Southern Copper (NYSE:SCCO) Shares Gap Up to $65.19

Shares of Southern Copper Co. (NYSE:SCCO – Get Rating) gapped up prior to trading on Friday . The stock had previously closed at $65.19, but opened at $67.27. Southern Copper shares last traded at $66.81, with a volume of 178,908 shares traded.

Analyst Ratings Changes

A number of equities analysts have commented on SCCO shares. StockNews.com started coverage on shares of Southern Copper in a research note on Thursday, May 18th. They issued a “buy” rating on the stock. Barclays increased their price objective on shares of Southern Copper from $53.00 to $64.00 and gave the company an “equal weight” rating in a research note on Friday, April 21st. UBS Group increased their price objective on shares of Southern Copper from $48.00 to $51.00 and gave the company a “sell” rating in a research note on Thursday, February 23rd. Morgan Stanley downgraded shares of Southern Copper from an “overweight” rating to an “equal weight” rating and set a $70.00 price objective on the stock. in a research note on Wednesday, March 29th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of Southern Copper from $55.00 to $56.00 in a research note on Wednesday, May 3rd. Four research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $62.29.

Southern Copper Price Performance

The stock’s 50-day moving average is $74.46 and its 200 day moving average is $69.91. The company has a debt-to-equity ratio of 0.76, a current ratio of 4.17 and a quick ratio of 3.38. The company has a market cap of $51.74 billion, a PE ratio of 18.90, a PEG ratio of 13.36 and a beta of 1.23.

Southern Copper Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 23rd. Shareholders of record on Tuesday, May 9th were issued a $0.95 dividend. The ex-dividend date of this dividend was Monday, May 8th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.68%. Southern Copper’s dividend payout ratio is currently 115.94%.

Insiders Place Their Bets

In related news, Director Bonilla Luis Miguel Palomino sold 500 shares of the firm’s stock in a transaction on Monday, May 8th. The shares were sold at an average price of $78.50, for a total transaction of $39,250.00. Following the sale, the director now owns 6,014 shares in the company, valued at $472,099. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 0.08% of the company’s stock.

Institutional Investors Weigh In On Southern Copper

A number of institutional investors and hedge funds have recently made changes to their positions in SCCO. BlackRock Inc. boosted its holdings in shares of Southern Copper by 10.7% in the 1st quarter. BlackRock Inc. now owns 7,797,970 shares of the basic materials company’s stock valued at $594,595,000 after buying an additional 756,555 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in Southern Copper by 3.5% during the 3rd quarter. Price T Rowe Associates Inc. MD now owns 4,325,160 shares of the basic materials company’s stock worth $193,942,000 after buying an additional 145,261 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Southern Copper by 43.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,763,612 shares of the basic materials company’s stock valued at $209,759,000 after purchasing an additional 835,044 shares in the last quarter. Mawer Investment Management Ltd. increased its holdings in shares of Southern Copper by 761.9% in the 1st quarter. Mawer Investment Management Ltd. now owns 2,756,533 shares of the basic materials company’s stock valued at $210,186,000 after purchasing an additional 2,436,727 shares in the last quarter. Finally, abrdn plc grew its stake in Southern Copper by 134.8% in the 1st quarter. abrdn plc now owns 2,702,309 shares of the basic materials company’s stock valued at $206,051,000 after acquiring an additional 1,551,189 shares during the last quarter. 7.03% of the stock is owned by hedge funds and other institutional investors.

About Southern Copper

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Southern Copper Corp. engages in the development, production, and exploration of copper, molybdenum, zinc, and silver. It operates through the following segments: Peruvian Operations, Mexican Open-Pit Operations, and Mexican Underground Mining Operations. The Peruvian Operations segment focuses on the Toquepala and Cuajone mine complexes and the smelting and refining plants, industrial railroad, and port facilities that service both mines.