22,456 Shares in Southern Copper Corporation (NYSE:SCCO) Purchased by Neo Ivy Capital Management

Key Points

• Neo Ivy Capital Management has acquired a stake of 22,456 shares in Southern Copper Corporation, valued at approximately $2.1 million.
• Southern Copper recently reported earnings of $1.19 per share for the quarter, exceeding analyst expectations, and its revenue reached $3.12 billion.
• The company has increased its dividend to $1.01 per share, representing a yield of 2.7%, up from the previous dividend of $0.62.

Neo Ivy Capital Management bought a new position in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 22,456 shares of the basic materials company's stock, valued at approximately $2,099,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Generali Investments CEE investicni spolecnost a.s. grew its position in Southern Copper by 0.7% during the first quarter. Generali Investments CEE investicni spolecnost a.s. now owns 15,077 shares of the basic materials company's stock worth $1,409,000 after buying an additional 108 shares in the last quarter. Balefire LLC grew its position in Southern Copper by 3.0% during the first quarter. Balefire LLC now owns 4,779 shares of the basic materials company's stock worth $447,000 after buying an additional 141 shares in the last quarter. Centerstone Investors LLC grew its position in Southern Copper by 0.6% during the fourth quarter. Centerstone Investors LLC now owns 23,438 shares of the basic materials company's stock worth $2,136,000 after buying an additional 143 shares in the last quarter. Sava Infond d.o.o. grew its position in Southern Copper by 0.7% during the first quarter. Sava Infond d.o.o. now owns 20,197 shares of the basic materials company's stock worth $1,888,000 after buying an additional 144 shares in the last quarter. Finally, Tyche Wealth Partners LLC raised its position in shares of Southern Copper by 0.7% during the 1st quarter. Tyche Wealth Partners LLC now owns 19,951 shares of the basic materials company's stock valued at $1,865,000 after buying an additional 144 shares in the last quarter. 7.94% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on SCCO shares. Itau BBA Securities upgraded shares of Southern Copper from an "underperform" rating to a "market perform" rating in a research report on Wednesday, June 11th. Morgan Stanley restated an "underweight" rating and set a $99.00 price target (up previously from $86.00) on shares of Southern Copper in a research report on Tuesday, July 15th. Wall Street Zen downgraded Southern Copper from a "buy" rating to a "hold" rating in a research report on Tuesday, May 20th. Hsbc Global Res upgraded Southern Copper from a "moderate sell" rating to a "hold" rating in a research report on Thursday, April 24th. Finally, UBS Group downgraded Southern Copper from a "buy" rating to a "neutral" rating and set a $105.00 price target on the stock. in a research report on Tuesday, July 1st. Three equities research analysts have rated the stock with a sell rating and five have issued a hold rating to the company. According to data from MarketBeat, Southern Copper presently has an average rating of "Hold" and a consensus price target of $91.00.

Southern Copper Trading Down 0.4%

Shares of NYSE:SCCO traded down $0.42 on Monday, reaching $97.77. 877,434 shares of the company traded hands, compared to its average volume of 1,421,382. The business's 50-day simple moving average is $97.12 and its 200 day simple moving average is $93.84. Southern Copper Corporation has a 52 week low of $74.84 and a 52 week high of $121.44. The stock has a market capitalization of $77.84 billion, a P/E ratio of 21.42, a price-to-earnings-growth ratio of 2.52 and a beta of 1.02. The company has a current ratio of 3.71, a quick ratio of 3.22 and a debt-to-equity ratio of 0.70.

Southern Copper (NYSE:SCCO - Get Free Report) last announced its quarterly earnings data on Friday, April 25th. The basic materials company reported $1.19 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.05 by $0.14. Southern Copper had a return on equity of 39.39% and a net margin of 30.00%. The firm had revenue of $3.12 billion for the quarter, compared to analysts' expectations of $3.05 billion. As a group, equities analysts anticipate that Southern Copper Corporation will post 4.66 EPS for the current fiscal year.

Southern Copper Increases Dividend

The business also recently disclosed a -- dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 15th will be paid a dividend of $1.01 per share. This is a boost from Southern Copper's previous -- dividend of $0.62. This represents a dividend yield of 2.7%. The ex-dividend date of this dividend is Friday, August 15th. Southern Copper's dividend payout ratio (DPR) is 61.27%.

About Southern Copper

Southern Copper Corporation engages in mining, exploring, smelting, and refining copper and other minerals in Peru, Mexico, Argentina, Ecuador, and Chile. The company is involved in the mining, milling, and flotation of copper ore to produce copper and molybdenum concentrates; smelting of copper concentrates to produce blister and anode copper; refining of anode copper to produce copper cathodes; production of molybdenum concentrate and sulfuric acid; production of refined silver, gold, and other materials; and mining and processing of zinc, copper, molybdenum, silver, gold, and lead.