Pictet Asset Management Holding SA Has $25.26 Million Stock Position in Southern Copper Corporation $SCCO

Key Points

• Pictet Asset Management raised its stake in Southern Copper by 20.6% in Q4 to 176,044 shares, worth about $25.26 million.
• Corporate actions: Southern Copper will complete a 1.01-for-1 stock split on May 13 and declared a $1.00 quarterly dividend (annualized $4.00, ~2.3% yield) payable May 29 to shareholders of record May 13.
• Southern Copper beat quarterly estimates with EPS of $1.92 versus $1.88 expected and revenue of $4.25B vs. $3.96B, while trading at a market cap of $140.6B and a P/E of 28.38; the company reported a 34.13% net margin and 47.03% ROE.

Pictet Asset Management Holding SA raised its position in Southern Copper Corporation (NYSE:SCCO - Free Report) by 20.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 176,044 shares of the basic materials company's stock after acquiring an additional 30,027 shares during the quarter. Pictet Asset Management Holding SA's holdings in Southern Copper were worth $25,257,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Capital World Investors lifted its holdings in Southern Copper by 36.1% during the 3rd quarter. Capital World Investors now owns 6,437,608 shares of the basic materials company's stock valued at $781,268,000 after purchasing an additional 1,708,693 shares during the last quarter. Man Group plc grew its position in shares of Southern Copper by 65.4% during the 2nd quarter. Man Group plc now owns 467,119 shares of the basic materials company's stock worth $47,258,000 after purchasing an additional 184,641 shares in the last quarter. Schroder Investment Management Group increased its stake 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 worth $61,321,000 after acquiring an additional 178,350 shares during the period. Bank of Montreal Can lifted its position in Southern Copper by 187.2% during the third quarter. Bank of Montreal Can now owns 219,038 shares of the basic materials company's stock worth $26,582,000 after purchasing an additional 142,780 shares during the period. Finally, BNP Paribas Financial Markets raised its position in Southern Copper by 81.5% during the second quarter. BNP Paribas Financial Markets now owns 286,282 shares of the basic materials company's stock valued at $28,963,000 after purchasing an additional 128,512 shares in the last quarter. 7.94% of the stock is owned by institutional investors and hedge funds.

Southern Copper Stock Up 1.9%

Shares of NYSE SCCO opened at $171.68 on Friday. The business has a 50-day simple moving average of $184.14 and a two-hundred day simple moving average of $164.44. The company has a market cap of $140.62 billion, a P/E ratio of 28.38, a P/E/G ratio of 1.70 and a beta of 1.16. Southern Copper Corporation has a 52 week low of $86.59 and a 52 week high of $223.88. The company has a quick ratio of 3.40, a current ratio of 3.89 and a debt-to-equity ratio of 0.61.

Southern Copper shares are set to split on Wednesday, May 13th. The 1.01-1 split was recently announced. The newly issued shares will be issued to shareholders after the market closes on Tuesday, May 12th.

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 47.03%. Research analysts anticipate that Southern Copper Corporation will post 6.77 earnings per share for the current fiscal year.

Southern Copper Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 29th. Shareholders of record on Wednesday, May 13th will be paid a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend is Wednesday, May 13th. Southern Copper's payout ratio is currently 75.19%.

Insider Buying and Selling at Southern Copper

In related news, Director Lerdo De Tejada Leon Contreras sold 9,326 shares of the company's stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $209.56, for a total value of $1,954,344.91. Following the completion of the transaction, the director directly owned 605 shares in the company, valued at approximately $126,783.04. The trade was a 93.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Bonilla Luis Miguel Palomino sold 193 shares of the company's stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $174.60, for a total value of $33,697.80. Following the completion of the transaction, the director owned 1,707 shares of the company's stock, valued at $298,042.20. The trade was a 10.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 9,526 shares of company stock valued at $1,989,373 over the last quarter. 0.07% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on SCCO. Scotiabank restated an "underperform" rating and issued a $133.00 target price (up from $125.00) on shares of Southern Copper in a research report on Thursday, April 23rd. Bank of America downgraded shares of Southern Copper from a "neutral" rating to an "underperform" rating and lifted their price target for the company from $162.00 to $175.00 in a research note on Thursday, February 26th. Wells Fargo & Company set a $186.00 price target on shares of Southern Copper and gave the company an "equal weight" rating in a research note on Wednesday, April 15th. Citigroup reiterated a "sell" rating on shares of Southern Copper in a report on Monday, January 12th. Finally, JPMorgan Chase & Co. upped their price target on Southern Copper from $117.50 to $127.00 and gave the stock an "underweight" rating in a report on Friday, April 10th. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and seven have issued a Sell rating to the company's stock. According to data from MarketBeat.com, Southern Copper presently has an average rating of "Reduce" and a consensus price target of $145.61.

Southern Copper 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.

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.