Ramirez Asset Management Inc. Trims Position in Southern Copper Corporation $SCCO

Key Points

• Ramirez Asset Management cut its Southern Copper stake by 38.7% in the fourth quarter, selling 17,023 shares and leaving it with 26,931 shares valued at about $3.86 million.
• Southern Copper reported strong quarterly results, with earnings of $1.92 per share topping estimates and revenue of $4.25 billion beating expectations. Analysts still expect the company to generate 7.25 EPS for the full fiscal year.
• The company paid a $1.00 quarterly dividend recently, equal to an annualized $4.00 per share and a yield of about 2.3%. Despite that, analyst sentiment remains cautious, with an average rating of "Reduce" and an average price target of $145.14.

Ramirez Asset Management Inc. lessened its holdings in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) by 38.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 26,931 shares of the basic materials company's stock after selling 17,023 shares during the quarter. Ramirez Asset Management Inc.'s holdings in Southern Copper were worth $3,864,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. Capital World Investors increased its holdings in shares of 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 worth $781,268,000 after buying an additional 1,708,693 shares during the last quarter. Norges Bank acquired a new stake in shares of Southern Copper during the 4th quarter worth $97,645,000. Man Group plc increased its holdings 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 buying an additional 184,641 shares during the last quarter. Schroder Investment Management Group increased its holdings in shares of 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 buying an additional 178,350 shares during the last quarter. Finally, Bank of Montreal Can increased its holdings in shares of 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 worth $26,582,000 after buying an additional 142,780 shares during the last quarter. Hedge funds and other institutional investors own 7.94% of the company's stock.

Southern Copper Stock Down 10.7%

Shares of NYSE SCCO opened at $173.41 on Friday. Southern Copper Corporation has a 12-month low of $88.73 and a 12-month high of $223.88. The company has a market cap of $142.04 billion, a P/E ratio of 28.66, a P/E/G ratio of 1.63 and a beta of 1.09. The company has a current ratio of 4.38, a quick ratio of 3.89 and a debt-to-equity ratio of 0.57. The stock has a fifty day moving average price of $182.30 and a 200 day moving average price of $173.32.

Southern Copper (NYSE:SCCO - Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The basic materials company reported $1.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.88 by $0.04. Southern Copper had a return on equity of 45.63% and a net margin of 34.13%.The firm had revenue of $4.25 billion during the quarter, compared to the consensus estimate of $3.96 billion. Research analysts anticipate that Southern Copper Corporation will post 7.25 EPS for the current fiscal year.

Southern Copper Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Wednesday, May 13th were issued a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 2.3%. The ex-dividend date was Wednesday, May 13th. Southern Copper's dividend payout ratio is currently 66.12%.

Analyst Ratings Changes

A number of analysts have recently commented on SCCO shares. Barclays started coverage on Southern Copper in a report on Thursday, May 21st. They set an "underweight" rating and a $148.00 price objective for the company. Morgan Stanley upped their price objective on Southern Copper from $155.00 to $160.00 and gave the stock an "underweight" rating in a report on Thursday, April 9th. UBS Group upped their price objective on Southern Copper from $140.00 to $145.00 and gave the stock a "sell" rating in a report on Thursday, May 21st. Wells Fargo & Company set a $171.00 price objective on Southern Copper and gave the stock an "equal weight" rating in a report on Friday, May 1st. Finally, Scotiabank restated an "underperform" rating and set a $135.00 price objective (up from $133.00) on shares of Southern Copper in a report on Friday, May 15th. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and eight have issued a Sell rating to the stock. According to MarketBeat, Southern Copper currently has an average rating of "Reduce" and an average target price of $145.14.

Insider Transactions at Southern Copper

In related news, Director Bonilla Luis Miguel Palomino sold 200 shares of the stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $177.82, for a total value of $35,564.00. Following the completion of the sale, the director directly owned 1,807 shares in the company, valued at approximately $321,320.74. This represents a 9.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last three months, insiders sold 604 shares of company stock valued at $109,136. 0.07% of the stock is currently owned by corporate insiders.

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.

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