Franklin Resources Inc. Grows Stake in Southern Copper Co. (NYSE:SCCO)

Franklin Resources Inc. increased its holdings in Southern Copper Co. (NYSE:SCCO) by 27.7% during the third quarter, Holdings Channel reports. The firm owned 108,633 shares of the basic materials company’s stock after acquiring an additional 23,539 shares during the quarter. Franklin Resources Inc.’s holdings in Southern Copper were worth $12,772,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Fisher Asset Management LLC lifted its position 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 buying an additional 283,562 shares in the last quarter. State Street Corp increased its stake in Southern Copper by 1.0% in the 3rd 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. Empower Advisory Group LLC raised its holdings in shares of Southern Copper by 3.3% during the 3rd quarter. Empower Advisory Group LLC now owns 1,004,060 shares of the basic materials company’s stock worth $116,140,000 after acquiring an additional 32,314 shares in the last quarter. Marathon Asset Management Ltd boosted its position in shares of Southern Copper by 2.9% during the 3rd quarter. Marathon Asset Management Ltd now owns 788,672 shares of the basic materials company’s stock valued at $91,226,000 after acquiring an additional 22,437 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its position in shares of Southern Copper by 0.7% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 630,579 shares of the basic materials company’s stock valued at $67,939,000 after acquiring an additional 4,580 shares during the last quarter. 7.94% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Southern Copper Stock Up 1.1 %

Shares of NYSE:SCCO opened at $93.01 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 has a 50 day simple moving average of $105.20 and a two-hundred day simple moving average of $106.26. Southern Copper Co. has a 1 year low of $77.14 and a 1 year high of $129.79. The firm has a market capitalization of $73.06 billion, a PE ratio of 23.95, a price-to-earnings-growth ratio of 1.56 and a beta of 1.14.

Southern Copper Dividend Announcement

The firm also recently disclosed a — dividend, which was paid on Thursday, November 21st. Shareholders of record on Wednesday, November 6th were given a $0.62 dividend. This represents a yield of 2.1%. The ex-dividend date of this dividend was Wednesday, November 6th. Southern Copper’s dividend payout ratio (DPR) is presently 72.16%.

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.