Drive Wealth Management LLC Reduces Holdings in Southern Copper Co. (NYSE:SCCO)

Drive Wealth Management LLC lowered its position in shares of Southern Copper Co. (NYSE:SCCO) by 17.0% during the fourth quarter, HoldingsChannel reports. The firm owned 5,181 shares of the basic materials company’s stock after selling 1,063 shares during the period. Drive Wealth Management LLC’s holdings in Southern Copper were worth $472,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the company. M&T Bank Corp raised its stake in shares of Southern Copper by 0.5% during the third quarter. M&T Bank Corp now owns 20,460 shares of the basic materials company’s stock valued at $2,367,000 after purchasing an additional 105 shares during the period. Ensign Peak Advisors Inc raised its stake in shares of Southern Copper by 1.0% during the second quarter. Ensign Peak Advisors Inc now owns 10,558 shares of the basic materials company’s stock valued at $1,138,000 after purchasing an additional 108 shares during the period. Tyche Wealth Partners LLC increased its stake in shares of Southern Copper by 0.6% in the third quarter. Tyche Wealth Partners LLC now owns 19,685 shares of the basic materials company’s stock worth $2,277,000 after buying an additional 109 shares during the last quarter. Greenwood Capital Associates LLC increased its stake in shares of Southern Copper by 0.7% in the third quarter. Greenwood Capital Associates LLC now owns 15,722 shares of the basic materials company’s stock worth $1,819,000 after buying an additional 112 shares during the last quarter. Finally, Inspire Advisors LLC increased its stake in shares of Southern Copper by 3.9% in the third quarter. Inspire Advisors LLC now owns 3,001 shares of the basic materials company’s stock worth $347,000 after buying an additional 113 shares during the last quarter. Hedge funds and other institutional investors own 7.94% of the company’s stock.

Southern Copper Stock Performance

SCCO stock opened at $96.52 on Monday. The company has a market capitalization of $75.82 billion, a P/E ratio of 24.85, a PEG ratio of 1.92 and a beta of 1.14. The company has a 50-day simple moving average of $97.37 and a 200 day simple moving average of $103.54. Southern Copper Co. has a fifty-two week low of $77.42 and a fifty-two week high of $129.79. The company has a quick ratio of 2.31, a current ratio of 2.77 and a debt-to-equity ratio of 0.64.

Southern Copper Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 27th. Shareholders of record on Tuesday, February 11th will be given a $0.70 dividend. The ex-dividend date of this dividend is Monday, February 10th. This is a boost from Southern Copper’s previous quarterly dividend of $0.60. This represents a $2.80 annualized dividend and a yield of 2.90%. Southern Copper’s payout ratio is 72.09%.

Analyst Ratings Changes

A number of analysts recently issued reports on SCCO shares. Citigroup lifted their price target on shares of Southern Copper from $99.44 to $100.00 and gave the stock a “sell” rating in a research note on Wednesday, October 2nd. Morgan Stanley raised shares of Southern Copper from an “underweight” rating to an “equal weight” rating and decreased their price objective for the stock from $106.30 to $102.00 in a report on Thursday, December 12th. JPMorgan Chase & Co. raised shares of Southern Copper from an “underweight” rating to a “neutral” rating and set a $92.50 price objective for the company in a report on Monday, December 2nd. Finally, Scotiabank decreased their price objective on shares of Southern Copper from $54.00 to $52.00 and set a “sector underperform” rating for the company in a report on Tuesday, October 15th. Four equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Southern Copper has a consensus rating of “Hold” and an average target price of $94.81.

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.