Teacher Retirement System of Texas Makes New $2.64 Million Investment in Southern Copper Corporation (NYSE:SCCO)

Teacher Retirement System of Texas bought a new position in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 28,219 shares of the basic materials company's stock, valued at approximately $2,637,000.

Several other institutional investors and hedge funds have also made changes to their positions in SCCO. Novem Group boosted its stake in Southern Copper by 34.4% during the 1st quarter. Novem Group now owns 10,758 shares of the basic materials company's stock worth $1,005,000 after purchasing an additional 2,754 shares during the period. Arbor Capital Management Inc. ADV raised its holdings in shares of Southern Copper by 6.0% in the first quarter. Arbor Capital Management Inc. ADV now owns 19,854 shares of the basic materials company's stock valued at $1,854,000 after buying an additional 1,117 shares during the last quarter. Amalgamated Bank boosted its stake in shares of Southern Copper by 3.7% during the first quarter. Amalgamated Bank now owns 6,034 shares of the basic materials company's stock worth $564,000 after buying an additional 215 shares during the period. Golden State Wealth Management LLC purchased a new position in shares of Southern Copper during the first quarter worth about $29,000. Finally, Jeppson Wealth Management LLC grew its holdings in shares of Southern Copper by 15.9% during the first quarter. Jeppson Wealth Management LLC now owns 3,574 shares of the basic materials company's stock worth $334,000 after buying an additional 491 shares during the last quarter. 7.94% of the stock is owned by hedge funds and other institutional investors.

Southern Copper Price Performance

Southern Copper stock traded up $2.30 during mid-day trading on Thursday, reaching $102.22. The company had a trading volume of 1,854,084 shares, compared to its average volume of 1,248,506. The stock's 50-day simple moving average is $95.10 and its 200-day simple moving average is $93.37. The company has a market capitalization of $81.38 billion, a P/E ratio of 22.37, a P/E/G ratio of 2.36 and a beta of 1.02. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.71 and a quick ratio of 3.22. Southern Copper Corporation has a 1 year low of $74.11 and a 1 year high of $118.64.

Southern Copper (NYSE:SCCO - Get Free Report) last issued its quarterly earnings data on Friday, April 25th. The basic materials company reported $1.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.14. The firm had revenue of $3.12 billion during the quarter, compared to analysts' expectations of $3.05 billion. Southern Copper had a return on equity of 39.39% and a net margin of 30.00%. On average, equities analysts predict that Southern Copper Corporation will post 4.66 EPS for the current year.

Southern Copper Dividend Announcement

The firm also recently declared a dividend, which was paid on Monday, May 19th. Shareholders of record on Monday, May 5th were issued a $0.70 dividend. This represents a dividend yield of 2.98%. The ex-dividend date was Friday, May 2nd. Southern Copper's dividend payout ratio (DPR) is presently 61.27%.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. UBS Group downgraded Southern Copper from a "buy" rating to a "neutral" rating and set a $105.00 price objective for the company. in a research note on Tuesday, July 1st. JPMorgan Chase & Co. cut their price target on shares of Southern Copper from $83.50 to $79.00 and set a "neutral" rating for the company in a report on Thursday, July 3rd. Hsbc Global Res raised Southern Copper from a "moderate sell" rating to a "hold" rating in a report on Thursday, April 24th. Itau BBA Securities upgraded Southern Copper from an "underperform" rating to a "market perform" rating in a research report on Wednesday, June 11th. Finally, Wall Street Zen cut Southern Copper from a "buy" rating to a "hold" rating in a report on Tuesday, May 20th. Two research analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $91.60.

Southern Copper Profile

Southern Copper Corporation engages in mining, exploring, smelting, and refining copper and other minerals in Peru, Mexico, Argentina, Ecuador, and Chile. The company is involved in the mining, milling, and flotation of copper ore to produce copper and molybdenum concentrates; smelting of copper concentrates to produce blister and anode copper; refining of anode copper to produce copper cathodes; production of molybdenum concentrate and sulfuric acid; production of refined silver, gold, and other materials; and mining and processing of zinc, copper, molybdenum, silver, gold, and lead.