SEB Asset Management AB Invests $17.96 Million in Southern Copper Corporation $SCCO

Key Points

• SEB Asset Management AB disclosed a new position in Southern Copper, buying 104,404 shares worth about $17.96 million in the first quarter.
• Southern Copper announced a stock split set for August 11 and also raised its quarterly dividend to $1.10 per share, up from $1.00, for an annualized yield of about 2.5%.
• Analysts remain mixed on SCCO: the stock carries an average rating of “Reduce” with an average price target of $148.10, though some firms recently raised targets or upgraded the stock.

SEB Asset Management AB acquired a new stake in Southern Copper Corporation (NYSE:SCCO - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 104,404 shares of the basic materials company's stock, valued at approximately $17,964,000.

A number of other large investors have also added to or reduced their stakes in the business. SHP Wealth Management bought a new stake in Southern Copper during the 4th quarter worth approximately $25,000. Lloyd Advisory Services LLC. bought a new position in shares of Southern Copper during the fourth quarter valued at $29,000. Virtus Advisers LLC acquired a new position in shares of Southern Copper during the fourth quarter worth $29,000. Godfrey Financial Associates Inc. acquired a new position in shares of Southern Copper during the fourth quarter worth $30,000. Finally, IFP Advisors Inc grew its stake in shares of Southern Copper by 233.3% in the fourth quarter. IFP Advisors Inc now owns 230 shares of the basic materials company's stock worth $33,000 after purchasing an additional 161 shares during the last quarter. Institutional investors own 7.94% of the company's stock.

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 shares were sold at an average price of $177.82, for a total transaction of $35,564.00. Following the transaction, the director directly owned 1,807 shares of the company's stock, valued at $321,320.74. This represents a 9.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 404 shares of company stock worth $74,108 over the last 90 days. 0.07% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

SCCO has been the subject of a number of recent research reports. JPMorgan Chase & Co. increased their price objective on Southern Copper from $127.00 to $131.50 and gave the company an "underweight" rating in a report on Wednesday, June 17th. Wall Street Zen upgraded Southern Copper from a "hold" rating to a "buy" rating in a research report on Saturday, June 27th. UBS Group reissued a "sell" rating and issued a $160.00 price target (up from $145.00) on shares of Southern Copper in a research note on Tuesday, June 30th. Barclays restated an "underweight" rating and set a $160.00 price objective (up from $148.00) on shares of Southern Copper in a research report on Wednesday, July 15th. Finally, The Goldman Sachs Group raised Southern Copper from a "sell" rating to a "neutral" rating and set a $178.00 price objective on the stock in a research note on Friday, April 10th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, three have issued a Hold rating and seven have given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Reduce" and an average price target of $148.10.

Southern Copper Price Performance

Shares of SCCO opened at $175.20 on Tuesday. Southern Copper Corporation has a 52-week low of $88.73 and a 52-week high of $223.88. The company has a debt-to-equity ratio of 0.57, a quick ratio of 3.89 and a current ratio of 4.38. The business's 50 day moving average price is $180.83 and its two-hundred day moving average price is $182.47. The firm has a market cap of $144.73 billion, a PE ratio of 28.96, a price-to-earnings-growth ratio of 1.47 and a beta of 1.11.

Southern Copper's stock is set to split before the market opens on Tuesday, August 11th. The 1.012-1 split was recently announced. The newly issued shares will be payable to shareholders after the closing bell on Monday, August 10th.

Southern Copper Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Tuesday, August 11th will be given a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Tuesday, August 11th. This is a boost from Southern Copper's previous quarterly dividend of $1.00. 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.

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