PNC Financial Services Group Inc. grew its holdings in Southern Copper Corporation (NYSE:SCCO – Free Report) by 25.7% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 19,242 shares of the basic materials company’s stock after purchasing an additional 3,929 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Southern Copper were worth $3,311,000 as of its most recent filing with the SEC.
Other institutional investors have also made changes to their positions in the company. Royal Bank of Canada grew its stake in shares of Southern Copper by 42.1% in the first quarter. Royal Bank of Canada now owns 44,879 shares of the basic materials company’s stock worth $4,194,000 after acquiring an additional 13,293 shares during the last quarter. Empowered Funds LLC raised its stake in Southern Copper by 17.9% during the 1st quarter. Empowered Funds LLC now owns 6,705 shares of the basic materials company’s stock valued at $627,000 after purchasing an additional 1,020 shares during the last quarter. Focus Partners Wealth raised its stake in Southern Copper by 21.5% during the 1st quarter. Focus Partners Wealth now owns 5,944 shares of the basic materials company’s stock valued at $556,000 after purchasing an additional 1,052 shares during the last quarter. First Trust Advisors LP raised its stake in Southern Copper by 37.4% during the 2nd quarter. First Trust Advisors LP now owns 73,379 shares of the basic materials company’s stock valued at $7,424,000 after purchasing an additional 19,957 shares during the last quarter. Finally, Baird Financial Group Inc. boosted its holdings in Southern Copper by 17.7% in the 2nd quarter. Baird Financial Group Inc. now owns 4,864 shares of the basic materials company’s stock valued at $492,000 after purchasing an additional 731 shares during the period. 7.94% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
Several research firms have issued reports on SCCO. Wells Fargo & Company raised their price target on shares of Southern Copper from $171.00 to $172.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 9th. Citigroup reaffirmed a “positive” rating on shares of Southern Copper in a research report on Wednesday, July 15th. Scotiabank reiterated an “underperform” rating and issued a $140.00 target price (up from $135.00) on shares of Southern Copper in a research note on Monday, June 15th. CICC Research downgraded Southern Copper to a “market perform” rating in a research report on Sunday. Finally, UBS Group restated a “sell” rating and set a $160.00 price target (up from $145.00) on shares of Southern Copper in a research note on Tuesday, June 30th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, four have given a Hold rating and seven have issued a Sell rating to the company. According to data from MarketBeat.com, Southern Copper currently has an average rating of “Reduce” and an average target price of $148.60.
Insider Activity at Southern Copper
In other news, Director Bonilla Luis Miguel Palomino sold 200 shares of the business’s stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $177.82, for a total value of $35,564.00. Following the sale, the director owned 1,807 shares in the company, valued at approximately $321,320.74. The trade was a 9.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last 90 days, insiders have sold 504 shares of company stock valued at $92,008. 0.07% of the stock is currently owned by insiders.
Southern Copper Trading Down 0.0%
SCCO stock opened at $179.25 on Wednesday. Southern Copper Corporation has a 1-year low of $88.73 and a 1-year high of $223.88. The company has a current ratio of 4.38, a quick ratio of 3.89 and a debt-to-equity ratio of 0.57. The business’s 50 day moving average is $181.11 and its 200-day moving average is $183.90. The firm has a market cap of $148.08 billion, a P/E ratio of 26.21, a P/E/G ratio of 1.54 and a beta of 1.11.
Shares of Southern Copper are set to split before the market opens on Tuesday, August 11th. The 1.012-1 split was recently announced. The newly issued shares will be payable to shareholders after the closing bell on Monday, August 10th.
Southern Copper (NYSE:SCCO – Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The basic materials company reported $2.01 EPS for the quarter, beating the consensus estimate of $1.95 by $0.06. The business had revenue of $4.29 billion for the quarter, compared to analyst estimates of $4.37 billion. Southern Copper had a return on equity of 50.74% and a net margin of 35.87%.The business’s quarterly revenue was up 40.6% on a year-over-year basis. Equities analysts anticipate that Southern Copper Corporation will post 7.63 earnings per share for the current fiscal year.
Southern Copper Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Tuesday, August 11th will be issued a dividend of $1.10 per share. The ex-dividend date of this dividend is Tuesday, August 11th. This is a boost from Southern Copper’s previous quarterly dividend of $1.00. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.5%. Southern Copper’s dividend payout ratio (DPR) is 58.48%.
About Southern Copper
Southern Copper Corporation (NYSE: SCCO) is a large, integrated copper producer whose operations span the full value chain from exploration and mining to smelting, refining and the sale of copper and other metal products. The company produces a range of copper products including copper concentrate and refined cathodes, and recovers valuable byproducts such as molybdenum, silver and zinc. Southern Copper concentrates on high-volume, long-life assets designed to support steady production and processing capabilities.
Southern Copper’s operations are concentrated in Peru and Mexico, where it owns and operates multiple large-scale mining and processing facilities.
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