Bank of New York Mellon Corp acquired a new position in Southern Copper Corporation (NYSE:SCCO - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 323,775 shares of the basic materials company's stock, valued at approximately $56,421,000.
A number of other institutional investors have also recently bought and sold shares of SCCO. Intech Investment Management LLC raised its stake in shares of Southern Copper by 0.8% during the 4th quarter. Intech Investment Management LLC now owns 6,030 shares of the basic materials company's stock worth $865,000 after purchasing an additional 50 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al increased its holdings in Southern Copper by 0.8% during the fourth quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 6,072 shares of the basic materials company's stock worth $871,000 after buying an additional 51 shares during the last quarter. Steel Grove Capital Advisors LLC increased its holdings in Southern Copper by 1.8% during the fourth quarter. Steel Grove Capital Advisors LLC now owns 2,910 shares of the basic materials company's stock worth $417,000 after buying an additional 52 shares during the last quarter. Ensign Peak Advisors Inc raised its position in Southern Copper by 0.8% in the fourth quarter. Ensign Peak Advisors Inc now owns 6,379 shares of the basic materials company's stock worth $915,000 after acquiring an additional 53 shares during the period. Finally, Venture Visionary Partners LLC raised its position in Southern Copper by 0.8% in the fourth quarter. Venture Visionary Partners LLC now owns 6,998 shares of the basic materials company's stock worth $1,004,000 after acquiring an additional 53 shares during the period. Institutional investors own 7.94% of the company's stock.
Analysts Set New Price Targets
A number of research analysts have recently weighed in on SCCO shares. 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. Citigroup reaffirmed a "positive" rating on shares of Southern Copper in a report on Wednesday, July 15th. Zacks Research downgraded Southern Copper from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 7th. Scotiabank reissued an "underperform" rating and set a $138.34 price objective (up from $133.40) on shares of Southern Copper in a report on Monday, June 15th. Finally, UBS Group reissued a "sell" rating and issued a $158.10 target price (up from $143.28) on shares of Southern Copper in a research report on Tuesday, June 30th. Three analysts have rated the stock with a Buy rating, five have given a Hold rating and seven have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Reduce" and a consensus target price of $146.84.
Get Our Latest Analysis on Southern Copper
Southern Copper Stock Down 2.7%
Shares of NYSE:SCCO opened at $213.68 on Thursday. The firm has a fifty day moving average price of $183.73 and a two-hundred day moving average price of $183.58. The company has a market cap of $178.28 billion, a price-to-earnings ratio of 31.24, a PEG ratio of 1.88 and a beta of 1.11. The company has a debt-to-equity ratio of 0.63, a current ratio of 5.06 and a quick ratio of 4.56. Southern Copper Corporation has a one year low of $92.94 and a one year high of $223.88.
Southern Copper (NYSE:SCCO - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The basic materials company reported $1.99 earnings per share for the quarter, topping 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 firm had revenue of $4.29 billion for the quarter, compared to analysts' expectations of $4.37 billion. The company's revenue was up 40.6% on a year-over-year basis. Analysts anticipate that Southern Copper Corporation will post 7.61 EPS for the current fiscal year.
Southern Copper Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Tuesday, August 11th will be given a dividend of $1.10 per share. The ex-dividend date is 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 yield of 2.1%. Southern Copper's dividend payout ratio (DPR) is presently 64.33%.
Insider Buying and Selling
In other news, Director Bonilla Luis Miguel Palomino sold 202 shares of the stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $196.79, for a total value of $39,751.28. Following the transaction, the director owned 1,723 shares of the company's stock, valued at $339,066.65. This represents a 10.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Over the last three months, insiders have sold 509 shares of company stock valued at $97,753. 0.07% of the stock is owned by insiders.
Southern Copper Profile
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Free Report)
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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