KCM Investment Advisors LLC Boosts Stake in Southern Copper Co. (NYSE:SCCO)
KCM Investment Advisors LLC increased its stake in Southern Copper Co. (NYSE:SCCO) by 174.9% in Q2 2023, owning 54,204 shares after purchasing an additional 34,484 shares. Several other institutional investors also modified their holdings in SCCO. Analysts have mixed ratings for Southern Copper, with a consensus rating of "Hold" and a price target of $41.57. The company recently reported an EPS of $0.22, beating estimates, and paid a quarterly dividend. Southern Copper has faced price fluctuations, with a 1-year range of $32.93 to $44.79.
KCM Investment Advisors LLC lifted its holdings in shares of Southern Copper Co. (NYSE:SCCO - Free Report) by 174.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 54,204 shares of the basic materials company's stock after purchasing an additional 34,484 shares during the quarter. KCM Investment Advisors LLC's holdings in Southern Copper were worth $5,840,000 as of its most recent filing with the Securities and Exchange Commission.
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A number of other hedge funds and other institutional investors have also recently modified their holdings of SCCO. Crossmark Global Holdings Inc. boosted its position in shares of Southern Copper by 3.2% during the 2nd quarter. Crossmark Global Holdings Inc. now owns 8,292 shares of the basic materials company's stock worth $894,000 after purchasing an additional 256 shares during the period. Great Diamond Partners LLC acquired a new stake in shares of Southern Copper in the second quarter valued at $572,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Southern Copper by 1.0% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 57,057 shares of the basic materials company's stock valued at $6,147,000 after buying an additional 566 shares during the period. Ameritas Advisory Services LLC raised its holdings in shares of Southern Copper by 25.9% in the 2nd quarter. Ameritas Advisory Services LLC now owns 2,792 shares of the basic materials company's stock valued at $301,000 after buying an additional 574 shares during the period. Finally, Whittier Trust Co. lifted its stake in Southern Copper by 9.7% during the 2nd quarter. Whittier Trust Co. now owns 1,788 shares of the basic materials company's stock worth $193,000 after acquiring an additional 158 shares in the last quarter. 7.94% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of analysts have issued reports on the stock. StockNews.com upgraded shares of Southern Copper from a "hold" rating to a "buy" rating in a research note on Wednesday, May 15th. UBS Group assumed coverage on shares of Southern Copper in a report on Friday, July 12th. They set a "neutral" rating and a $120.00 target price on the stock. Morgan Stanley raised their price target on shares of Southern Copper from $81.70 to $100.00 and gave the company an "underweight" rating in a research report on Friday, June 21st. Finally, Scotiabank cut their price objective on Southern Copper from $55.00 to $54.00 and set a "sector underperform" rating on the stock in a research report on Tuesday, May 21st. Five analysts have rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Southern Copper currently has a consensus rating of "Hold" and a consensus price target of $89.57.
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Check Out Our Latest Analysis on Southern Copper
Southern Copper Stock Performance
NYSE SCCO traded up $0.29 during trading hours on Friday, hitting $101.72. The company had a trading volume of 1,331,058 shares, compared to its average volume of 1,169,486. The business has a 50 day moving average of $106.32 and a 200-day moving average of $105.70. The company has a market cap of $79.46 billion, a PE ratio of 33.79, a price-to-earnings-growth ratio of 1.06 and a beta of 1.20. Southern Copper Co. has a 1-year low of $68.93 and a 1-year high of $129.79. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.27 and a current ratio of 2.81.
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Southern Copper (NYSE:SCCO - Get Free Report) last announced its earnings results on Friday, July 19th. The basic materials company reported $1.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.13 by $0.09. The firm had revenue of $3.12 billion during the quarter, compared to analysts' expectations of $2.96 billion. Southern Copper had a return on equity of 34.98% and a net margin of 26.15%. As a group, equities research analysts expect that Southern Copper Co. will post 4.33 EPS for the current year.
Southern Copper Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 26th. Shareholders of record on Friday, August 9th were given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 2.36%. The ex-dividend date of this dividend was Friday, August 9th. Southern Copper's payout ratio is currently 79.73%.
About Southern Copper
(Free Report)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.
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