Drive Wealth Management LLC Purchases 3,799 Shares of Southern Copper Co. (NYSE:SCCO)

Drive Wealth Management LLC lifted its stake in Southern Copper Co. (NYSE:SCCO) by 155.4% in the third quarter, Holdings Channel.com reports. The fund owned 6,244 shares of the basic materials company’s stock after purchasing an additional 3,799 shares during the period. Drive Wealth Management LLC’s holdings in Southern Copper were worth $722,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in the stock. Capital World Investors purchased a new stake in shares of Southern Copper during the 1st quarter valued at $340,373,000. Price T Rowe Associates Inc. MD lifted its stake in shares of Southern Copper by 18.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,771,332 shares of the basic materials company’s stock valued at $827,804,000 after acquiring an additional 1,192,111 shares during the last quarter. Los Angeles Capital Management LLC grew its position in Southern Copper by 1,300.4% during the 2nd quarter. Los Angeles Capital Management LLC now owns 443,285 shares of the basic materials company’s stock worth $47,760,000 after acquiring an additional 411,630 shares during the last quarter. International Assets Investment Management LLC increased its stake in Southern Copper by 11,510.5% in the 3rd quarter. International Assets Investment Management LLC now owns 189,716 shares of the basic materials company’s stock worth $21,944,000 after purchasing an additional 188,082 shares during the period. Finally, CANADA LIFE ASSURANCE Co lifted its position in Southern Copper by 182.3% in the first quarter. CANADA LIFE ASSURANCE Co now owns 278,119 shares of the basic materials company’s stock valued at $29,625,000 after purchasing an additional 179,590 shares during the last quarter. Hedge funds and other institutional investors own 7.94% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on SCCO. Citigroup raised their target price on shares of Southern Copper from $99.44 to $100.00 and gave the stock a “sell” rating in a report on Wednesday, October 2nd. Scotiabank dropped their target price on shares of 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 increased their price target on shares of Southern Copper from $97.00 to $100.00 and gave the stock an “underweight” rating in a research note on Thursday, September 19th. Six analysts have rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Southern Copper has a consensus rating of “Hold” and an average price target of $90.63.

Southern Copper Price Performance

Shares of SCCO opened at $99.24 on Monday. Southern Copper Co. has a fifty-two week low of $70.63 and a fifty-two week high of $129.79. The firm’s 50-day simple moving average is $109.72 and its two-hundred day simple moving average is $109.47. The stock has a market cap of $77.96 billion, a PE ratio of 25.55, a price-to-earnings-growth ratio of 1.02 and a beta of 1.18. The company has a debt-to-equity ratio of 0.64, a quick ratio of 2.31 and a current ratio of 2.77.

Southern Copper Dividend Announcement

The business also recently declared a — dividend, which will be paid on Thursday, November 21st. Investors of record on Wednesday, November 6th will be paid a $0.62 dividend. The ex-dividend date is Wednesday, November 6th. This represents a dividend yield of 2.1%. Southern Copper’s payout ratio is currently 72.09%.

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.