Jennison Associates LLC Increases Stock Holdings in Southern Copper Corporation $SCCO

Key Points

• Jennison Associates LLC raised its stake in Southern Copper by 2.5%, adding 10,210 shares to hold 424,174 shares worth about $60.86 million (0.05% ownership) at quarter-end.
• Insiders sold stock—directors sold a total of 9,526 shares (~$1.99 million) last quarter, including Lerdo De Tejada Leon Contreras’ sale of 9,326 shares for about $1.95 million, leaving insiders with just 0.07% ownership.
• Southern Copper beat the quarter’s estimates (EPS $1.92 vs. $1.88; revenue $4.25B vs. $3.96B), announced a $1.00 quarterly dividend (payable May 29, ~2.3% yield), and will implement a 1.01‑for‑1 share split effective May 13.

Jennison Associates LLC raised its stake in Southern Copper Corporation (NYSE:SCCO - Free Report) by 2.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 424,174 shares of the basic materials company's stock after purchasing an additional 10,210 shares during the quarter. Jennison Associates LLC owned 0.05% of Southern Copper worth $60,856,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Hopwood Financial Services Inc. purchased a new stake in shares of Southern Copper in the third quarter valued at approximately $25,000. United Community Bank purchased a new stake in shares of Southern Copper in the third quarter valued at approximately $30,000. Caitlin John LLC purchased a new stake in shares of Southern Copper in the third quarter valued at approximately $30,000. Bayforest Capital Ltd purchased a new stake in shares of Southern Copper in the fourth quarter valued at approximately $38,000. Finally, Covestor Ltd boosted its stake in shares of Southern Copper by 30.4% in the third quarter. Covestor Ltd now owns 360 shares of the basic materials company's stock valued at $44,000 after buying an additional 84 shares in the last quarter. 7.94% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Lerdo De Tejada Leon Contreras sold 9,326 shares of the stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $209.56, for a total transaction of $1,954,344.91. Following the transaction, the director directly owned 605 shares in the company, valued at approximately $126,783.04. This represents a 93.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Bonilla Luis Miguel Palomino sold 193 shares of the stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $174.60, for a total value of $33,697.80. Following the transaction, the director owned 1,707 shares in the company, valued at $298,042.20. This trade represents a 10.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 9,526 shares of company stock worth $1,989,373 over the last quarter. 0.07% of the stock is currently owned by company insiders.

Southern Copper Stock Performance

NYSE SCCO opened at $171.68 on Friday. The stock has a market cap of $140.62 billion, a price-to-earnings ratio of 28.38, a price-to-earnings-growth ratio of 1.70 and a beta of 1.16. The company has a quick ratio of 3.40, a current ratio of 3.89 and a debt-to-equity ratio of 0.61. Southern Copper Corporation has a fifty-two week low of $86.59 and a fifty-two week high of $223.88. The business has a fifty day moving average of $184.14 and a 200-day moving average of $164.44.

Shares of Southern Copper are set to split on the morning of Wednesday, May 13th. The 1.01-1 split was recently announced. The newly created shares will be distributed to shareholders after the closing bell on Tuesday, May 12th.

Southern Copper (NYSE:SCCO - Get Free Report) last released its earnings results on Wednesday, April 29th. The basic materials company reported $1.92 earnings per share for the quarter, topping the consensus estimate of $1.88 by $0.04. Southern Copper had a return on equity of 47.03% and a net margin of 34.13%.The firm had revenue of $4.25 billion for the quarter, compared to the consensus estimate of $3.96 billion. As a group, analysts predict that Southern Copper Corporation will post 6.77 earnings per share for the current fiscal year.

Southern Copper Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 29th. Investors of record on Wednesday, May 13th will be given a dividend of $1.00 per share. The ex-dividend date is Wednesday, May 13th. This represents a $4.00 annualized dividend and a yield of 2.3%. Southern Copper's dividend payout ratio is 75.19%.

Analyst Ratings Changes

A number of analysts recently weighed in on SCCO shares. UBS Group decreased their price target on Southern Copper from $150.00 to $140.00 and set a "sell" rating on the stock in a research note on Friday, March 27th. Scotiabank reaffirmed an "underperform" rating and set a $133.00 price objective (up from $125.00) on shares of Southern Copper in a report on Thursday, April 23rd. The Goldman Sachs Group raised Southern Copper from a "sell" rating to a "neutral" rating and set a $178.00 price objective for the company in a report on Friday, April 10th. Morgan Stanley lifted their price objective on Southern Copper from $155.00 to $160.00 and gave the stock an "underweight" rating in a report on Thursday, April 9th. Finally, Wall Street Zen raised Southern Copper from a "hold" rating to a "buy" rating in a report on Saturday, March 21st. Two investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and seven have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Reduce" and an average price target of $145.61.

Southern Copper 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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