Ferguson Wellman Capital Management Inc. increased its position in shares of Southern Copper Corporation (NYSE:SCCO – Free Report) by 148.2% during the 2nd quarter, Holdings Channel reports. The firm owned 101,514 shares of the basic materials company’s stock after purchasing an additional 60,617 shares during the quarter. Ferguson Wellman Capital Management Inc.’s holdings in Southern Copper were worth $17,690,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of Southern Copper during the 2nd quarter worth approximately $1,729,500,000. Bank of New York Mellon Corp bought a new position in shares of Southern Copper in the second quarter valued at approximately $696,621,000. Bank of America Corp DE purchased a new stake in shares of Southern Copper during the second quarter valued at approximately $318,448,000. Legal & General Group Plc purchased a new stake in shares of Southern Copper during the second quarter valued at approximately $149,739,000. Finally, Norges Bank bought a new stake in Southern Copper during the fourth quarter worth $97,645,000. Hedge funds and other institutional investors own 7.94% of the company’s stock.
Analyst Upgrades and Downgrades
A number of research analysts have issued reports on the company. JPMorgan Chase & Co. upped their price objective on Southern Copper from $125.49 to $129.94 and gave the company an “underweight” rating in a research note on Wednesday, June 17th. Scotiabank reissued an “underperform” rating and issued a $138.34 price target (up from $133.40) on shares of Southern Copper in a report on Monday, June 15th. Barclays set a $164.03 price target on shares of Southern Copper and gave the company an “underweight” rating in a research report on Thursday, July 23rd. Morgan Stanley raised their price objective on shares of Southern Copper from $144.27 to $156.13 and gave the stock an “underweight” rating in a report on Wednesday, July 8th. Finally, Wells Fargo & Company lifted their price objective on shares of Southern Copper from $168.97 to $169.96 and gave the stock an “equal weight” rating in a research report on Thursday, July 9th. Three equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and seven have given a Sell rating to the company’s stock. According to MarketBeat, Southern Copper currently has an average rating of “Reduce” and an average target price of $146.84.
Southern Copper Stock Down 2.2%
SCCO stock opened at $211.58 on Friday. The stock has a fifty day moving average of $184.67 and a 200-day moving average of $183.92. Southern Copper Corporation has a fifty-two week low of $92.94 and a fifty-two week high of $223.88. The company has a market capitalization of $176.53 billion, a price-to-earnings ratio of 30.93, a PEG ratio of 1.85 and a beta of 1.11. The company has a debt-to-equity ratio of 0.63, a quick ratio of 4.56 and a current ratio of 5.06.
Southern Copper (NYSE:SCCO – Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The basic materials company reported $1.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.93 by $0.06. The business had revenue of $4.29 billion for the quarter, compared to analysts’ expectations of $4.37 billion. Southern Copper had a return on equity of 49.04% and a net margin of 35.87%.Southern Copper’s quarterly revenue was up 40.6% compared to the same quarter last year. As a group, equities research analysts predict that Southern Copper Corporation will post 7.61 earnings per share for the current year.
Southern Copper Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 27th. Stockholders of record on Tuesday, August 11th were paid a $1.10 dividend. The ex-dividend date was Tuesday, August 11th. This is a positive change from Southern Copper’s previous quarterly dividend of $1.00. This represents a $4.40 annualized dividend and a dividend yield of 2.1%. Southern Copper’s dividend payout ratio is 64.33%.
Insider Activity
In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 202 shares of the business’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $196.79, for a total transaction of $39,751.28. Following the sale, the director owned 1,723 shares of the company’s stock, valued at $339,066.65. The trade was a 10.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold a total of 509 shares of company stock valued at $97,753 over the last 90 days. Insiders own 0.07% of the company’s stock.
Southern Copper Company Profile
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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