Southern Copper Corporation $SCCO Shares Bought by USS Investment Management Ltd

Key Points

• USS Investment Management Ltd sharply increased its stake in Southern Copper by 904.8% in the fourth quarter, ending with 301,655 shares worth about $43.3 million.
• Southern Copper reported better-than-expected quarterly results, with earnings of $1.92 per share on revenue of $4.25 billion, both topping analyst estimates.
• The company also paid a $1.00 quarterly dividend, equal to a 2.1% annualized yield, while analysts currently have a consensus rating of “Reduce” and a price target of $145.14.

USS Investment Management Ltd grew its stake in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) by 904.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 301,655 shares of the basic materials company's stock after purchasing an additional 271,634 shares during the quarter. USS Investment Management Ltd's holdings in Southern Copper were worth $43,272,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of SCCO. Lloyd Advisory Services LLC. acquired a new position in shares of Southern Copper during the fourth quarter worth about $29,000. Virtus Advisers LLC acquired a new position in shares of Southern Copper during the fourth quarter worth about $29,000. Caitlin John LLC acquired a new position in shares of Southern Copper during the third quarter worth about $30,000. Godfrey Financial Associates Inc. acquired a new position in shares of Southern Copper during the fourth quarter worth about $30,000. Finally, IFP Advisors Inc lifted its stake in shares of Southern Copper by 233.3% during 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 in the last quarter. Institutional investors and hedge funds own 7.94% of the company's stock.

Southern Copper Stock Down 0.0%

Shares of Southern Copper stock opened at $189.72 on Monday. The company has a quick ratio of 3.89, a current ratio of 4.38 and a debt-to-equity ratio of 0.57. The firm has a market cap of $155.40 billion, a P/E ratio of 31.36, a P/E/G ratio of 1.79 and a beta of 1.09. Southern Copper Corporation has a fifty-two week low of $88.73 and a fifty-two week high of $223.88. The business has a 50-day moving average price of $183.38 and a 200 day moving average price of $175.56.

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

Southern Copper Dividend Announcement

The company also recently disclosed 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 2.1%. The ex-dividend date of this dividend was Wednesday, May 13th. Southern Copper's payout ratio is currently 66.12%.

Wall Street Analysts Forecast Growth

SCCO has been the topic of a number of analyst reports. Wall Street Zen lowered Southern Copper from a "buy" rating to a "hold" rating in a research report on Saturday, May 16th. The Goldman Sachs Group raised Southern Copper from a "sell" rating to a "neutral" rating and set a $178.00 target price on the stock in a research report on Friday, April 10th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Southern Copper in a research report on Friday, March 27th. UBS Group lifted their target price on Southern Copper from $140.00 to $145.00 and gave the stock a "sell" rating in a research report on Thursday, May 21st. Finally, Barclays initiated coverage on Southern Copper in a research report on Thursday, May 21st. They set an "underweight" rating and a $148.00 target price on the stock. Two analysts have rated the stock with a Buy rating, four have issued a Hold rating and eight have given a Sell rating to the stock. Based on data from MarketBeat.com, Southern Copper has an average rating of "Reduce" and a consensus price target of $145.14.

Insiders Place Their Bets

In related news, Director Bonilla Luis Miguel Palomino sold 200 shares of the business's stock in a transaction dated 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 of the company's stock, valued at $321,320.74. The trade was a 9.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders sold 404 shares of company stock valued at $74,108 over the last three months. 0.07% of the stock is owned by insiders.

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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