Handelsbanken Fonder AB Has $7.09 Million Holdings in Southern Copper Co. (NYSE:SCCO)

Handelsbanken Fonder AB reduced its holdings in Southern Copper Co. (NYSE:SCCO) by 45.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 82,356 shares of the basic materials company’s stock after selling 69,035 shares during the quarter. Handelsbanken Fonder AB’s holdings in Southern Copper were worth $7,088,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Hartford Financial Management Inc. bought a new position in Southern Copper in the 3rd quarter worth approximately $25,000. Viking Fund Management LLC bought a new position in Southern Copper in the 4th quarter worth approximately $31,000. Venturi Wealth Management LLC raised its position in Southern Copper by 164.8% in the 4th quarter. Venturi Wealth Management LLC now owns 482 shares of the basic materials company’s stock worth $41,000 after purchasing an additional 300 shares during the last quarter. Washington Trust Advisors Inc. bought a new position in Southern Copper in the 4th quarter worth approximately $45,000. Finally, Ronald Blue Trust Inc. raised its position in Southern Copper by 43.7% in the 3rd quarter. Ronald Blue Trust Inc. now owns 602 shares of the basic materials company’s stock worth $44,000 after purchasing an additional 183 shares during the last quarter. 7.94% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SCCO has been the subject of several research analyst reports. Jefferies Financial Group upgraded shares of Southern Copper from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $91.00 to $130.00 in a research report on Friday, March 22nd. The Goldman Sachs Group upped their target price on shares of Southern Copper from $61.00 to $82.00 and gave the company a “sell” rating in a research report on Friday, March 22nd. Scotiabank upped their target price on shares of Southern Copper from $53.00 to $55.00 and gave the company a “sector underperform” rating in a research report on Thursday, April 18th. JPMorgan Chase & Co. dropped their target price on shares of Southern Copper from $63.50 to $61.00 and set an “underweight” rating for the company in a research report on Thursday, March 21st. Finally, StockNews.com cut shares of Southern Copper from a “buy” rating to a “hold” rating in a research report on Monday, February 5th. Five investment analysts have rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $76.00.

Southern Copper Price Performance

Shares of SCCO stock opened at $109.25 on Thursday. Southern Copper Co. has a 12-month low of $64.66 and a 12-month high of $120.37. The firm has a market capitalization of $84.46 billion, a price-to-earnings ratio of 34.79, a price-to-earnings-growth ratio of 3.14 and a beta of 1.29. The company has a quick ratio of 2.46, a current ratio of 3.19 and a debt-to-equity ratio of 0.84. The firm has a fifty day moving average of $98.56 and a 200-day moving average of $85.07.

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 firm had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.37 billion. On average, equities research analysts forecast that Southern Copper Co. will post 3.95 earnings per share for the current year.

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.