Geode Capital Management LLC Acquires 21,605 Shares of Southern Copper Corporation $SCCO

Key Points

• Geode Capital Management increased its Southern Copper stake by 3.4% in the fourth quarter, buying 21,605 additional shares and bringing its total holding to 664,051 shares worth about $94.5 million.
• Southern Copper beat earnings expectations in its latest quarter, reporting $1.92 EPS versus $1.88 expected and revenue of $4.25 billion versus $3.96 billion forecast.
• The company’s stock fell 10.7% in Friday trading, and analysts remain cautious overall with an average rating of “Reduce” and an average price target of $145.14.

Geode Capital Management LLC raised its holdings in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) by 3.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 664,051 shares of the basic materials company's stock after acquiring an additional 21,605 shares during the quarter. Geode Capital Management LLC owned approximately 0.08% of Southern Copper worth $94,519,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of SCCO. Royal Bank of Canada raised its holdings in Southern Copper by 42.1% during the first quarter. Royal Bank of Canada now owns 44,879 shares of the basic materials company's stock valued at $4,194,000 after acquiring an additional 13,293 shares during the period. Empowered Funds LLC raised its holdings in Southern Copper by 17.9% during the first quarter. Empowered Funds LLC now owns 6,705 shares of the basic materials company's stock valued at $627,000 after acquiring an additional 1,020 shares during the period. Focus Partners Wealth raised its holdings in Southern Copper by 21.5% during the first quarter. Focus Partners Wealth now owns 5,944 shares of the basic materials company's stock valued at $556,000 after acquiring an additional 1,052 shares during the period. First Trust Advisors LP raised its holdings in Southern Copper by 37.4% during the second quarter. First Trust Advisors LP now owns 73,379 shares of the basic materials company's stock valued at $7,424,000 after acquiring an additional 19,957 shares during the period. Finally, Baird Financial Group Inc. raised its holdings in Southern Copper by 17.7% during the second quarter. Baird Financial Group Inc. now owns 4,864 shares of the basic materials company's stock valued at $492,000 after acquiring an additional 731 shares during the period. 7.94% of the stock is owned by institutional investors.

Southern Copper Trading Down 10.7%

Shares of Southern Copper stock opened at $173.41 on Friday. The firm has a market cap of $142.04 billion, a price-to-earnings ratio of 28.66, a PEG ratio of 1.63 and a beta of 1.09. The business has a 50-day moving average price of $182.30 and a 200-day moving average price of $173.32. 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 twelve month low of $88.73 and a twelve month high of $223.88.

Southern Copper (NYSE:SCCO - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The basic materials company reported $1.92 earnings per share for the quarter, beating analysts' consensus estimates of $1.88 by $0.04. The firm had revenue of $4.25 billion during the quarter, compared to analyst estimates of $3.96 billion. Southern Copper had a return on equity of 45.63% and a net margin of 34.13%. Equities research analysts anticipate that Southern Copper Corporation will post 7.25 EPS for the current fiscal year.

Southern Copper Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Wednesday, May 13th were given a dividend of $1.00 per share. The ex-dividend date was Wednesday, May 13th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.3%. Southern Copper's dividend payout ratio (DPR) is presently 66.12%.

Insider Buying and Selling at Southern Copper

In other news, Director Bonilla Luis Miguel Palomino sold 200 shares of the firm's stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $177.82, for a total transaction of $35,564.00. Following the completion of the transaction, the director owned 1,807 shares in the company, valued at $321,320.74. This trade represents a 9.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders sold a total of 604 shares of company stock worth $109,136 in the last ninety days. Company insiders own 0.07% of the company's stock.

Analyst Ratings Changes

A number of research firms have commented on SCCO. Scotiabank reissued an "underperform" rating and set a $135.00 price target (up from $133.00) on shares of Southern Copper in a report on Friday, May 15th. The Goldman Sachs Group raised Southern Copper from a "sell" rating to a "neutral" rating and set a $178.00 price target on the stock in a report on Friday, April 10th. Barclays began coverage on Southern Copper in a report on Thursday, May 21st. They set an "underweight" rating and a $148.00 price target on the stock. UBS Group raised their price target on Southern Copper from $140.00 to $145.00 and gave the company a "sell" rating in a report on Thursday, May 21st. Finally, JPMorgan Chase & Co. raised their price objective on Southern Copper from $117.50 to $127.00 and gave the company an "underweight" rating in a research report on Friday, April 10th. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and eight have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Reduce" and an average target price of $145.14.

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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