JustInvest LLC trimmed its holdings in shares of Southern Copper Co. (NYSE:SCCO) by 22.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,100 shares of the basic materials company’s stock after selling 1,211 shares during the quarter. JustInvest LLC’s holdings in Southern Copper were worth $264,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Harvest Fund Management Co. Ltd bought a new stake in Southern Copper during the second quarter valued at approximately $25,000. AGF Investments Inc. boosted its position in shares of Southern Copper by 73.4% in the second quarter. AGF Investments Inc. now owns 351,566 shares of the basic materials company’s stock worth $22,613,000 after purchasing an additional 148,860 shares during the period. National Asset Management Inc. boosted its position in shares of Southern Copper by 4.9% in the second quarter. National Asset Management Inc. now owns 8,554 shares of the basic materials company’s stock worth $551,000 after purchasing an additional 402 shares during the period. Principal Financial Group Inc. boosted its position in shares of Southern Copper by 21.7% in the second quarter. Principal Financial Group Inc. now owns 102,694 shares of the basic materials company’s stock worth $6,606,000 after purchasing an additional 18,308 shares during the period. Finally, Cambridge Investment Research Advisors Inc. boosted its position in shares of Southern Copper by 6.9% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 17,976 shares of the basic materials company’s stock worth $1,156,000 after purchasing an additional 1,165 shares during the period. Institutional investors own 7.26% of the company’s stock.
In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 600 shares of the stock in a transaction dated Tuesday, August 10th. The shares were sold at an average price of $66.30, for a total transaction of $39,780.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.23% of the company’s stock.
Southern Copper (NYSE:SCCO) last issued its earnings results on Monday, July 26th. The basic materials company reported $1.21 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.15 by $0.06. Southern Copper had a net margin of 28.18% and a return on equity of 37.37%. The company had revenue of $2.90 billion for the quarter, compared to analysts’ expectations of $2.83 billion. On average, equities analysts expect that Southern Copper Co. will post 4.51 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, August 26th. Shareholders of record on Thursday, August 12th were given a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 6.21%. This is a positive change from Southern Copper’s previous quarterly dividend of $0.70. The ex-dividend date was Wednesday, August 11th. Southern Copper’s dividend payout ratio is presently 177.34%.
A number of equities research analysts recently issued reports on SCCO shares. Zacks Investment Research downgraded shares of Southern Copper from a “strong-buy” rating to a “hold” rating and set a $68.00 price target on the stock. in a research note on Tuesday, June 29th. HSBC raised shares of Southern Copper from a “reduce” rating to a “hold” rating and increased their target price for the company from $67.00 to $68.50 in a research note on Thursday, July 15th. Finally, Barclays upgraded shares of Southern Copper from an “underweight” rating to an “equal weight” rating and cut their price target for the stock from $57.00 to $55.00 in a report on Thursday, July 8th. One research analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. According to MarketBeat, Southern Copper currently has a consensus rating of “Hold” and an average price target of $65.30.
Southern Copper Profile
Southern Copper Corp. engages in the development, production, and exploration of copper, molybdenum, zinc, and silver. It operates through the following segments: Peruvian Operations; Mexican Open-Pit Operations; and Mexican Underground Mining Operations. The Peruvian Operations segment focuses on the Toquepala and Cuajone mine complexes and the smelting and refining plants, industrial railroad, and port facilities that service both mines.
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