Principal Financial Group Inc. increased its position in Southern Copper Corp (NYSE:SCCO) by 3.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 128,496 shares of the basic materials company’s stock after acquiring an additional 3,967 shares during the quarter. Principal Financial Group Inc.’s holdings in Southern Copper were worth $6,962,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently made changes to their positions in SCCO. BlackRock Inc. raised its holdings in Southern Copper by 2.5% in the 4th quarter. BlackRock Inc. now owns 7,114,693 shares of the basic materials company’s stock worth $337,591,000 after acquiring an additional 170,350 shares during the period. Geode Capital Management LLC raised its holdings in Southern Copper by 6.6% in the 4th quarter. Geode Capital Management LLC now owns 239,104 shares of the basic materials company’s stock worth $11,303,000 after acquiring an additional 14,901 shares during the period. AMP Capital Investors Ltd raised its holdings in Southern Copper by 25.2% in the 4th quarter. AMP Capital Investors Ltd now owns 9,182 shares of the basic materials company’s stock worth $435,000 after acquiring an additional 1,848 shares during the period. Nomura Asset Management Co. Ltd. increased its holdings in shares of Southern Copper by 4.6% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 43,470 shares of the basic materials company’s stock worth $2,063,000 after purchasing an additional 1,900 shares during the period. Finally, Martin Currie Ltd. increased its holdings in shares of Southern Copper by 8.5% during the 4th quarter. Martin Currie Ltd. now owns 643,390 shares of the basic materials company’s stock worth $30,528,000 after purchasing an additional 50,600 shares during the period. Hedge funds and other institutional investors own 7.31% of the company’s stock.
Southern Copper opened at $45.41 on Friday, Marketbeat.com reports. The company has a current ratio of 2.81, a quick ratio of 1.92 and a debt-to-equity ratio of 0.93. Southern Copper Corp has a 52-week low of $34.51 and a 52-week high of $58.09. The stock has a market cap of $34.48 billion, a PE ratio of 28.96 and a beta of 0.44.
Southern Copper (NYSE:SCCO) last issued its earnings results on Wednesday, May 2nd. The basic materials company reported $0.61 earnings per share for the quarter, meeting the consensus estimate of $0.61. Southern Copper had a net margin of 12.80% and a return on equity of 13.92%. The business had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.84 billion. research analysts expect that Southern Copper Corp will post 2.51 earnings per share for the current year.
In other news, EVP Quintanilla Daniel Muniz sold 1,600 shares of Southern Copper stock in a transaction dated Tuesday, June 5th. The shares were sold at an average price of $51.20, for a total transaction of $81,920.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.46% of the stock is currently owned by insiders.
Several research firms have recently issued reports on SCCO. ValuEngine downgraded shares of Southern Copper from a “buy” rating to a “hold” rating in a report on Monday. B. Riley downgraded shares of Southern Copper from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $57.34 to $57.00 in a report on Thursday, April 19th. Berenberg Bank restated a “sell” rating and set a $39.00 price objective on shares of Southern Copper in a report on Saturday, June 2nd. Finally, JPMorgan Chase & Co. upgraded shares of Southern Copper to a “sell” rating and set a $45.00 price objective on the stock in a report on Tuesday, June 5th. Five investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $46.06.
Southern Copper Company Profile
Southern Copper Corporation engages in mining, exploring, smelting, and refining copper and other minerals in Peru, Mexico, Argentina, Chile, and Ecuador. 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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