California State Teachers Retirement System Boosts Position in Southern Copper Corporation (SCCO)

California State Teachers Retirement System Boosts Position in Southern Copper Corporation (SCCO)

California State Teachers Retirement System boosted its position in shares of Southern Copper Corporation (NYSE:SCCO) by 0.9% during the third quarter, Holdings Channel reports. The fund owned 181,731 shares of the company’s stock after buying an additional 1,700 shares during the period. California State Teachers Retirement System’s holdings in Southern Copper Corporation were worth $4,780,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Capital Fund Management S.A. purchased a new stake in Southern Copper Corporation during the second quarter worth about $5,805,000. LMR Partners LLP purchased a new stake in Southern Copper Corporation during the second quarter worth about $2,487,000. Nordea Investment Management AB boosted its stake in Southern Copper Corporation by 6.1% in the second quarter. Nordea Investment Management AB now owns 73,953 shares of the company’s stock worth $1,995,000 after buying an additional 4,253 shares during the last quarter. Emerald Acquisition Ltd. purchased a new stake in Southern Copper Corporation during the second quarter worth about $1,050,000. Finally, First Trust Advisors LP boosted its stake in Southern Copper Corporation by 4.4% in the second quarter. First Trust Advisors LP now owns 44,276 shares of the company’s stock worth $1,195,000 after buying an additional 1,882 shares during the last quarter. 5.08% of the stock is owned by hedge funds and other institutional investors.

Shares of Southern Copper Corporation (NYSE:SCCO) traded up 1.88% during trading on Friday, reaching $38.53. The company had a trading volume of 1,105,754 shares. Southern Copper Corporation has a 12 month low of $23.54 and a 12 month high of $38.87. The company has a market cap of $29.78 billion, a price-to-earnings ratio of 44.91 and a beta of 0.70. The firm has a 50 day moving average price of $34.06 and a 200 day moving average price of $29.14.

A number of analysts recently issued reports on SCCO shares. Zacks Investment Research raised Southern Copper Corporation from a “hold” rating to a “buy” rating and set a $30.00 price objective for the company in a research report on Thursday, October 6th. TheStreet raised Southern Copper Corporation from a “hold” rating to a “buy” rating in a research report on Wednesday, October 26th. Barclays PLC reaffirmed a “hold” rating and issued a $30.00 price target on shares of Southern Copper Corporation in a research report on Tuesday, November 8th. Credit Suisse Group raised Southern Copper Corporation from an “underperform” rating to a “neutral” rating and set a $32.00 price target for the company in a research report on Wednesday, December 7th. Finally, Morgan Stanley cut Southern Copper Corporation from an “equal weight” rating to an “underweight” rating in a research report on Tuesday, December 13th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $29.81.

Southern Copper Corporation Company Profile

Southern Copper Corporation is an integrated copper producer. It produces copper, molybdenum, zinc and silver. It operates through three segments: Peruvian operations, which include the Toquepala and Cuajone mine complexes and the smelting and refining plants, including a metals plant industrial railroad and port facilities that service both mines; Mexican open-pit operations, which include the La Caridad and Buenavista mine complexes and the smelting and refining plants, including a metals plant and a copper rod plant and support facilities that service both mines, and Mexican underground mining operations, which include over five underground mines that produce zinc, copper, silver and gold, a coal mine that produces coal and coke, and a zinc refinery.

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