Connor Clark & Lunn Investment Management Ltd. Cuts Stake in Southern Copper Co. (NYSE:SCCO)

Connor Clark & Lunn Investment Management Ltd. reduced its stake in Southern Copper Co. (NYSE:SCCO) by 91.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 19,810 shares of the basic materials company’s stock after selling 210,685 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Southern Copper were worth $1,805,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Fisher Asset Management LLC grew its stake in shares of Southern Copper by 10.6% in the third quarter. Fisher Asset Management LLC now owns 2,963,572 shares of the basic materials company’s stock worth $342,796,000 after acquiring an additional 283,562 shares during the last quarter. abrdn plc grew its stake in shares of Southern Copper by 4.4% in the fourth quarter. abrdn plc now owns 2,849,638 shares of the basic materials company’s stock worth $260,428,000 after acquiring an additional 118,909 shares during the last quarter. State Street Corp grew its stake in shares of Southern Copper by 1.0% in the third quarter. State Street Corp now owns 2,728,802 shares of the basic materials company’s stock worth $315,641,000 after acquiring an additional 27,358 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Southern Copper by 74.6% during the third quarter. JPMorgan Chase & Co. now owns 1,402,983 shares of the basic materials company’s stock valued at $162,283,000 after purchasing an additional 599,610 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Southern Copper by 3.4% during the third quarter. Geode Capital Management LLC now owns 613,286 shares of the basic materials company’s stock valued at $70,437,000 after purchasing an additional 20,204 shares in the last quarter. 7.94% of the stock is owned by hedge funds and other institutional investors.

Southern Copper Stock Up 0.9 %

SCCO stock opened at $98.78 on Wednesday. Southern Copper Co. has a fifty-two week low of $84.33 and a fifty-two week high of $127.34. The business’s 50-day moving average is $93.98 and its two-hundred day moving average is $100.59. The company has a debt-to-equity ratio of 0.64, a quick ratio of 2.31 and a current ratio of 2.77. The company has a market cap of $78.64 billion, a price-to-earnings ratio of 22.86, a P/E/G ratio of 1.90 and a beta of 1.12.

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 the consensus estimate of $1.02 by ($0.01). Southern Copper had a return on equity of 40.27% and a net margin of 29.53%. As a group, analysts forecast that Southern Copper Co. will post 4.66 earnings per share for the current year.

Southern Copper Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 27th. Stockholders of record on Tuesday, February 11th were paid a $0.70 dividend. The ex-dividend date of this dividend was Tuesday, February 11th. This represents a $2.80 annualized dividend and a dividend yield of 2.83%. This is an increase from Southern Copper’s previous quarterly dividend of $0.60. Southern Copper’s dividend payout ratio (DPR) is 64.81%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on SCCO. Scotiabank upped their price target on Southern Copper from $52.00 to $72.00 and gave the company a “sector underperform” rating in a report on Monday, March 10th. UBS Group raised Southern Copper from a “neutral” rating to a “buy” rating and set a $120.00 price target on the stock in a report on Thursday, March 13th. Morgan Stanley raised Southern Copper from an “underweight” rating to an “equal weight” rating and lowered their price target for the company from $106.30 to $102.00 in a report on Thursday, December 12th. Finally, JPMorgan Chase & Co. raised 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. Four research analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $97.31.

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.