Magnetar Financial LLC Makes New Investment in Southern Copper Co. (NYSE:SCCO)

Magnetar Financial LLC bought a new position in Southern Copper Co. (NYSE:SCCO) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 3,437 shares of the basic materials company’s stock, valued at approximately $313,000.

Other large investors have also added to or reduced their stakes in the company. M&T Bank Corp boosted its position in shares of Southern Copper by 0.5% during the 3rd quarter. M&T Bank Corp now owns 20,460 shares of the basic materials company’s stock valued at $2,367,000 after acquiring an additional 105 shares during the last quarter. Larson Financial Group LLC boosted its position in shares of Southern Copper by 28.0% during the 4th quarter. Larson Financial Group LLC now owns 521 shares of the basic materials company’s stock valued at $48,000 after acquiring an additional 114 shares during the last quarter. Cadence Wealth Management LLC boosted its position in shares of Southern Copper by 4.1% during the 4th quarter. Cadence Wealth Management LLC now owns 2,919 shares of the basic materials company’s stock valued at $266,000 after acquiring an additional 116 shares during the last quarter. Tyche Wealth Partners LLC boosted its position in shares of Southern Copper by 0.6% during the 4th quarter. Tyche Wealth Partners LLC now owns 19,807 shares of the basic materials company’s stock valued at $1,805,000 after acquiring an additional 122 shares during the last quarter. Finally, Yousif Capital Management LLC boosted its position in shares of Southern Copper by 0.9% during the 4th quarter. Yousif Capital Management LLC now owns 14,390 shares of the basic materials company’s stock valued at $1,311,000 after acquiring an additional 122 shares during the last quarter. Institutional investors own 7.94% of the company’s stock.

Southern Copper Price Performance

Shares of Southern Copper stock opened at $100.98 on Friday. 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 business’s 50 day simple moving average is $94.27 and its two-hundred day simple moving average is $100.60. The stock has a market capitalization of $80.39 billion, a P/E ratio of 23.37, a price-to-earnings-growth ratio of 1.90 and a beta of 1.12. Southern Copper Co. has a one year low of $84.33 and a one year high of $127.34.

Southern Copper (NYSE:SCCO) last announced its quarterly earnings results 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%. Analysts forecast that Southern Copper Co. will post 4.66 EPS for the current year.

Southern Copper Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 27th. Stockholders of record on Tuesday, February 11th were paid a dividend of $0.70 per share. The ex-dividend date was Tuesday, February 11th. This is a boost from Southern Copper’s previous quarterly dividend of $0.60. This represents a $2.80 annualized dividend and a dividend yield of 2.77%. Southern Copper’s payout ratio is 64.81%.

Analyst Upgrades and Downgrades

SCCO has been the topic of a number of research reports. Morgan Stanley raised Southern Copper from an “underweight” rating to an “equal weight” rating and decreased their price objective for the company from $106.30 to $102.00 in a report on Thursday, December 12th. JPMorgan Chase & Co. raised Southern Copper from an “underweight” rating to a “neutral” rating and set a $92.50 price objective on the stock in a report on Monday, December 2nd. Scotiabank raised their price objective on Southern Copper from $52.00 to $72.00 and gave the company a “sector underperform” rating in a report on Monday, March 10th. Finally, UBS Group raised Southern Copper from a “neutral” rating to a “buy” rating and set a $120.00 price objective on the stock in a report on Thursday, March 13th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $94.42.

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.