Summit Financial LLC Buys Shares of 31,312 Southern Copper Co. (NYSE:SCCO)

Summit Financial LLC bought a new stake in Southern Copper Co. (NYSE:SCCO) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 31,312 shares of the basic materials company’s stock, valued at approximately $2,854,000.

Several other large investors have also modified their holdings of SCCO. JPMorgan Chase & Co. lifted its holdings in shares of Southern Copper by 74.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,402,983 shares of the basic materials company’s stock valued at $162,283,000 after buying an additional 599,610 shares during the period. Norges Bank acquired a new stake in Southern Copper in the fourth quarter valued at $52,738,000. Itau Unibanco Holding S.A. boosted its position in shares of Southern Copper by 115,910.7% during the 3rd quarter. Itau Unibanco Holding S.A. now owns 336,431 shares of the basic materials company’s stock worth $38,915,000 after purchasing an additional 336,141 shares in the last quarter. Wealthfront Advisers LLC acquired a new position in shares of Southern Copper during the 4th quarter worth $15,197,000. Finally, Axiom Investors LLC DE purchased a new position in shares of Southern Copper in the 4th quarter valued at about $14,617,000. Hedge funds and other institutional investors own 7.94% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Scotiabank boosted their price objective on shares of Southern Copper from $52.00 to $72.00 and gave the stock a “sector underperform” rating in a report on Monday, March 10th. JPMorgan Chase & Co. upgraded Southern Copper from an “underweight” rating to a “neutral” rating and set a $92.50 price target on the stock in a report on Monday, December 2nd. UBS Group raised Southern Copper from a “neutral” rating to a “buy” rating and set a $120.00 price objective for the company in a report on Thursday, March 13th. Finally, Morgan Stanley raised Southern Copper from an “underweight” rating to an “equal weight” rating and lowered their target price for the company from $106.30 to $102.00 in a report on Thursday, December 12th. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $94.42.

Southern Copper Stock Performance

Southern Copper stock opened at $93.37 on Tuesday. Southern Copper Co. has a fifty-two week low of $84.33 and a fifty-two week high of $127.34. The company has a market capitalization of $74.34 billion, a price-to-earnings ratio of 21.61, a PEG ratio of 1.90 and a beta of 1.12. The stock has a fifty day moving average of $94.32 and a two-hundred day moving average of $100.69. The company has a debt-to-equity ratio of 0.64, a quick ratio of 2.31 and a current ratio of 2.77.

Southern Copper (NYSE:SCCO) last posted its quarterly earnings data on Wednesday, February 12th. The basic materials company reported $1.01 EPS for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.01). Southern Copper had a return on equity of 40.27% and a net margin of 29.53%. On average, analysts anticipate that Southern Copper Co. will post 4.66 EPS for the current fiscal year.

Southern Copper Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 27th. Investors of record on Tuesday, February 11th were paid a dividend of $0.70 per share. This is an increase from Southern Copper’s previous quarterly dividend of $0.60. The ex-dividend date was Tuesday, February 11th. This represents a $2.80 annualized dividend and a dividend yield of 3.00%. Southern Copper’s dividend payout ratio is presently 64.81%.

Southern Copper 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.