abrdn plc Purchases 67,930 Shares of Southern Copper Co. (NYSE:SCCO)

abrdn plc grew its position in shares of Southern Copper Co. (NYSE:SCCO) by 2.3% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,041,233 shares of the basic materials company’s stock after buying an additional 67,930 shares during the quarter. Southern Copper accounts for approximately 0.6% of abrdn plc’s investment portfolio, making the stock its 28th biggest holding. abrdn plc’s holdings in Southern Copper were worth $261,759,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Janiczek Wealth Management LLC boosted its position in Southern Copper by 11.5% during the fourth quarter. Janiczek Wealth Management LLC now owns 1,227 shares of the basic materials company’s stock worth $106,000 after purchasing an additional 127 shares during the period. Glenmede Trust Co. NA increased its holdings in shares of Southern Copper by 2.7% in the 3rd quarter. Glenmede Trust Co. NA now owns 6,592 shares of the basic materials company’s stock worth $496,000 after buying an additional 173 shares during the last quarter. Dfpg Investments LLC raised its position in shares of Southern Copper by 1.4% during the 4th quarter. Dfpg Investments LLC now owns 13,188 shares of the basic materials company’s stock valued at $1,106,000 after buying an additional 176 shares in the last quarter. Ronald Blue Trust Inc. increased its stake in Southern Copper by 43.7% in the third quarter. Ronald Blue Trust Inc. now owns 602 shares of the basic materials company’s stock valued at $44,000 after acquiring an additional 183 shares during the last quarter. Finally, Treasurer of the State of North Carolina lifted its stake in Southern Copper by 0.5% during the third quarter. Treasurer of the State of North Carolina now owns 37,467 shares of the basic materials company’s stock worth $2,821,000 after purchasing an additional 190 shares during the last quarter. Hedge funds and other institutional investors own 7.94% of the company’s stock.

Southern Copper Price Performance

NYSE:SCCO traded down $1.91 during trading hours on Friday, hitting $113.43. 1,188,516 shares of the stock traded hands, compared to its average volume of 1,186,562. The company has a market cap of $87.69 billion, a price-to-earnings ratio of 36.12, a price-to-earnings-growth ratio of 3.30 and a beta of 1.29. Southern Copper Co. has a 1 year low of $64.66 and a 1 year high of $120.37. The stock has a 50 day moving average price of $96.72 and a 200 day moving average price of $84.21. The company has a quick ratio of 2.46, a current ratio of 3.19 and a debt-to-equity ratio of 0.84.

Southern Copper (NYSE:SCCO) last issued its earnings results on Friday, February 2nd. The basic materials company reported $0.58 earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.15). Southern Copper had a return on equity of 30.85% and a net margin of 24.51%. The firm had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.37 billion. Sell-side analysts forecast that Southern Copper Co. will post 3.95 EPS for the current fiscal year.

Southern Copper Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 29th. Investors of record on Tuesday, February 13th were given a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a dividend yield of 2.82%. The ex-dividend date of this dividend was Monday, February 12th. Southern Copper’s dividend payout ratio is currently 101.91%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. StockNews.com lowered shares of Southern Copper from a “buy” rating to a “hold” rating in a research note on Monday, February 5th. Jefferies Financial Group raised Southern Copper from a “hold” rating to a “buy” rating and boosted their target price for the stock from $91.00 to $130.00 in a report on Friday, March 22nd. JPMorgan Chase & Co. reduced their price target on Southern Copper from $63.50 to $61.00 and set an “underweight” rating for the company in a report on Thursday, March 21st. Scotiabank upped their price target on shares of Southern Copper from $53.00 to $55.00 and gave the stock a “sector underperform” rating in a research note on Thursday. Finally, The Goldman Sachs Group raised their price objective on shares of Southern Copper from $61.00 to $82.00 and gave the company a “sell” rating in a research note on Friday, March 22nd. Four analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $73.71.

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.