Empowered Funds LLC purchased a new position in shares of Southern Copper Corporation (NYSE:SCCO – Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 27,767 shares of the basic materials company’s stock, valued at approximately $4,839,000.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. BlackRock Inc. acquired a new stake in shares of Southern Copper in the second quarter valued at about $1,729,500,000. Bank of New York Mellon Corp acquired a new position in Southern Copper during the second quarter valued at approximately $696,621,000. Bank of America Corp DE acquired a new position in Southern Copper during the second quarter valued at approximately $318,448,000. Legal & General Group Plc bought a new position in Southern Copper in the second quarter valued at approximately $149,739,000. Finally, Norges Bank bought a new position in Southern Copper in the fourth quarter valued at approximately $97,645,000. 7.94% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of brokerages have recently issued reports on SCCO. UBS Group reiterated a “sell” rating and set a $158.10 price objective (up from $143.28) on shares of Southern Copper in a research note on Tuesday, June 30th. Weiss Ratings raised shares of Southern Copper from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, July 28th. Morgan Stanley boosted their price objective on shares of Southern Copper from $144.27 to $156.13 and gave the stock an “underweight” rating in a research note on Wednesday, July 8th. Barclays set a $164.03 target price on shares of Southern Copper and gave the company an “underweight” rating in a report on Thursday, July 23rd. Finally, CICC Research downgraded shares of Southern Copper to a “market perform” rating in a research note on Sunday, July 26th. Three analysts have rated the stock with a Buy rating, five have assigned a Hold rating and seven have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $146.84.
Southern Copper Stock Down 0.3%
SCCO opened at $209.09 on Tuesday. Southern Copper Corporation has a 1-year low of $92.94 and a 1-year high of $223.88. The stock’s fifty day simple moving average is $185.12 and its 200 day simple moving average is $183.86. The company has a current ratio of 5.06, a quick ratio of 4.56 and a debt-to-equity ratio of 0.63. The stock has a market cap of $174.45 billion, a PE ratio of 30.57, a price-to-earnings-growth ratio of 1.80 and a beta of 1.11.
Southern Copper (NYSE:SCCO – Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The basic materials company reported $1.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.93 by $0.06. Southern Copper had a return on equity of 49.04% and a net margin of 35.87%.The business had revenue of $4.29 billion during the quarter, compared to the consensus estimate of $4.37 billion. The company’s quarterly revenue was up 40.6% compared to the same quarter last year. As a group, research analysts expect that Southern Copper Corporation will post 7.61 earnings per share for the current year.
Southern Copper Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Stockholders of record on Tuesday, August 11th were given a $1.10 dividend. The ex-dividend date of this dividend was Tuesday, August 11th. This is a boost 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 shares were sold at an average price of $196.79, for a total transaction of $39,751.28. Following the completion of the sale, the director owned 1,723 shares in the company, valued at approximately $339,066.65. This trade represents a 10.49% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In the last ninety days, insiders have sold 408 shares of company stock worth $77,793. Company insiders own 0.07% of the company’s stock.
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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