Southern Copper Corporation $SCCO Shares Acquired by US Bancorp DE

Key Points

• US Bancorp DE raised its stake in Southern Copper by 16.2%, buying 10,360 shares to hold 74,484 shares valued at about $10.69 million in the fourth-quarter 13F filing.
• Southern Copper beat quarterly estimates with EPS of $1.92 (vs. $1.88 expected) and revenue of $4.25B, and announced a $1.00 quarterly dividend (ex-dividend May 13, payable May 29) alongside a 1.01-for-1 stock split effective May 13.
• Wall Street has a consensus "Reduce" rating with an average price target of $144.25 (below the recent share price), while insiders sold roughly 9,526 shares (~$1.99M) and now own just 0.07% of the stock.

US Bancorp DE lifted its position in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) by 16.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 74,484 shares of the basic materials company's stock after buying an additional 10,360 shares during the period. US Bancorp DE's holdings in Southern Copper were worth $10,687,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Hopwood Financial Services Inc. acquired a new stake in Southern Copper in the 3rd quarter valued at $25,000. Caitlin John LLC acquired a new stake in Southern Copper in the 3rd quarter valued at $30,000. United Community Bank acquired a new stake in Southern Copper in the 3rd quarter valued at $30,000. Bayforest Capital Ltd acquired a new stake in Southern Copper in the 4th quarter valued at $38,000. Finally, Flagship Harbor Advisors LLC acquired a new stake in Southern Copper in the 4th quarter valued at $46,000. 7.94% of the stock is currently owned by institutional investors and hedge funds.

Southern Copper Stock Performance

NYSE:SCCO opened at $171.08 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 3.89 and a quick ratio of 3.40. The firm has a 50-day moving average of $184.14 and a two-hundred day moving average of $164.67. The stock has a market cap of $140.13 billion, a P/E ratio of 28.28, a PEG ratio of 1.73 and a beta of 1.07. Southern Copper Corporation has a 1-year low of $86.59 and a 1-year high of $223.88.

Southern Copper's stock is set to split on the morning of Wednesday, May 13th. The 1.01-1 split was recently announced. The newly created shares will be issued to shareholders after the market closes on Tuesday, May 12th.

Southern Copper (NYSE:SCCO - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The basic materials company reported $1.92 earnings per share for the quarter, beating analysts' consensus estimates of $1.88 by $0.04. The company had revenue of $4.25 billion during 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%. On average, research analysts expect that Southern Copper Corporation will post 6.77 earnings per share for the current fiscal year.

Southern Copper Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 29th. Shareholders of record on Wednesday, May 13th will be given 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 dividend payout ratio is presently 66.12%.

Insider Transactions at Southern Copper

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 193 shares of the company's stock in a transaction dated Friday, March 13th. The shares were sold at an average price of $174.60, for a total value of $33,697.80. Following the completion of the transaction, the director directly owned 1,707 shares of the company's stock, valued at $298,042.20. This represents a 10.16% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Lerdo De Tejada Leon Contreras sold 9,326 shares of the company's stock in a transaction dated 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 completion of the transaction, the director directly owned 605 shares of the company's stock, valued at approximately $126,783.04. The trade was a 93.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 9,526 shares of company stock valued at $1,989,373. 0.07% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts recently issued reports on SCCO shares. JPMorgan Chase & Co. increased their price target on Southern Copper from $117.50 to $127.00 and gave the company an "underweight" rating in a report on Friday, April 10th. The Goldman Sachs Group upgraded Southern Copper from a "sell" rating to a "neutral" rating and set a $178.00 price target for the company in a report on Friday, April 10th. Wells Fargo & Company set a $171.00 price target on Southern Copper and gave the company an "equal weight" rating in a report on Friday. Morgan Stanley increased their price target on Southern Copper from $155.00 to $160.00 and gave the company an "underweight" rating in a report on Thursday, April 9th. Finally, Scotiabank reiterated an "underperform" rating and issued a $133.00 price target (up from $125.00) on shares of Southern Copper in a report on Thursday, April 23rd. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and seven have assigned a Sell rating to the stock. According to MarketBeat.com, Southern Copper has a consensus rating of "Reduce" and an average price target of $144.25.

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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