Southern Copper (SCCO) Upgraded by Zacks Investment Research to Buy
Zacks Investment Research upgraded shares of Southern Copper (NYSE:SCCO) from a hold rating to a buy rating in a research report sent to investors on Friday morning. The firm currently has $54.00 price objective on the basic materials company’s stock.
According to Zacks, “Southern Copper Corporation is a mining metallurgical company, producer of copper and valuable by-products. “
Several other research analysts have also recently issued reports on the stock. BidaskClub cut shares of Southern Copper from a strong-buy rating to a buy rating in a report on Saturday, October 28th. Santander raised shares of Southern Copper from a hold rating to a buy rating in a report on Monday, December 18th. Scotiabank cut shares of Southern Copper from a sector perform rating to an underperform rating in a report on Monday, October 23rd. FBR & Co reissued a buy rating on shares of Southern Copper in a report on Monday, October 23rd. Finally, Cowen increased their price target on shares of Southern Copper from $39.00 to $48.00 and gave the stock a market perform rating in a report on Friday, November 3rd. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of Hold and an average target price of $45.07.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, February 27th. Investors of record on Tuesday, February 13th will be issued a dividend of $0.30 per share. This is a boost from Southern Copper’s previous quarterly dividend of $0.25. This represents a $1.20 annualized dividend and a yield of 2.58%. The ex-dividend date is Monday, February 12th. Southern Copper’s dividend payout ratio is currently 64.94%.
A number of hedge funds and other institutional investors have recently bought and sold shares of SCCO. Vanguard Group Inc. raised its holdings in Southern Copper by 1.8% during the second quarter. Vanguard Group Inc. now owns 751,901 shares of the basic materials company’s stock worth $26,038,000 after purchasing an additional 13,612 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Southern Copper by 0.3% in the second quarter. Dimensional Fund Advisors LP now owns 279,380 shares of the basic materials company’s stock valued at $9,675,000 after buying an additional 703 shares in the last quarter. Voya Investment Management LLC increased its holdings in Southern Copper by 9.8% in the second quarter. Voya Investment Management LLC now owns 43,255 shares of the basic materials company’s stock valued at $1,498,000 after buying an additional 3,859 shares in the last quarter. Stifel Financial Corp increased its holdings in Southern Copper by 20.6% in the second quarter. Stifel Financial Corp now owns 31,223 shares of the basic materials company’s stock valued at $1,082,000 after buying an additional 5,329 shares in the last quarter. Finally, Balyasny Asset Management LLC purchased a new position in Southern Copper in the second quarter valued at about $1,717,000. 6.56% of the stock is owned by hedge funds and other institutional investors.
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Southern Copper Company Profile
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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