Guggenheim Capital LLC Cuts Holdings in Southern Copper Co. (NYSE:SCCO)

Guggenheim Capital LLC trimmed its holdings in shares of Southern Copper Co. (NYSE:SCCO) by 11.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,610 shares of the basic materials company’s stock after selling 335 shares during the period. Guggenheim Capital LLC’s holdings in Southern Copper were worth $238,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. abrdn plc raised its stake in shares of Southern Copper by 4.4% during the 4th quarter. abrdn plc now owns 2,849,638 shares of the basic materials company’s stock worth $260,428,000 after buying an additional 118,909 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Southern Copper by 74.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,402,983 shares of the basic materials company’s stock valued at $162,283,000 after purchasing an additional 599,610 shares in the last quarter. FIL Ltd increased its stake in Southern Copper by 0.3% in the 4th quarter. FIL Ltd now owns 1,171,227 shares of the basic materials company’s stock valued at $106,734,000 after purchasing an additional 3,045 shares in the last quarter. Vanguard Group Inc. increased its stake in Southern Copper by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 972,657 shares of the basic materials company’s stock valued at $88,638,000 after purchasing an additional 18,426 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in Southern Copper by 4.6% in the 4th quarter. Geode Capital Management LLC now owns 641,765 shares of the basic materials company’s stock valued at $58,180,000 after purchasing an additional 28,479 shares in the last quarter. 7.94% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SCCO has been the subject of several research analyst reports. Scotiabank raised their price objective on Southern Copper from $52.00 to $72.00 and gave the company a “sector underperform” rating in a research note on Monday, March 10th. Hsbc Global Res upgraded Southern Copper from a “moderate sell” rating to a “hold” rating in a report on Thursday, April 24th. UBS Group lowered their target price on Southern Copper from $120.00 to $100.00 and set a “buy” rating on the stock in a report on Tuesday, April 15th. JPMorgan Chase & Co. lowered their target price on Southern Copper from $84.00 to $83.50 and set a “neutral” rating on the stock in a report on Monday, April 14th. Finally, StockNews.com cut Southern Copper from a “buy” rating to a “hold” rating in a report on Monday. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $91.50.

Southern Copper Trading Down 0.5 %

NYSE SCCO opened at $93.78 on Tuesday. Southern Copper Co. has a 12 month low of $74.84 and a 12 month high of $127.34. The company has a 50-day moving average of $90.67 and a 200-day moving average of $96.94. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.77 and a quick ratio of 2.31. The company has a market cap of $74.67 billion, a P/E ratio of 21.71, a P/E/G ratio of 1.90 and a beta of 1.04.

Southern Copper (NYSE:SCCO) last posted its quarterly earnings data on Friday, April 25th. The basic materials company reported $1.19 EPS for the quarter, beating analysts’ consensus estimates of $1.05 by $0.14. Southern Copper had a net margin of 29.53% and a return on equity of 40.27%. The company had revenue of $3.12 billion during the quarter, compared to the consensus estimate of $3.05 billion. As a group, equities analysts predict that Southern Copper Co. will post 4.66 earnings per share for the current year.

Southern Copper Dividend Announcement

The business also recently disclosed a dividend, which will be paid on Monday, May 19th. Stockholders of record on Monday, May 5th will be paid a dividend of $0.70 per share. This represents a dividend yield of 2.98%. The ex-dividend date is Friday, May 2nd. Southern Copper’s dividend payout ratio is currently 64.81%.

Southern Copper Company 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.