Oppenheimer & Co. Inc. Cuts Stock Holdings in Southern Copper Co. (NYSE:SCCO)

Oppenheimer & Co. Inc. reduced its stake in shares of Southern Copper Co. (NYSE:SCCO) by 93.0% during the third quarter, Holdings Channel reports. The institutional investor owned 1,903 shares of the basic materials company’s stock after selling 25,121 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Southern Copper were worth $220,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of SCCO. Oppenheimer Asset Management Inc. bought a new position in Southern Copper during the 3rd quarter worth approximately $2,289,000. Saturna Capital Corp boosted its stake in shares of Southern Copper by 0.6% during the third quarter. Saturna Capital Corp now owns 43,673 shares of the basic materials company’s stock valued at $5,052,000 after purchasing an additional 242 shares during the period. Empower Advisory Group LLC grew its holdings in shares of Southern Copper by 3.3% in the third quarter. Empower Advisory Group LLC now owns 1,004,060 shares of the basic materials company’s stock worth $116,140,000 after purchasing an additional 32,314 shares during the last quarter. Aptus Capital Advisors LLC increased its stake in shares of Southern Copper by 38.9% in the third quarter. Aptus Capital Advisors LLC now owns 3,163 shares of the basic materials company’s stock worth $366,000 after buying an additional 886 shares during the period. Finally, Aigen Investment Management LP raised its holdings in Southern Copper by 138.9% during the 3rd quarter. Aigen Investment Management LP now owns 15,642 shares of the basic materials company’s stock valued at $1,809,000 after buying an additional 9,095 shares during the last quarter. Hedge funds and other institutional investors own 7.94% of the company’s stock.

Analyst Upgrades and Downgrades

SCCO has been the topic of a number of recent analyst reports. Citigroup raised their price target on shares of Southern Copper from $99.44 to $100.00 and gave the stock a “sell” rating in a report on Wednesday, October 2nd. Morgan Stanley raised their target price on Southern Copper from $97.00 to $100.00 and gave the stock an “underweight” rating in a research note on Thursday, September 19th. Finally, Scotiabank lowered their price target on Southern Copper from $54.00 to $52.00 and set a “sector underperform” rating for the company in a research report on Tuesday, October 15th. Six research analysts have rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $90.63.

Southern Copper Stock Performance

Shares of SCCO opened at $99.74 on Friday. The company has a 50-day simple moving average of $110.24 and a two-hundred day simple moving average of $109.08. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.77 and a quick ratio of 2.31. The firm has a market capitalization of $78.35 billion, a PE ratio of 25.68, a price-to-earnings-growth ratio of 1.07 and a beta of 1.18. Southern Copper Co. has a one year low of $70.63 and a one year high of $129.79.

Southern Copper Announces Dividend

The company also recently announced a — dividend, which was paid on Thursday, November 21st. Stockholders of record on Wednesday, November 6th were paid a $0.62 dividend. This represents a dividend yield of 2.1%. The ex-dividend date was Wednesday, November 6th. Southern Copper’s payout ratio is presently 72.09%.

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.