Southern Copper (SCCO) Shares Gap Down to $43.12
Southern Copper Corporation (NYSE:SCCO)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $44.03, but opened at $43.12. Southern Copper shares last traded at $42.42, with a volume of 2161042 shares traded.
SCCO has been the topic of several recent research reports. B. Riley restated a “buy” rating on shares of Southern Copper in a research report on Wednesday, November 1st. BidaskClub lowered Southern Copper from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 28th. Zacks Investment Research lowered Southern Copper from a “buy” rating to a “hold” rating in a research report on Saturday, November 11th. Barclays raised their price target on Southern Copper from $33.00 to $35.00 and gave the stock an “underweight” rating in a research report on Wednesday, August 9th. Finally, lowered Southern Copper from a “buy” rating to a “hold” rating and set a $41.00 price target on the stock. in a research report on Wednesday, August 16th. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $38.88.
The firm has a market capitalization of $33,054.68, a PE ratio of 33.41, a price-to-earnings-growth ratio of 0.67 and a beta of 0.62. The company has a quick ratio of 2.00, a current ratio of 3.01 and a debt-to-equity ratio of 0.90.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 22nd. Stockholders of record on Wednesday, November 8th were given a $0.25 dividend. This is a positive change from Southern Copper’s previous quarterly dividend of $0.14. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date of this dividend was Tuesday, November 7th. Southern Copper’s dividend payout ratio (DPR) is currently 78.13%.
Several hedge funds have recently modified their holdings of SCCO. Prudential Financial Inc. grew its position in shares of Southern Copper by 131.2% in the 2nd quarter. Prudential Financial Inc. now owns 1,223,889 shares of the basic materials company’s stock worth $42,384,000 after buying an additional 694,600 shares during the last quarter. Neuberger Berman Group LLC bought a new stake in shares of Southern Copper in the 3rd quarter worth approximately $14,271,000. Telemark Asset Management LLC bought a new stake in shares of Southern Copper in the 3rd quarter worth approximately $11,928,000. Cypress Funds LLC bought a new stake in shares of Southern Copper in the 3rd quarter worth approximately $8,946,000. Finally, Oakmont Corp purchased a new position in shares of Southern Copper in the 3rd quarter valued at approximately $8,827,000. Hedge funds and other institutional investors own 6.34% of the company’s stock.
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About Southern Copper
Southern Copper Corporation is an integrated copper producer. It produces copper and, in the production process, obtains several by-products, including molybdenum, silver, zinc, sulfuric acid and other metals. Its segments include the Peruvian operations, the Mexican open-pit operations and the Mexican underground mining operations segment identified as the IMMSA unit.
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