Northern Trust Corp increased its stake in Southern Copper Co. (NYSE:SCCO) by 44.9% during the 4th quarter, as reported in its recent 13F filing with the SEC. The institutional investor now holds 1,146,537 shares of the company’s stock, representing approximately 0.15% ownership of Southern Copper, valued at $104,484,000 by the end of the reporting period.
Various other institutional investors and hedge funds have also adjusted their positions in SCCO. Prosperity Consulting Group LLC raised its stake in Southern Copper by 10.2% during the same quarter. Virtus ETF Advisers LLC and Nebula Research & Development LLC also increased their holdings, while Voya Investment Management LLC and Price T Rowe Associates Inc. MD made adjustments to their positions, collectively owning 7.94% of the company’s stock.
Southern Copper’s stock on the NYSE traded up $0.65 during Thursday’s mid-day session, reaching $88.11 with a trading volume of 984,258 shares. The company’s market capitalization stands at $70.15 billion, with a P/E ratio of 20.40 and a beta of 1.05. The firm’s fifty-day and two-hundred-day simple moving averages are $90.27 and $96.03, respectively.
In its latest quarterly earnings report released on April 25th, Southern Copper exceeded analysts’ expectations by reporting $1.19 earnings per share. The company’s revenue for the quarter was $3.12 billion, surpassing the anticipated $3.05 billion. Research analysts project an EPS of 4.66 for the current fiscal year.
The company announced a dividend to be paid on May 19th, with stockholders of record on May 5th eligible for a $0.70 dividend. The ex-dividend date was set for May 2nd, offering a dividend yield of 2.98%. Presently, Southern Copper’s dividend payout ratio is 61.27%.
Several analysts have issued reports on SCCO, with varying recommendations. JPMorgan Chase & Co., StockNews.com, and Scotiabank are among the firms that have revised their target prices and ratings for Southern Copper in recent research notes.
Southern Copper Corporation operates in multiple countries, primarily engaged in copper and mineral exploration, mining, smelting, and refining activities. The company’s operations involve various processes such as mining and milling copper ore, smelting copper concentrates, refining copper cathodes, and producing molybdenum concentrate, sulfuric acid, refined silver, gold, and other materials.
Considering Southern Copper’s recent financial performance and market outlook, investors may find it beneficial to track the company’s developments and strategic moves in the mining and metals industry.
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