Franklin Resources Inc. Raises Position in Southern Copper Co. (NYSE:SCCO)

Franklin Resources Inc. grew its position in shares of Southern Copper Co. (NYSE:SCCO) by 27.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 108,633 shares of the basic materials company’s stock after buying an additional 23,539 shares during the quarter. Franklin Resources Inc.’s holdings in Southern Copper were worth $12,772,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Highland Capital Management LLC bought a new stake in shares of Southern Copper in the 2nd quarter worth $1,106,000. Bank of New York Mellon Corp increased its holdings in Southern Copper by 11.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 276,902 shares of the basic materials company’s stock worth $29,833,000 after buying an additional 27,921 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in Southern Copper by 0.7% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 630,579 shares of the basic materials company’s stock worth $67,939,000 after buying an additional 4,580 shares during the last quarter. Atomi Financial Group Inc. lifted its stake in Southern Copper by 11.9% during the 2nd quarter. Atomi Financial Group Inc. now owns 9,070 shares of the basic materials company’s stock valued at $977,000 after acquiring an additional 967 shares during the period. Finally, Klein Pavlis & Peasley Financial Inc. boosted its holdings in shares of Southern Copper by 2.8% during the 2nd quarter. Klein Pavlis & Peasley Financial Inc. now owns 36,691 shares of the basic materials company’s stock valued at $3,953,000 after acquiring an additional 986 shares during the last quarter. Institutional investors own 7.94% of the company’s stock.

Analyst Upgrades and Downgrades

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

Southern Copper Trading Up 1.1 %

Southern Copper stock opened at $93.01 on Friday. Southern Copper Co. has a 12-month low of $77.14 and a 12-month high of $129.79. The firm has a market capitalization of $73.06 billion, a price-to-earnings ratio of 23.95, a P/E/G ratio of 1.56 and a beta of 1.14. The firm has a 50 day moving average of $105.20 and a 200 day moving average of $106.26. The company has a current ratio of 2.77, a quick ratio of 2.31 and a debt-to-equity ratio of 0.64.

Southern Copper Dividend Announcement

The company also recently disclosed a — dividend, which was paid on Thursday, November 21st. Stockholders of record on Wednesday, November 6th were given a dividend of $0.62 per share. The ex-dividend date was Wednesday, November 6th. This represents a dividend yield of 2.1%. Southern Copper’s payout ratio is 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.