Northwestern Mutual Wealth Management Co. Buys 60,860 Shares of Southern Copper Corporation $SCCO

Key Points

• Northwestern Mutual Wealth Management sharply increased its stake in Southern Copper, buying 60,860 additional shares in the fourth quarter and lifting its position by 1,260.3% to 65,689 shares worth about $8.9 million.
• Analysts remain cautious on SCCO despite some higher price targets: the stock carries an average rating of “Reduce” with an average target price of $145.14, while the shares recently traded at $179.38.
• Southern Copper reported better-than-expected Q1 results, posting $1.92 in EPS versus $1.88 expected and revenue of $4.25 billion versus $3.96 billion projected, and it also declared a quarterly $1.00 dividend payable May 29.

Northwestern Mutual Wealth Management Co. increased its stake in Southern Copper Corporation (NYSE:SCCO - Free Report) by 1,260.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 65,689 shares of the basic materials company's stock after purchasing an additional 60,860 shares during the quarter. Northwestern Mutual Wealth Management Co.'s holdings in Southern Copper were worth $8,917,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of SCCO. Capital World Investors raised its holdings in shares of Southern Copper by 36.1% in the 3rd quarter. Capital World Investors now owns 6,437,608 shares of the basic materials company's stock worth $781,268,000 after purchasing an additional 1,708,693 shares during the period. Man Group plc raised its holdings in Southern Copper by 65.4% during the 2nd 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 period. Schroder Investment Management Group raised its holdings in Southern Copper by 54.6% during the 3rd 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 period. Bank of Montreal Can raised its holdings in Southern Copper by 187.2% during the 3rd 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 period. Finally, BNP Paribas Financial Markets raised its holdings in Southern Copper by 81.5% during the 2nd quarter. BNP Paribas Financial Markets now owns 286,282 shares of the basic materials company's stock valued at $28,963,000 after acquiring an additional 128,512 shares during the period. Institutional investors own 7.94% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. UBS Group boosted their target price on shares of Southern Copper from $140.00 to $145.00 and gave the company a "sell" rating in a report on Thursday. Morgan Stanley boosted their target price on shares of Southern Copper from $155.00 to $160.00 and gave the company an "underweight" rating in a report on Thursday, April 9th. Bank of America cut shares of Southern Copper from a "neutral" rating to an "underperform" rating and boosted their target price for the company from $162.00 to $175.00 in a report on Thursday, February 26th. JPMorgan Chase & Co. boosted their target price on shares of Southern Copper from $117.50 to $127.00 and gave the company an "underweight" rating in a report on Friday, April 10th. Finally, Scotiabank reissued an "underperform" rating and set a $135.00 target price (up from $133.00) on shares of Southern Copper in a report on Friday, May 15th. Two analysts have rated the stock with a Buy rating, four have issued a Hold rating and eight have given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Reduce" and an average price target of $145.14.

Insider Buying and Selling at Southern Copper

In other news, Director Bonilla Luis Miguel Palomino sold 193 shares of the company's stock in a transaction on Friday, March 13th. The shares were 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 of the company's stock, valued at approximately $298,042.20. This represents a 10.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold a total of 300 shares of company stock valued at $52,848 over the last quarter. Corporate insiders own 0.07% of the company's stock.

Southern Copper Trading Up 3.0%

Southern Copper stock opened at $179.38 on Friday. The stock has a market cap of $146.93 billion, a P/E ratio of 29.65, a PEG ratio of 1.72 and a beta of 1.07. Southern Copper Corporation has a fifty-two week low of $88.73 and a fifty-two week high of $223.88. The firm's fifty day moving average price is $177.83 and its 200-day moving average price is $169.33. The company has a debt-to-equity ratio of 0.57, a quick ratio of 3.89 and a current ratio of 4.38.

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 for the quarter, topping the consensus estimate of $1.88 by $0.04. The firm had revenue of $4.25 billion for the quarter, compared to analysts' expectations of $3.96 billion. Southern Copper had a net margin of 34.13% and a return on equity of 45.63%. Equities research analysts forecast that Southern Copper Corporation will post 6.93 earnings per share for the current fiscal year.

Southern Copper Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 29th. Stockholders of record on Wednesday, May 13th will be issued a $1.00 dividend. The ex-dividend date of this dividend is Wednesday, May 13th. This represents a $4.00 annualized dividend and a dividend yield of 2.2%. 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.

Want to see what other hedge funds are holding SCCO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Southern Copper Corporation (NYSE:SCCO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.