Point72 Asset Management L.P. lowered its stake in shares of Southern Copper Corp (NYSE:SCCO) by 99.5% in the second quarter, HoldingsChannel.com reports. The firm owned 3,401 shares of the basic materials company’s stock after selling 659,099 shares during the period. Point72 Asset Management L.P.’s holdings in Southern Copper were worth $159,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors also recently made changes to their positions in the business. Fisher Asset Management LLC boosted its position in shares of Southern Copper by 27,321.9% in the second quarter. Fisher Asset Management LLC now owns 1,095,229 shares of the basic materials company’s stock valued at $51,333,000 after acquiring an additional 1,091,235 shares during the period. Unigestion Holding SA bought a new stake in shares of Southern Copper in the second quarter valued at approximately $32,870,000. Oakmont Corp boosted its position in shares of Southern Copper by 259.7% in the second quarter. Oakmont Corp now owns 798,450 shares of the basic materials company’s stock valued at $37,423,000 after acquiring an additional 576,450 shares during the period. Acadian Asset Management LLC boosted its position in shares of Southern Copper by 19.0% in the second quarter. Acadian Asset Management LLC now owns 3,509,549 shares of the basic materials company’s stock valued at $164,493,000 after acquiring an additional 560,632 shares during the period. Finally, Capital Growth Management LP bought a new stake in shares of Southern Copper in the first quarter valued at approximately $25,465,000. 7.49% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE SCCO opened at $43.43 on Tuesday. The company has a debt-to-equity ratio of 0.91, a current ratio of 3.15 and a quick ratio of 2.15. Southern Copper Corp has a one year low of $38.34 and a one year high of $58.09.
Several equities research analysts have recently weighed in on SCCO shares. B. Riley reduced their price objective on Southern Copper from $55.00 to $49.00 and set a “neutral” rating for the company in a research report on Wednesday, September 19th. JPMorgan Chase & Co. upgraded Southern Copper to a “sell” rating and set a $45.00 target price for the company in a research note on Tuesday, June 5th. Berenberg Bank restated a “sell” rating and issued a $39.00 target price on shares of Southern Copper in a research note on Saturday, June 2nd. ValuEngine upgraded Southern Copper from a “hold” rating to a “buy” rating in a research note on Wednesday, June 6th. Finally, Scotiabank set a $40.00 target price on Southern Copper and gave the company a “sell” rating in a research note on Monday, August 6th. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $46.31.
Southern Copper Company Profile
Southern Copper Corporation engages in mining, exploring, smelting, and refining copper and other minerals in Peru, Mexico, Argentina, Chile, and Ecuador. 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 and lead.
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