-day trading on Tuesday, hitting $109.66. 1,844,384 shares of the company’s stock traded hands, compared to its average volume of 1,126,235. The firm has a 50 day simple moving average of $97.98 and a two-hundred day simple moving average of $84.90. Southern Copper Co. has a fifty-two week low of $64.66 and a fifty-two week high of $120.37. The stock has a market cap of $84.78 billion, a price-to-earnings ratio of 34.92, a P/E/G ratio of 3.25 and a beta of 1.29. The company has a debt-to-equity ratio of 0.84, a current ratio of 3.19 and a quick ratio of 2.46.

Southern Copper (NYSE:SCCO) last announced its quarterly earnings results on Friday, February 2nd. The basic materials company reported $0.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.15). Southern Copper had a net margin of 24.51% and a return on equity of 30.85%. The business had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.37 billion. On average, research analysts expect that Southern Copper Co. will post 3.95 EPS for the current fiscal year.

Southern Copper Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, February 29th. Investors of record on Tuesday, February 13th were given a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a dividend yield of 2.92%. The ex-dividend date was Monday, February 12th. Southern Copper’s payout ratio is currently 101.91%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Scotiabank raised their price target on shares of Southern Copper from $53.00 to $55.00 and gave the stock a “sector underperform” rating in a research note on Thursday, April 18th. HSBC cut shares of Southern Copper from a “hold” rating to a “reduce” rating and set a $80.00 price target for the company. in a research note on Monday. JPMorgan Chase & Co. decreased their price target on shares of Southern Copper from $63.50 to $61.00 and set an “underweight” rating for the company in a research note on Thursday, March 21st. The Goldman Sachs Group raised their target price on shares of Southern Copper from $61.00 to $82.00 and gave the company a “sell” rating in a research note on Friday, March 22nd. Finally, StockNews.com cut shares of Southern Copper from a “buy” rating to a “hold” rating in a research note on Monday, February 5th. Five equities research analysts have rated the stock with a sell rating, one has issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus target price of $76.00.

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.