Manning & Napier Advisors LLC Purchases New Shares in Southern Copper Corporation $SCCO

Manning & Napier Advisors LLC acquired a new stake in Southern Copper Corporation (NYSE:SCCO - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 5,328 shares of the basic materials company's stock, valued at approximately $928,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SCCO. BlackRock Inc. acquired a new position in shares of Southern Copper during the 2nd quarter worth approximately $1,729,500,000. Bank of New York Mellon Corp acquired a new stake in Southern Copper in the 2nd quarter valued at $696,621,000. Norges Bank purchased a new stake in Southern Copper in the 4th quarter worth $97,645,000. Capital Research Global Investors purchased a new stake in Southern Copper in the 4th quarter worth $81,039,000. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Southern Copper during the first quarter worth $85,342,000. Hedge funds and other institutional investors own 7.94% of the company's stock.

Southern Copper Trading Up 2.5%

Shares of SCCO opened at $219.70 on Wednesday. Southern Copper Corporation has a 52-week low of $92.94 and a 52-week high of $223.88. The stock has a market cap of $183.30 billion, a PE ratio of 32.12, a price-to-earnings-growth ratio of 1.84 and a beta of 1.11. The firm's fifty day moving average is $183.24 and its two-hundred day moving average is $183.38. The company has a quick ratio of 4.56, a current ratio of 5.06 and a debt-to-equity ratio of 0.63.

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

Southern Copper Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Tuesday, August 11th will be paid a dividend of $1.10 per share. The ex-dividend date of this dividend is Tuesday, August 11th. This represents a $4.40 annualized dividend and a yield of 2.0%. This is a boost from Southern Copper's previous quarterly dividend of $1.00. Southern Copper's dividend payout ratio is currently 64.33%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on SCCO. Scotiabank reaffirmed 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. JPMorgan Chase & Co. boosted their target price on shares of Southern Copper from $125.49 to $129.94 and gave the stock an "underweight" rating in a research note on Wednesday, June 17th. Morgan Stanley upped their price target on shares of Southern Copper from $144.27 to $156.13 and gave the stock an "underweight" rating in a research report on Wednesday, July 8th. Wall Street Zen lowered shares of Southern Copper from a "buy" rating to a "hold" rating in a research note on Saturday, August 1st. Finally, Citigroup reiterated a "positive" rating on shares of Southern Copper in a report on Wednesday, July 15th. Three analysts have rated the stock with a Buy rating, five have assigned a Hold rating and seven have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Reduce" and a consensus price target of $146.84.

Insider Buying and Selling

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 202 shares of the stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $196.79, for a total value of $39,751.28. Following the completion of the sale, the director owned 1,723 shares in the company, valued at approximately $339,066.65. This represents a 10.49% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last three months, insiders have sold 509 shares of company stock valued at $97,753. 0.07% of the stock is currently owned by corporate insiders.

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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