Southern Copper Corporation $SCCO Stock: Pictet Asset Management Holding SA Lowers Holdings

Pictet Asset Management Holding SA reduced its position in shares of Southern Copper Corporation (NYSE:SCCO) by 5.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 126,477 shares of the basic materials company’s stock after selling 6,611 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Southern Copper were worth $25,629,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Parallel Advisors LLC raised its holdings in shares of Southern Copper by 12.9% in the 3rd quarter. Parallel Advisors LLC now owns 7,339 shares of the basic materials company’s stock valued at $1,487,000 after purchasing an additional 838 shares during the period. Ashton Thomas Private Wealth LLC lifted its stake in Southern Copper by 11.6% in the 3rd quarter. Ashton Thomas Private Wealth LLC now owns 1,815 shares of the basic materials company’s stock valued at $368,000 after purchasing an additional 188 shares during the last quarter. Asset One Wealth Management LLC lifted its stake in Southern Copper by 14.0% in the 3rd quarter. Asset One Wealth Management LLC now owns 1,829 shares of the basic materials company’s stock valued at $371,000 after purchasing an additional 225 shares during the last quarter. Calamos Wealth Management LLC grew its holdings in Southern Copper by 11.8% during the third quarter. Calamos Wealth Management LLC now owns 22,193 shares of the basic materials company’s stock worth $4,497,000 after purchasing an additional 2,340 shares during the period. Finally, Kestra Advisory Services LLC grew its holdings in Southern Copper by 34.5% during the third quarter. Kestra Advisory Services LLC now owns 36,907 shares of the basic materials company’s stock worth $7,479,000 after purchasing an additional 9,476 shares during the period. Institutional investors and hedge funds own 7.94% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on SCCO. Wall Street Zen downgraded Southern Copper from a “buy” rating to a “hold” rating in a research report on Saturday, November 7th. CICC Research cut Southern Copper to a “market perform” rating in a research report on Sunday, July 26th. UBS Group raised Southern Copper from a “sell” rating to a “buy” rating and set a $180.00 price objective for the company in a research report on Tuesday. Wells Fargo & Company set a $190.98 target price on Southern Copper and gave the stock an “equal weight” rating in a research note on Friday, October 23rd. Finally, Morgan Stanley reissued an “underweight” rating and set a $168.22 target price on shares of Southern Copper in a report on Wednesday, October 7th. Three equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and six have issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Reduce” and a consensus price target of $159.47.

Southern Copper Trading Up 1.2%

Shares of NYSE:SCCO opened at $172.38 on Thursday. The company has a market capitalization of $145.55 billion, a P/E ratio of 22.56, a P/E/G ratio of 1.57 and a beta of 1.15. Southern Copper Corporation has a 1 year low of $119.25 and a 1 year high of $223.88. The company has a debt-to-equity ratio of 0.59, a current ratio of 4.31 and a quick ratio of 3.93. The business’s 50 day simple moving average is $192.69 and its 200 day simple moving average is $185.39.

Southern Copper (NYSE:SCCO) last announced its quarterly earnings data on Wednesday, October 21st. The basic materials company reported $2.13 earnings per share for the quarter, beating the consensus estimate of $2.01 by $0.12. The firm had revenue of $4.70 billion during the quarter, compared to analysts’ expectations of $4.49 billion. Southern Copper had a return on equity of 51.61% and a net margin of 37.16%. During the same period in the previous year, the firm earned $1.34 EPS. On average, research analysts anticipate that Southern Copper Corporation will post 8.01 EPS for the current fiscal year.

Southern Copper Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 19th. Stockholders of record on Tuesday, November 3rd will be issued a dividend of $1.30 per share. This is an increase from Southern Copper’s previous quarterly dividend of $1.10. The ex-dividend date of this dividend is Tuesday, November 3rd. This represents a $5.20 annualized dividend and a dividend yield of 3.0%. Southern Copper’s payout ratio is currently 68.06%.

Southern Copper Company Profile

Southern Copper Corporation is an integrated mining company focused primarily on the exploration, mining, processing, and refining of copper. Its operations also produce molybdenum, zinc, lead, silver, and other mineral products. The company operates mines and processing facilities in Peru and Mexico, including the Toquepala and Cuajone operations in Peru and the Buenavista and La Caridad operations in Mexico. Its activities extend across the mining and metals value chain, from extracting ore to producing refined metals and concentrates.