Mirae Asset Global Investments Co. Ltd. Makes New $2.85 Million Investment in Southern Copper Corporation $SCCO

Key Points

• Mirae Asset Global Investments opened a new Southern Copper position, buying 14,063 shares valued at approximately $2.85 million during the third quarter.
• Southern Copper beat quarterly earnings and revenue expectations, reporting EPS of $2.13 and revenue of $4.70 billion. It also raised its quarterly dividend from $1.10 to $1.30 per share.
• Analyst sentiment was largely cautious: the stock had a consensus “Reduce” rating and an average price target of $159.26, with seven of 13 analysts rating it a Sell.

Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 14,063 shares of the basic materials company's stock, valued at approximately $2,850,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bell Investment Advisors Inc acquired a new position in shares of Southern Copper in the 2nd quarter valued at $26,000. Rakuten Securities Inc. acquired a new stake in shares of Southern Copper during the 2nd quarter valued at about $28,000. Compass Financial Management LLC bought a new stake in Southern Copper in the second quarter valued at about $41,000. Caitlin John LLC bought a new stake in Southern Copper in the second quarter valued at about $43,000. Finally, Meeder Asset Management Inc. bought a new stake in Southern Copper in the second quarter valued at about $47,000. 7.94% of the stock is currently owned by institutional investors.

Southern Copper Trading Up 1.0%

SCCO stock traded up $1.72 during midday trading on Friday, reaching $167.10. The company's stock had a trading volume of 1,127,985 shares, compared to its average volume of 1,222,065. Southern Copper Corporation has a 52 week low of $119.25 and a 52 week high of $223.88. The stock has a market cap of $139.42 billion, a PE ratio of 21.87, a price-to-earnings-growth ratio of 1.66 and a beta of 1.15. The company has a quick ratio of 4.56, a current ratio of 4.31 and a debt-to-equity ratio of 0.59. The business's 50-day simple moving average is $194.62 and its 200-day simple moving average is $185.44.

Southern Copper (NYSE:SCCO - Get Free Report) last issued its quarterly earnings data on Wednesday, October 21st. The basic materials company reported $2.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.01 by $0.12. The firm had revenue of $4.70 billion during the quarter, compared to analysts' expectations of $4.49 billion. Southern Copper had a net margin of 37.16% and a return on equity of 51.61%. During the same quarter in the previous year, the company earned $1.34 earnings per share. As a group, sell-side analysts expect that Southern Copper Corporation will post 8.01 EPS for the current year.

Southern Copper Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 19th. Stockholders of record on Tuesday, November 3rd will be given a $1.30 dividend. This is a boost from Southern Copper's previous quarterly dividend of $1.10. This represents a $5.20 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend is Tuesday, November 3rd. Southern Copper's payout ratio is presently 57.59%.

Analysts Set New Price Targets

Several research firms recently commented on SCCO. Zacks Research downgraded Southern Copper from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 7th. Wells Fargo & Company set a $190.98 price objective on Southern Copper and gave the stock an "equal weight" rating in a research note on Friday, October 23rd. Morgan Stanley reiterated an "underweight" rating and set a $168.22 price objective on shares of Southern Copper in a research note on Wednesday, October 7th. Barclays set a $163.27 price objective on Southern Copper and gave the company an "underweight" rating in a report on Monday, October 26th. Finally, UBS Group restated a "sell" rating and issued a $178.11 target price (up from $158.32) on shares of Southern Copper in a research note on Thursday, October 8th. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and seven have given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Reduce" and a consensus target price of $159.26.

Southern Copper Company Profile

Southern Copper Corporation is an integrated mining company focused primarily on the exploration, mining, processing, and refining of copper. Its operations also produce molybdenum, zinc, lead, silver, and other mineral products.

The company operates mines and processing facilities in Peru and Mexico, including the Toquepala and Cuajone operations in Peru and the Buenavista and La Caridad operations in Mexico. Its activities extend across the mining and metals value chain, from extracting ore to producing refined metals and concentrates.

Southern Copper traces its origins to Southern Peru Copper Corporation, established in 1952, and is part of Grupo México.

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