Cibc World Market Inc. Takes Position in Southern Copper Corporation $SCCO

Key Points

• CIBC World Market acquired 12,534 shares of Southern Copper worth approximately $2.18 million in the second quarter. BlackRock and Bank of New York Mellon also initiated sizable positions, while institutional investors collectively own 7.94% of the stock.
• Analyst sentiment remains cautious: Southern Copper has a consensus rating of “Reduce” and an average price target of $146.84, despite mixed rating changes and recent earnings that exceeded expectations.
• Southern Copper raised its quarterly dividend from $1.00 to $1.10 per share, implying a $4.40 annualized payout and a 2.1% yield. The company reported 40.6% year-over-year revenue growth in its latest quarter.

Cibc World Market Inc. acquired a new stake in Southern Copper Corporation (NYSE:SCCO - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 12,534 shares of the basic materials company's stock, valued at approximately $2,184,000.

Several other institutional investors have also modified their holdings of SCCO. BlackRock Inc. acquired a new position in shares of Southern Copper during the second quarter worth $1,729,500,000. Bank of New York Mellon Corp purchased a new position in Southern Copper in the second quarter valued at approximately $696,621,000. State Street Corp increased its stake in Southern Copper by 2.4% in the fourth quarter. State Street Corp now owns 2,862,244 shares of the basic materials company's stock valued at $410,646,000 after purchasing an additional 66,268 shares during the last quarter. Fisher Asset Management LLC raised its holdings 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 worth $363,873,000 after purchasing an additional 7,194 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings 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 worth $169,480,000 after purchasing an additional 90,237 shares in the last quarter. 7.94% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 202 shares of the firm's stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $196.79, for a total transaction of $39,751.28. Following the transaction, the director directly owned 1,723 shares of the company's stock, valued at approximately $339,066.65. This trade represents a 10.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In the last ninety days, insiders have sold 509 shares of company stock worth $97,753. 0.07% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on SCCO shares. Citigroup restated a "positive" rating on shares of Southern Copper in a research report on Wednesday, July 15th. Wells Fargo & Company lifted their price target on shares of Southern Copper from $168.97 to $169.96 and gave the stock an "equal weight" rating in a research note on Thursday, July 9th. 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. JPMorgan Chase & Co. upped their price objective on shares of Southern Copper from $125.49 to $129.94 and gave the company an "underweight" rating in a research note on Wednesday, June 17th. Finally, CICC Research lowered Southern Copper to a "market perform" rating in a report on Sunday, July 26th. Three research analysts have rated the stock with a Buy rating, five have given a Hold rating and seven have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Reduce" and a consensus target price of $146.84.

Southern Copper Price Performance

Shares of NYSE SCCO opened at $213.68 on Thursday. 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 twelve month low of $92.94 and a twelve month high of $223.88. The stock has a 50 day moving average of $183.73 and a two-hundred day moving average of $183.58. The stock has a market cap of $178.28 billion, a P/E ratio of 31.24, a P/E/G ratio of 1.88 and a beta of 1.11.

Southern Copper (NYSE:SCCO - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The basic materials company reported $1.99 earnings per share for the quarter, beating the consensus estimate of $1.93 by $0.06. The business had revenue of $4.29 billion during the quarter, compared to the consensus estimate of $4.37 billion. Southern Copper had a return on equity of 49.04% and a net margin of 35.87%.The firm's revenue was up 40.6% compared to the same quarter last year. On average, research analysts forecast that Southern Copper Corporation will post 7.61 earnings per share for the current year.

Southern Copper Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Tuesday, August 11th will be given a $1.10 dividend. This is a positive change from Southern Copper's previous quarterly dividend of $1.00. The ex-dividend date is Tuesday, August 11th. This represents a $4.40 annualized dividend and a yield of 2.1%. Southern Copper's payout ratio is currently 64.33%.

Southern Copper Company Profile

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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