Nykredit A S Invests $13.69 Million in Southern Copper Corporation $SCCO

Key Points

• Nykredit A/S acquired 78,554 Southern Copper shares during the second quarter, valued at approximately $13.69 million. Other major institutions, including BlackRock and Bank of America, also initiated or increased positions.
• Wall Street sentiment remains cautious: Southern Copper has a consensus rating of “Reduce”, with three Buy, five Hold, and seven Sell ratings and an average price target of $146.84.
• Southern Copper exceeded quarterly EPS expectations, reporting $1.99 versus $1.93 expected, while revenue rose 40.6% year over year. The company also increased its quarterly dividend to $1.10, equivalent to a 2.2% annual yield.

Nykredit A S acquired a new stake in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 78,554 shares of the basic materials company's stock, valued at approximately $13,689,000.

Other large investors have also bought and sold shares of the company. BlackRock Inc. purchased a new stake in Southern Copper in the 2nd quarter worth about $1,729,500,000. Fisher Asset Management LLC raised its position in shares of Southern Copper by 0.3% in the fourth quarter. Fisher Asset Management LLC now owns 2,536,228 shares of the basic materials company's stock valued at $363,873,000 after purchasing an additional 7,194 shares during the period. Bank of America Corp DE purchased a new stake in shares of Southern Copper during the 2nd quarter valued at approximately $318,448,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Southern Copper by 2.2% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,290,648 shares of the basic materials company's stock worth $224,908,000 after buying an additional 27,744 shares during the period. Finally, Bollard Group LLC boosted its holdings in Southern Copper by 14.0% in the 1st quarter. Bollard Group LLC now owns 861,950 shares of the basic materials company's stock worth $148,307,000 after buying an additional 105,763 shares during the period. 7.94% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SCCO has been the topic of a number of analyst reports. Barclays set a $164.03 target price on shares of Southern Copper and gave the company an "underweight" rating in a report on Thursday, July 23rd. UBS Group reissued a "sell" rating and set a $158.10 price objective (up from $143.28) on shares of Southern Copper in a report on Tuesday, June 30th. Wall Street Zen downgraded Southern Copper from a "buy" rating to a "hold" rating in a research note on Saturday, August 1st. JPMorgan Chase & Co. lifted their target price on Southern Copper from $125.49 to $129.94 and gave the company an "underweight" rating in a report on Wednesday, June 17th. Finally, Scotiabank reiterated an "underperform" rating and set a $138.34 price target (up from $133.40) on shares of Southern Copper in a research report on Monday, June 15th. Three analysts have rated the stock with a Buy rating, five have issued a Hold rating and seven have given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Reduce" and a consensus target price of $146.84.

Southern Copper Trading Down 0.1%

Shares of SCCO stock opened at $195.91 on Friday. The company has a market capitalization of $163.46 billion, a PE ratio of 28.64, a price-to-earnings-growth ratio of 1.75 and a beta of 1.14. Southern Copper Corporation has a 52-week low of $108.34 and a 52-week high of $223.88. The business's fifty day moving average is $192.79 and its 200 day moving average is $183.66. The company has a debt-to-equity ratio of 0.63, a quick ratio of 4.56 and a current ratio of 5.06.

Southern Copper (NYSE:SCCO - Get Free Report) last posted its earnings results on Wednesday, July 22nd. The basic materials company reported $1.99 EPS for the quarter, topping the consensus estimate of $1.93 by $0.06. Southern Copper had a return on equity of 49.04% and a net margin of 35.87%.The business had revenue of $4.29 billion during the quarter, compared to analysts' expectations of $4.37 billion. The firm's revenue was up 40.6% on a year-over-year basis. On average, equities research analysts anticipate that Southern Copper Corporation will post 7.83 EPS for the current fiscal year.

Southern Copper Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 27th. Investors of record on Tuesday, August 11th were paid a $1.10 dividend. This is an increase from Southern Copper's previous quarterly dividend of $1.00. This represents a $4.40 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend was Tuesday, August 11th. Southern Copper's payout ratio is 64.33%.

Insider Transactions at Southern Copper

In other Southern Copper news, Director Luis Palomino Bonilla sold 202 shares of the business's stock in a transaction that occurred on 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 transaction, the director owned 1,723 shares of the company's stock, valued at $339,066.65. The trade was a 10.49% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 604 shares of company stock worth $118,077 in the last three months. Insiders own 0.07% of the company's stock.

About Southern Copper

Southern Copper Corporation NYSE: SCCO is an integrated copper producer engaged in the exploration, mining, processing, smelting and refining of minerals. The company produces copper in the form of cathodes, concentrates and anodes, along with byproducts including molybdenum, zinc, silver, lead and sulfuric acid.

Southern Copper operates mining and processing facilities in Mexico and Peru. Its principal Mexican operations include the Buenavista del Cobre and La Caridad mining complexes, while its Peruvian operations include the Toquepala and Cuajone mines and the Ilo smelter and refinery.

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