Alps Advisors Inc. reduced its stake in Southern Copper Corporation (NYSE:SCCO) by 12.5% during the third quarter, selling 19,486 shares. The firm now holds 136,887 shares valued at $27,739,000. Other institutional investors made adjustments to their positions as well. Ashton Thomas Private Wealth LLC increased its holdings by 11.6%, while Asset One Wealth Management LLC grew its stake by 14.0%. Calamos Wealth Management LLC boosted its position by 11.8%, and Kestra Advisory Services LLC expanded its holdings by 34.5%. Covestor Ltd raised its stake by 29.0%. Collectively, institutional investors and hedge funds own 7.94% of Southern Copper's stock.
Southern Copper's stock opened at $167.10 on Friday, with a 52-week range of $119.25 to $223.88. The company has a market capitalization of $139.42 billion, a P/E ratio of 21.87, and a beta of 1.15. Its 50-day moving average is $194.62, and its 200-day moving average is $185.44. The company reported strong earnings for the third quarter, with earnings per share of $2.13, surpassing analyst estimates of $2.01. Revenue for the quarter was $4.70 billion, exceeding expectations of $4.49 billion.
The company recently announced a quarterly dividend of $1.30 per share, payable on November 19th to investors of record on November 3rd. This represents an increase from the previous dividend of $1.10 per share and results in an annualized dividend of $5.20 and a yield of 3.1%. Southern Copper's dividend payout ratio is currently 57.59%.
Analysts have mixed views on Southern Copper. Wells Fargo & Company set a price target of $190.98 and gave the stock an "equal weight" rating. CICC Research downgraded the stock to "market perform," and Wall Street Zen changed its rating from "buy" to "hold." Zacks Research lowered its rating from "strong-buy" to "hold," and Weiss Ratings reduced its rating from "buy (b+)" to "buy (b)." Currently, the stock has an average rating of "Reduce" with a consensus price target of $159.26.