Andra AP fonden Acquires 38,151 Shares of Southern Copper Corporation $SCCO

Key Points

• Andra AP fonden increased its Southern Copper stake by 52.6% in the second quarter, purchasing 38,151 additional shares and bringing its total holdings to 110,625 shares valued at approximately $19.3 million.
• Analyst sentiment remains cautious: SCCO has a consensus rating of “Reduce”, with three Buy, five Hold, and seven Sell ratings and an average price target of $146.84.
• Southern Copper reported quarterly EPS of $1.99, exceeding estimates, while revenue rose 40.6% year over year to $4.29 billion. The company also raised its quarterly dividend to $1.10, or $4.40 annually, yielding about 2.1%.

Andra AP fonden grew its holdings in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) by 52.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 110,625 shares of the basic materials company's stock after purchasing an additional 38,151 shares during the quarter. Andra AP fonden's holdings in Southern Copper were worth $19,278,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SCCO. SHP Wealth Management purchased a new position in Southern Copper in the fourth quarter valued at about $25,000. Bell Investment Advisors Inc bought a new stake in shares of Southern Copper in the 2nd quarter worth approximately $26,000. Rakuten Securities Inc. purchased a new position in Southern Copper in the second quarter valued at approximately $28,000. Lloyd Advisory Services LLC. bought a new position in Southern Copper during the fourth quarter valued at $29,000. Finally, Godfrey Financial Associates Inc. bought a new position in Southern Copper during the fourth quarter valued at $30,000. 7.94% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have issued reports on SCCO. Citigroup restated a "positive" rating on shares of Southern Copper in a research note on Wednesday, July 15th. Wells Fargo & Company lifted their price objective on Southern Copper from $168.97 to $169.96 and gave the stock an "equal weight" rating in a report on Thursday, July 9th. Morgan Stanley increased their target price on shares of Southern Copper from $144.27 to $156.13 and gave the stock an "underweight" rating in a research report on Wednesday, July 8th. Wall Street Zen downgraded shares of Southern Copper from a "buy" rating to a "hold" rating in a research note on Saturday, August 1st. Finally, Scotiabank reissued an "underperform" rating and issued a $138.34 price target (up from $133.40) on shares of Southern Copper in a research report on Monday, June 15th. Three equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and seven have given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Reduce" and a consensus price target of $146.84.

Southern Copper Price Performance

Shares of Southern Copper stock traded up $6.83 on Tuesday, reaching $204.90. The stock had a trading volume of 341,135 shares, compared to its average volume of 1,580,854. The business's 50 day moving average is $193.30 and its two-hundred day moving average is $183.39. The company has a current ratio of 5.06, a quick ratio of 4.56 and a debt-to-equity ratio of 0.63. Southern Copper Corporation has a 1 year low of $110.14 and a 1 year high of $223.88. The company has a market cap of $170.95 billion, a P/E ratio of 29.98, a price-to-earnings-growth ratio of 1.75 and a beta of 1.14.

Southern Copper (NYSE:SCCO - Get Free Report) last issued its quarterly earnings data on Wednesday, July 22nd. The basic materials company reported $1.99 EPS for the quarter, beating the consensus estimate of $1.93 by $0.06. Southern Copper had a net margin of 35.87% and a return on equity of 49.04%. The company 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% on a year-over-year basis. As a group, research analysts anticipate that Southern Copper Corporation will post 7.83 EPS for the current year.

Southern Copper Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Investors of record on Tuesday, August 11th were given a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.1%. This is a boost from Southern Copper's previous quarterly dividend of $1.00. The ex-dividend date was Tuesday, August 11th. Southern Copper's dividend payout ratio (DPR) is 64.33%.

Insider Activity

In related news, Director Luis Palomino Bonilla sold 202 shares of Southern Copper stock in a transaction 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 owned 1,723 shares of the company's stock, valued at approximately $339,066.65. This trade represents a 10.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 604 shares of company stock valued at $118,077 in the last quarter. Company insiders own 0.07% of the company's stock.

Southern Copper Profile

Southern Copper Corporation NYSE: SCCO is an integrated copper producer engaged in the exploration, mining, processing, smelting and refining of minerals. The company produces copper in the form of cathodes, concentrates and anodes, along with byproducts including molybdenum, zinc, silver, lead and sulfuric acid.

Southern Copper operates mining and processing facilities in Mexico and Peru. Its principal Mexican operations include the Buenavista del Cobre and La Caridad mining complexes, while its Peruvian operations include the Toquepala and Cuajone mines and the Ilo smelter and refinery.

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