Pinpoint Asset Management Singapore Pte. Ltd. Purchases 8,724 Shares of Southern Copper Corporation $SCCO

Key Points

• Pinpoint Asset Management Singapore boosted its stake in Southern Copper by 8,812.1% in Q3, purchasing 8,724 shares and ending the period with 8,823 shares valued at about $1.071 million.
• Analyst sentiment is negative: Southern Copper has a consensus rating of "Reduce" with an average price target of $139.99, driven by multiple sell and underperform calls.
• Southern Copper raised its quarterly dividend to $1.00 (from $0.90), equal to a $4.00 annualized dividend and roughly a 2.2% yield, with a payout ratio of about 75.2%.

Pinpoint Asset Management Singapore Pte. Ltd. increased its position in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) by 8,812.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,823 shares of the basic materials company's stock after purchasing an additional 8,724 shares during the period. Pinpoint Asset Management Singapore Pte. Ltd.'s holdings in Southern Copper were worth $1,071,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Rakuten Investment Management Inc. bought a new position in shares of Southern Copper during the third quarter worth $2,976,000. Legal & General Group Plc increased its holdings in Southern Copper by 4.3% in the 2nd quarter. Legal & General Group Plc now owns 941,712 shares of the basic materials company's stock valued at $95,273,000 after acquiring an additional 38,856 shares during the last quarter. Nordea Investment Management AB lifted its stake in Southern Copper by 5.7% in the 3rd quarter. Nordea Investment Management AB now owns 148,484 shares of the basic materials company's stock worth $17,778,000 after purchasing an additional 7,995 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Southern Copper by 2,631.9% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,441 shares of the basic materials company's stock valued at $1,631,000 after purchasing an additional 12,949 shares during the last quarter. Finally, Alps Advisors Inc. grew its position in shares of Southern Copper by 54.2% during the third quarter. Alps Advisors Inc. now owns 35,647 shares of the basic materials company's stock valued at $4,326,000 after purchasing an additional 12,532 shares in the last quarter. Hedge funds and other institutional investors own 7.94% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. The Goldman Sachs Group reissued a "sell" rating and set a $127.91 price target on shares of Southern Copper in a research note on Wednesday, January 14th. Scotiabank reaffirmed an "underperform" rating on shares of Southern Copper in a report on Tuesday, January 27th. Itau BBA Securities downgraded Southern Copper from a "market perform" rating to an "underperform" rating and set a $124.94 target price for the company. in a research report on Monday, December 22nd. Wall Street Zen lowered shares of Southern Copper from a "buy" rating to a "hold" rating in a report on Sunday, March 1st. Finally, Citigroup reaffirmed a "sell" rating on shares of Southern Copper in a research note on Monday, January 12th. Two research analysts have rated the stock with a Buy rating, three have given a Hold rating and eight have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Southern Copper currently has a consensus rating of "Reduce" and an average target price of $139.99.

Insiders Place Their Bets

In other Southern Copper news, Director Lerdo De Tejada Leon Contreras sold 9,326 shares of the business's stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $209.56, for a total transaction of $1,954,344.91. Following the transaction, the director owned 605 shares in the company, valued at $126,783.04. The trade was a 93.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.07% of the stock is owned by company insiders.

Southern Copper Price Performance

NYSE:SCCO opened at $184.64 on Monday. The firm has a market capitalization of $149.96 billion, a price-to-earnings ratio of 34.71, a PEG ratio of 1.91 and a beta of 1.03. Southern Copper Corporation has a 1 year low of $74.84 and a 1 year high of $223.88. The business has a 50 day simple moving average of $186.46 and a 200-day simple moving average of $146.39. The company has a debt-to-equity ratio of 0.61, a current ratio of 3.89 and a quick ratio of 3.40.

Southern Copper Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 27th. Shareholders of record on Tuesday, February 10th were paid a dividend of $1.00 per share. The ex-dividend date of this dividend was Tuesday, February 10th. This is a positive change from Southern Copper's previous quarterly dividend of $0.90. This represents a $4.00 annualized dividend and a yield of 2.2%. Southern Copper's payout ratio is presently 75.19%.

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.

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