Short Interest in Southern Copper Corp (NYSE:SCCO) Drops By 5.1%

Southern Copper Corp (NYSE:SCCO) was the recipient of a large drop in short interest during the month of July. As of July 31st, there was short interest totalling 4,400,600 shares, a drop of 5.1% from the June 30th total of 4,635,700 shares. Based on an average daily volume of 748,000 shares, the short-interest ratio is currently 5.9 days. Currently, 5.4% of the shares of the stock are sold short.

Shares of NYSE SCCO opened at $29.91 on Friday. Southern Copper has a 1-year low of $29.01 and a 1-year high of $45.98. The company has a market cap of $23.67 billion, a PE ratio of 14.96, a P/E/G ratio of 0.90 and a beta of 0.89. The company has a current ratio of 2.24, a quick ratio of 1.46 and a debt-to-equity ratio of 0.82. The company has a 50-day moving average of $35.84 and a two-hundred day moving average of $36.54.

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 22nd. Shareholders of record on Thursday, August 8th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 5.35%. The ex-dividend date of this dividend is Wednesday, August 7th. Southern Copper’s dividend payout ratio is presently 80.00%.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Steward Partners Investment Advisory LLC bought a new position in shares of Southern Copper in the second quarter worth about $31,000. Toronto Dominion Bank bought a new position in shares of Southern Copper in the first quarter worth about $32,000. NEXT Financial Group Inc bought a new position in shares of Southern Copper in the second quarter worth about $49,000. Coastal Investment Advisors Inc. raised its stake in shares of Southern Copper by 63.8% in the second quarter. Coastal Investment Advisors Inc. now owns 1,310 shares of the basic materials company’s stock worth $52,000 after acquiring an additional 510 shares during the last quarter. Finally, Cullen Frost Bankers Inc. bought a new stake in shares of Southern Copper during the first quarter worth approximately $55,000. 6.86% of the stock is owned by institutional investors.

Several equities analysts recently issued reports on the stock. ValuEngine raised shares of Southern Copper from a “sell” rating to a “hold” rating in a report on Monday, June 17th. Zacks Investment Research downgraded shares of Southern Copper from a “strong-buy” rating to a “hold” rating and set a $160.00 price target for the company. in a report on Tuesday, June 4th. Bank of America reissued a “buy” rating and set a $46.00 price target on shares of Southern Copper in a report on Thursday. Finally, Macquarie assumed coverage on shares of Southern Copper in a report on Wednesday, July 10th. They set an “underperform” rating and a $35.00 price target for the company. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $53.85.

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 and lead.

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