29,333 Shares in Southern Copper Corporation $SCCO Acquired by Ashoka WhiteOak Capital Pte Ltd

Key Points

• Ashoka WhiteOak Capital acquired 29,333 Southern Copper shares valued at approximately $5.1 million, making SCCO its 13th-largest holding and representing 1.2% of its portfolio. Other major institutions, including Bank of New York Mellon and Vanguard, also hold significant stakes.
• Southern Copper exceeded quarterly earnings expectations with $1.99 EPS versus the $1.93 consensus, while revenue rose 40.6% year over year to $4.29 billion. The company increased its quarterly dividend to $1.10, implying a 2.4% annualized yield.
• Analyst sentiment remains cautious: SCCO has a consensus “Reduce” rating, with seven Sell, five Hold, and three Buy ratings and an average price target of $146.84, below its reported $184.42 share price.

Ashoka WhiteOak Capital Pte Ltd purchased a new position in Southern Copper Corporation (NYSE:SCCO - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 29,333 shares of the basic materials company's stock, valued at approximately $5,112,000. Southern Copper accounts for approximately 1.2% of Ashoka WhiteOak Capital Pte Ltd's investment portfolio, making the stock its 13th biggest holding.

Other institutional investors have also added to or reduced their stakes in the company. Bank of New York Mellon Corp bought a new stake in Southern Copper in the 2nd quarter valued at $696,621,000. State Street Corp boosted its holdings in shares of Southern Copper by 2.4% in the 4th quarter. State Street Corp now owns 2,862,244 shares of the basic materials company's stock worth $410,646,000 after purchasing an additional 66,268 shares during the period. Fisher Asset Management LLC increased its position in Southern Copper by 0.3% during the fourth quarter. Fisher Asset Management LLC now owns 2,536,228 shares of the basic materials company's stock valued at $363,873,000 after acquiring an additional 7,194 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Southern Copper by 8.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,181,293 shares of the basic materials company's stock valued at $169,480,000 after purchasing an additional 90,237 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of Southern Copper by 3.6% during the fourth quarter. Vanguard Group Inc. now owns 983,822 shares of the basic materials company's stock valued at $141,149,000 after buying an additional 33,804 shares during the last quarter. 7.94% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Southern Copper

In related news, Director Bonilla Luis Miguel Palomino sold 202 shares of the business's stock in a transaction that occurred on 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 sale, the director directly owned 1,723 shares in the company, valued at approximately $339,066.65. The trade was a 10.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 711 shares of company stock worth $133,247 in the last three months. 0.07% of the stock is currently owned by insiders.

Southern Copper Stock Performance

SCCO opened at $184.42 on Monday. The firm's fifty day simple moving average is $179.90 and its two-hundred day simple moving average is $182.97. Southern Copper Corporation has a 52-week low of $92.57 and a 52-week high of $223.88. The company has a market cap of $153.87 billion, a price-to-earnings ratio of 26.96, a PEG ratio of 1.58 and a beta of 1.11. The company has a quick ratio of 4.56, a current ratio of 5.06 and a debt-to-equity ratio of 0.63.

Southern Copper (NYSE:SCCO - Get Free Report) last released its earnings results on Wednesday, July 22nd. The basic materials company reported $1.99 EPS for the quarter, topping analysts' consensus estimates of $1.93 by $0.06. Southern Copper had a net margin of 35.87% and a return on equity of 49.04%. The business had revenue of $4.29 billion during the quarter, compared to analysts' expectations of $4.37 billion. The business's quarterly revenue was up 40.6% compared to the same quarter last year. Equities analysts anticipate that Southern Copper Corporation will post 7.61 earnings per share for the current fiscal year.

Southern Copper Increases Dividend

The company 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. 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 2.4%. The ex-dividend date of this dividend is Tuesday, August 11th. Southern Copper's dividend payout ratio is presently 64.33%.

Wall Street Analyst Weigh In

SCCO has been the topic of a number of research analyst reports. JPMorgan Chase & Co. upped their price target on shares of Southern Copper from $125.49 to $129.94 and gave the stock an "underweight" rating in a report on Wednesday, June 17th. Weiss Ratings upgraded Southern Copper from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday, July 28th. Zacks Research downgraded shares of Southern Copper from a "strong-buy" rating to a "hold" rating in a report on Friday, August 7th. Scotiabank reaffirmed an "underperform" rating and set a $138.34 price target (up from $133.40) on shares of Southern Copper in a research report on Monday, June 15th. Finally, CICC Research downgraded shares of Southern Copper to a "market perform" rating in a report on Sunday, July 26th. Three analysts have rated the stock with a Buy rating, five have issued a Hold rating and seven have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Reduce" and a consensus target price of $146.84.

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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