Brookstone Capital Management purchased a new position in Southern Copper Co. (NYSE:SCCO – Get Rating) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 11,988 shares of the basic materials company's stock, valued at approximately $613,000.
Several other institutional investors and hedge funds have also bought and sold shares of SCCO. Colonial River Wealth Management LLC acquired a new position in shares of Southern Copper in the first quarter worth about $226,000. Belpointe Asset Management LLC raised its position in shares of Southern Copper by 22.4% during the 1st quarter. Belpointe Asset Management LLC now owns 4,171 shares of the basic materials company's stock worth $316,000 after purchasing an additional 764 shares during the last quarter. Ranch Capital Advisors Inc. purchased a new stake in Southern Copper during the 1st quarter valued at about $667,000. Itau Unibanco Holding S.A. purchased a new stake in Southern Copper during the 4th quarter valued at about $31,024,000. Finally, Duality Advisers LP purchased a new stake in Southern Copper during the 1st quarter valued at about $1,456,000. 7.15% of the stock is owned by hedge funds and other institutional investors.
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Southern Copper Stock Performance
NYSE:SCCO opened at $45.57 on Friday. The company has a debt-to-equity ratio of 0.81, a quick ratio of 2.58 and a current ratio of 3.29. The stock has a market capitalization of $35.23 billion, a P/E ratio of 12.06, a PEG ratio of 1.99 and a beta of 1.12. The company has a 50 day moving average price of $47.91 and a 200 day moving average price of $58.05. Southern Copper Co. has a fifty-two week low of $44.31 and a fifty-two week high of $79.32.
Southern Copper Cuts Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 25th. Shareholders of record on Thursday, August 11th were issued a dividend of $0.75 per share. The ex-dividend date was Wednesday, August 10th. This represents a $3.00 dividend on an annualized basis and a yield of 6.58%. Southern Copper's dividend payout ratio (DPR) is presently 79.37%.
Wall Street Analysts Forecast Growth
Several analysts recently issued reports on the stock. StockNews.com cut shares of Southern Copper from a "buy" rating to a "hold" rating in a research note on Saturday, August 6th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Southern Copper in a research note on Wednesday, September 14th. They set a "hold" rating and a $47.00 price objective for the company. Wolfe Research cut shares of Southern Copper from a "peer perform" rating to an "underperform" rating in a research note on Thursday, July 7th. Morgan Stanley raised shares of Southern Copper from an "underweight" rating to an "equal weight" rating and increased their price target for the company from $51.00 to $55.00 in a research note on Friday, September 16th. Finally, The Goldman Sachs Group assumed coverage on shares of Southern Copper in a research note on Friday, August 5th. They issued a "neutral" rating and a $65.00 price target for the company. Two research analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $53.17.
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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