Wahed Invest LLC Grows Position in Southern Copper Co. (NYSE:SCCO)

Wahed Invest LLC increased its position in shares of Southern Copper Co. (NYSE:SCCO) by 9.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,595 shares of the basic materials company’s stock after purchasing an additional 144 shares during the period. Wahed Invest LLC’s holdings in Southern Copper were worth $170,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. LBP AM SA boosted its position in Southern Copper by 12.6% in the 1st quarter. LBP AM SA now owns 5,404 shares of the basic materials company’s stock valued at $576,000 after buying an additional 606 shares during the period. Jaffetilchin Investment Partners LLC purchased a new stake in Southern Copper in the 1st quarter valued at about $389,000. Comerica Bank raised its holdings in shares of Southern Copper by 4.3% in the 1st quarter. Comerica Bank now owns 17,694 shares of the basic materials company’s stock valued at $1,885,000 after purchasing an additional 735 shares in the last quarter. California State Teachers Retirement System raised its holdings in shares of Southern Copper by 21.6% in the 1st quarter. California State Teachers Retirement System now owns 122,280 shares of the basic materials company’s stock valued at $13,025,000 after purchasing an additional 21,755 shares in the last quarter. Finally, Silvercrest Asset Management Group LLC bought a new stake in shares of Southern Copper in the 1st quarter valued at about $202,000. 7.94% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on SCCO. Scotiabank reduced their price target on shares of Southern Copper from $55.00 to $54.00 and set a “sector underperform” rating for the company in a report on Tuesday, May 21st. StockNews.com upgraded shares of Southern Copper from a “hold” rating to a “buy” rating in a report on Wednesday, May 15th. HSBC lowered shares of Southern Copper from a “hold” rating to a “reduce” rating and set a $80.00 price target for the company. in a report on Monday, April 22nd. CICC Research began coverage on shares of Southern Copper in a report on Wednesday, April 24th. They issued an “outperform” rating for the company. Finally, UBS Group assumed coverage on shares of Southern Copper in a report on Friday, July 12th. They issued a “neutral” rating and a $120.00 price target for the company. Five equities research analysts have rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Southern Copper has a consensus rating of “Hold” and a consensus target price of $89.57.

Southern Copper Stock Down 2.7 %

NYSE:SCCO opened at $99.48 on Friday. The company has a market cap of $77.71 billion, a PE ratio of 33.06, a P/E/G ratio of 1.04 and a beta of 1.20. Southern Copper Co. has a twelve month low of $68.93 and a twelve month high of $129.79. The company has a current ratio of 3.31, a quick ratio of 2.56 and a debt-to-equity ratio of 0.82. The company’s 50 day moving average is $110.08 and its two-hundred day moving average is $103.00.

Southern Copper Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, August 26th. Shareholders of record on Friday, August 9th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 2.41%. The ex-dividend date is Friday, August 9th. Southern Copper’s dividend payout ratio is presently 92.07%.

About Southern Copper

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.