Drive Wealth Management LLC Reduces Position in Southern Copper Co. (NYSE:SCCO)

Drive Wealth Management LLC cut its position in Southern Copper Co. (NYSE:SCCO) by 17.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,181 shares of the basic materials company’s stock after selling 1,063 shares during the period. Drive Wealth Management LLC’s holdings in Southern Copper were worth $472,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the company. Creative Financial Designs Inc. ADV boosted its holdings in shares of Southern Copper by 172.0% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 223 shares of the basic materials company’s stock valued at $26,000 after buying an additional 141 shares in the last quarter. McClarren Financial Advisors Inc. boosted its stake in Southern Copper by 169.2% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 288 shares of the basic materials company’s stock worth $33,000 after purchasing an additional 181 shares during the period. Oakworth Capital Inc. acquired a new stake in Southern Copper during the 3rd quarter worth $42,000. Prospera Private Wealth LLC acquired a new stake in Southern Copper during the 3rd quarter worth $47,000. Finally, Larson Financial Group LLC boosted its stake in Southern Copper by 578.3% during the 3rd quarter. Larson Financial Group LLC now owns 407 shares of the basic materials company’s stock worth $47,000 after purchasing an additional 347 shares during the period. 7.94% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on SCCO shares. Citigroup upped their price objective on shares of Southern Copper from $99.44 to $100.00 and gave the stock a “sell” rating in a research report on Wednesday, October 2nd. Scotiabank cut their price objective 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. Morgan Stanley upgraded shares of Southern Copper from an “underweight” rating to an “equal weight” rating and cut their price objective for the stock from $106.30 to $102.00 in a research report on Thursday, December 12th. Finally, JPMorgan Chase & Co. upgraded shares of Southern Copper from an “underweight” rating to a “neutral” rating and set a $92.50 price objective for the company in a research report on Monday, December 2nd. Four equities 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. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $94.81.

Southern Copper Price Performance

SCCO opened at $96.52 on Monday. The company’s 50 day simple moving average is $97.37 and its 200 day simple moving average is $103.54. 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 Co. has a 1 year low of $77.42 and a 1 year high of $129.79. The stock has a market capitalization of $75.82 billion, a PE ratio of 24.85, a P/E/G ratio of 1.92 and a beta of 1.14.

Southern Copper Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 27th. Shareholders of record on Tuesday, February 11th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 2.90%. This is a boost from Southern Copper’s previous quarterly dividend of $0.60. The ex-dividend date is Monday, February 10th. Southern Copper’s payout ratio is 72.09%.

About Southern Copper

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.