Andra AP fonden Acquires 69,620 Shares of Southern Copper Corporation $SCCO

Key Points

• Andra AP fonden sharply increased its stake in Southern Copper, buying 69,620 shares in the first quarter and lifting its holdings by 2,439.4% to 72,474 shares valued at about $12.47 million.
• Analyst sentiment remains cautious: while some firms raised price targets, Southern Copper’s average rating is still “Reduce” with an average target of $148.10, and seven analysts currently rate it a Sell.
• The company announced a 1.012-for-1 stock split for August 11 and increased its quarterly dividend to $1.10 per share, up from $1.00, for an annualized yield of 2.3%.

Andra AP fonden increased its holdings in Southern Copper Corporation (NYSE:SCCO - Free Report) by 2,439.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 72,474 shares of the basic materials company's stock after acquiring an additional 69,620 shares during the quarter. Andra AP fonden's holdings in Southern Copper were worth $12,470,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently bought and sold shares of SCCO. State Street Corp boosted its position 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 in the last quarter. Fisher Asset Management LLC raised its stake 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 buying an additional 7,194 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Southern Copper by 8.3% during the fourth 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 buying an additional 90,237 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Southern Copper by 3.6% in the fourth quarter. Vanguard Group Inc. now owns 983,822 shares of the basic materials company's stock worth $141,149,000 after acquiring an additional 33,804 shares in the last quarter. Finally, Legal & General Group Plc boosted its holdings in Southern Copper by 1.5% in the third quarter. Legal & General Group Plc now owns 955,924 shares of the basic materials company's stock worth $116,012,000 after acquiring an additional 14,212 shares in the last quarter. 7.94% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on SCCO. Morgan Stanley raised their price objective on shares of Southern Copper from $146.00 to $158.00 and gave the company an "underweight" rating in a research note on Wednesday, July 8th. Citigroup reiterated a "positive" rating on shares of Southern Copper in a report on Wednesday, July 15th. JPMorgan Chase & Co. raised their price target on shares of Southern Copper from $127.00 to $131.50 and gave the company an "underweight" rating in a research report on Wednesday, June 17th. Barclays restated an "underweight" rating and issued a $160.00 price objective (up from $148.00) on shares of Southern Copper in a report on Wednesday, July 15th. Finally, UBS Group reaffirmed a "sell" rating and issued a $160.00 price objective (up from $145.00) on shares of Southern Copper in a research report on Tuesday, June 30th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, three have issued a Hold rating and seven have issued a Sell rating to the stock. According to data from MarketBeat, Southern Copper presently has an average rating of "Reduce" and an average price target of $148.10.

Insider Transactions at Southern Copper

In related news, Director Bonilla Luis Miguel Palomino sold 200 shares of the company's stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $177.82, for a total value of $35,564.00. Following the completion of the transaction, the director owned 1,807 shares of the company's stock, valued at approximately $321,320.74. This represents a 9.97% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Over the last ninety days, insiders have sold 404 shares of company stock valued at $74,108. Corporate insiders own 0.07% of the company's stock.

Southern Copper Stock Performance

Shares of SCCO opened at $187.92 on Wednesday. The business has a 50-day simple moving average of $180.76 and a two-hundred day simple moving average of $182.80. The company has a quick ratio of 3.89, a current ratio of 4.38 and a debt-to-equity ratio of 0.57. Southern Copper Corporation has a 52 week low of $88.73 and a 52 week high of $223.88. The stock has a market cap of $155.24 billion, a price-to-earnings ratio of 31.06, a PEG ratio of 1.50 and a beta of 1.11.

Southern Copper's stock is set to split on the morning of Tuesday, August 11th. The 1.012-1 split was recently announced. The newly created shares will be payable to shareholders after the market closes on Monday, August 10th.

Southern Copper Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Tuesday, August 11th will be issued a $1.10 dividend. The ex-dividend date of this dividend is Tuesday, August 11th. This represents a $4.40 annualized dividend and a yield of 2.3%. This is a positive change from Southern Copper's previous quarterly dividend of $1.00. Southern Copper's payout ratio is currently 72.73%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.