Mirae Asset Global Investments Co. Ltd. has taken a new position in Southern Copper Corporation (NYSE:SCCO), acquiring 14,063 shares valued at approximately $2.85 million during the third quarter. This investment was disclosed in the firm's most recent Form 13F filing with the Securities & Exchange Commission.
Other institutional investors have also shown interest in Southern Copper. Bell Investment Advisors Inc, Rakuten Securities Inc., Compass Financial Management LLC, Caitlin John LLC, and Meeder Asset Management Inc. all acquired new stakes in the company during the second quarter, with investments ranging from $26,000 to $47,000. Currently, institutional investors own 7.94% of Southern Copper's stock.
Southern Copper's stock traded up $1.72 during midday trading on Friday, reaching $167.10. The company's stock has a market cap of $139.42 billion, a PE ratio of 21.87, and a price-to-earnings-growth ratio of 1.66. The stock has a 52-week low of $119.25 and a high of $223.88.
The company recently reported strong earnings, with $2.13 earnings per share for the quarter, beating analysts' estimates of $2.01. Southern Copper also increased its quarterly dividend to $1.30, up from $1.10, representing a $5.20 annualized dividend and a yield of 3.1%. Analysts have mixed opinions on the stock, with an average rating of "Reduce" and a consensus target price of $159.26.