Bank of Nova Scotia acquired a new stake in Southern Copper Corporation (NYSE:SCCO – Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 10,124 shares of the basic materials company’s stock, valued at approximately $1,777,000.
Several other institutional investors have also added to or reduced their stakes in SCCO. BlackRock Inc. acquired a new stake in shares of Southern Copper in the 2nd quarter valued at $1,729,500,000. Bank of New York Mellon Corp acquired a new stake in Southern Copper in the second quarter valued at about $696,621,000. Norges Bank acquired a new stake in Southern Copper in the fourth quarter valued at about $97,645,000. Capital Research Global Investors bought a new position in Southern Copper in the fourth quarter valued at about $81,039,000. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new position in Southern Copper in the first quarter valued at about $85,342,000. 7.94% of the stock is currently owned by institutional investors and hedge funds.
Southern Copper Price Performance
SCCO stock opened at $213.68 on Thursday. The company has a market capitalization of $178.28 billion, a P/E ratio of 31.24, a PEG ratio of 1.88 and a beta of 1.11. The company has a fifty day moving average price of $183.73 and a 200-day moving average price of $183.58. 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 Corporation has a 52-week low of $92.94 and a 52-week high of $223.88.
Southern Copper Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Tuesday, August 11th will be paid a $1.10 dividend. The ex-dividend date of this dividend is 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 payout ratio is currently 64.33%.
Insider Activity
In other news, Director Bonilla Luis Miguel Palomino sold 202 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $196.79, for a total transaction of $39,751.28. Following the completion of the transaction, the director directly owned 1,723 shares in the company, valued at $339,066.65. This trade represents a 10.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 509 shares of company stock worth $97,753 in the last ninety days. 0.07% of the stock is owned by company insiders.
Analysts Set New Price Targets
A number of research analysts have recently commented on SCCO shares. Weiss Ratings raised shares of Southern Copper from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, July 28th. UBS Group reaffirmed a “sell” rating and set a $158.10 price target (up from $143.28) on shares of Southern Copper in a report on Tuesday, June 30th. Scotiabank reiterated an “underperform” rating and set a $138.34 price objective (up from $133.40) on shares of Southern Copper in a research report on Monday, June 15th. CICC Research downgraded shares of Southern Copper to a “market perform” rating in a research note on Sunday, July 26th. Finally, Barclays set a $164.03 target price on shares of Southern Copper and gave the company an “underweight” rating in a research report on Thursday, July 23rd. Three research analysts have rated the stock with a Buy rating, five have given a Hold rating and seven have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $146.84.
Check Out Our Latest Analysis on SCCO
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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