Los Angeles Capital Management LLC Acquires 47,142 Shares of Southern Copper Corporation $SCCO

Key Points

• Los Angeles Capital Management increased its stake in Southern Copper by 13.3% in the fourth quarter, buying 47,142 more shares and lifting its total holding to 401,272 shares valued at about $56.2 million.
• Other institutional investors also adjusted positions in SCCO, with several large firms adding shares; however, only 7.94% of the stock is currently owned by institutional investors and 0.07% by corporate insiders.
• Analysts remain cautious on Southern Copper, with a consensus rating of “Reduce” and an average price target of $145.14, even as the company recently beat earnings estimates and paid a quarterly dividend of $1.00 per share.

Los Angeles Capital Management LLC boosted its holdings in Southern Copper Corporation (NYSE:SCCO - Free Report) by 13.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 401,272 shares of the basic materials company's stock after purchasing an additional 47,142 shares during the period. Los Angeles Capital Management LLC's holdings in Southern Copper were worth $56,222,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in SCCO. Capital World Investors raised its stake in shares of Southern Copper by 36.1% during the third quarter. Capital World Investors now owns 6,437,608 shares of the basic materials company's stock valued at $781,268,000 after acquiring an additional 1,708,693 shares during the last quarter. Norges Bank bought a new position in shares of Southern Copper during the fourth quarter valued at about $97,645,000. Man Group plc raised its stake in shares of Southern Copper by 65.4% during the second quarter. Man Group plc now owns 467,119 shares of the basic materials company's stock valued at $47,258,000 after acquiring an additional 184,641 shares during the last quarter. Schroder Investment Management Group raised its stake in shares of Southern Copper by 54.6% during the third quarter. Schroder Investment Management Group now owns 505,284 shares of the basic materials company's stock valued at $61,321,000 after acquiring an additional 178,350 shares during the last quarter. Finally, Bank of Montreal Can raised its stake in shares of Southern Copper by 187.2% during the third quarter. Bank of Montreal Can now owns 219,038 shares of the basic materials company's stock valued at $26,582,000 after acquiring an additional 142,780 shares during the last quarter. 7.94% of the stock is owned by institutional investors.

Insider Transactions at Southern Copper

In related news, Director Bonilla Luis Miguel Palomino sold 200 shares of the stock in a transaction dated 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 directly owned 1,807 shares of the company's stock, valued at $321,320.74. This represents a 9.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold 604 shares of company stock valued at $109,136 over the last ninety days. 0.07% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have recently commented on SCCO. UBS Group upped their price objective on shares of Southern Copper from $140.00 to $145.00 and gave the company a "sell" rating in a research note on Thursday, May 21st. Wall Street Zen downgraded shares of Southern Copper from a "buy" rating to a "hold" rating in a research note on Saturday, May 16th. Barclays began coverage on shares of Southern Copper in a research note on Thursday, May 21st. They set an "underweight" rating and a $148.00 price objective for the company. Wells Fargo & Company set a $171.00 price objective on shares of Southern Copper and gave the company an "equal weight" rating in a research note on Friday, May 1st. Finally, Bank of America downgraded shares of Southern Copper from a "neutral" rating to an "underperform" rating and upped their price objective for the company from $162.00 to $175.00 in a research note on Thursday, February 26th. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and eight have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Reduce" and a consensus price target of $145.14.

Southern Copper Price Performance

SCCO stock opened at $173.41 on Friday. Southern Copper Corporation has a 1 year low of $88.73 and a 1 year high of $223.88. The company has a market cap of $142.04 billion, a P/E ratio of 28.66, a PEG ratio of 1.63 and a beta of 1.09. The firm has a 50-day moving average of $182.30 and a 200 day moving average of $173.32. The company has a debt-to-equity ratio of 0.57, a current ratio of 4.38 and a quick ratio of 3.89.

Southern Copper (NYSE:SCCO - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The basic materials company reported $1.92 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.88 by $0.04. Southern Copper had a net margin of 34.13% and a return on equity of 45.63%. The company had revenue of $4.25 billion during the quarter, compared to the consensus estimate of $3.96 billion. On average, sell-side analysts forecast that Southern Copper Corporation will post 7.25 EPS for the current year.

Southern Copper Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Wednesday, May 13th were paid a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend was Wednesday, May 13th. Southern Copper's dividend payout ratio is presently 66.12%.

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.

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