Southern Copper Corporation $SCCO Shares Sold by Bollard Group LLC

Key Points

• Bollard Group LLC reduced its Southern Copper stake by 15.1% in the fourth quarter, selling 134,764 shares and leaving it with 756,187 shares worth about $108.6 million.
• Southern Copper reported better-than-expected quarterly results, with earnings per share of $1.92 versus $1.88 expected and revenue of $4.25 billion versus $3.96 billion estimated.
• The company also paid a quarterly dividend of $1.00 per share, equal to an annualized yield of 2.1%, while analysts currently rate the stock a consensus “Reduce” with an average price target of $145.14.

Bollard Group LLC cut its position in Southern Copper Corporation (NYSE:SCCO - Free Report) by 15.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 756,187 shares of the basic materials company's stock after selling 134,764 shares during the quarter. Southern Copper accounts for about 2.7% of Bollard Group LLC's portfolio, making the stock its 8th largest holding. Bollard Group LLC owned about 0.09% of Southern Copper worth $108,601,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Intech Investment Management LLC grew its holdings in shares of Southern Copper by 0.8% during the 4th quarter. Intech Investment Management LLC now owns 6,030 shares of the basic materials company's stock valued at $865,000 after purchasing an additional 50 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al grew its holdings in shares of Southern Copper by 0.8% during the 4th quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 6,072 shares of the basic materials company's stock valued at $871,000 after purchasing an additional 51 shares during the last quarter. Steel Grove Capital Advisors LLC grew its holdings in shares of Southern Copper by 1.8% during the 4th quarter. Steel Grove Capital Advisors LLC now owns 2,910 shares of the basic materials company's stock valued at $417,000 after purchasing an additional 52 shares during the last quarter. Ensign Peak Advisors Inc grew its holdings in shares of Southern Copper by 0.8% during the 4th quarter. Ensign Peak Advisors Inc now owns 6,379 shares of the basic materials company's stock valued at $915,000 after purchasing an additional 53 shares during the last quarter. Finally, Correct Capital Wealth Management grew its holdings in shares of Southern Copper by 0.8% during the 4th quarter. Correct Capital Wealth Management now owns 6,422 shares of the basic materials company's stock valued at $921,000 after purchasing an additional 54 shares during the last quarter. 7.94% of the stock is currently owned by institutional investors and hedge funds.

Southern Copper Trading Up 4.2%

SCCO opened at $189.72 on Friday. Southern Copper Corporation has a fifty-two week low of $88.73 and a fifty-two week high of $223.88. The company has a debt-to-equity ratio of 0.57, a current ratio of 4.38 and a quick ratio of 3.89. The firm has a market capitalization of $155.40 billion, a price-to-earnings ratio of 31.36, a PEG ratio of 1.79 and a beta of 1.09. The company's 50 day moving average price is $183.38 and its two-hundred day moving average price is $175.21.

Southern Copper (NYSE:SCCO - Get Free Report) last posted its earnings results on Wednesday, April 29th. The basic materials company reported $1.92 earnings per share for the quarter, topping analysts' consensus estimates of $1.88 by $0.04. Southern Copper had a net margin of 34.13% and a return on equity of 45.63%. The firm had revenue of $4.25 billion for the quarter, compared to analyst estimates of $3.96 billion. As a group, research analysts predict that Southern Copper Corporation will post 7.25 earnings per share for the current year.

Southern Copper Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Wednesday, May 13th were issued a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend was Wednesday, May 13th. Southern Copper's payout ratio is presently 66.12%.

Insiders Place Their Bets

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 200 shares of the business's stock in a transaction that occurred 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 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 position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last 90 days, insiders have sold 404 shares of company stock worth $74,108. Insiders own 0.07% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Barclays assumed coverage on shares of Southern Copper in a report on Thursday, May 21st. They set an "underweight" rating and a $148.00 price target on the stock. The Goldman Sachs Group raised shares of Southern Copper from a "sell" rating to a "neutral" rating and set a $178.00 price target on the stock in a report on Friday, April 10th. Wall Street Zen lowered shares of Southern Copper from a "buy" rating to a "hold" rating in a report on Saturday, May 16th. JPMorgan Chase & Co. lifted their price target on shares of Southern Copper from $117.50 to $127.00 and gave the company an "underweight" rating in a report on Friday, April 10th. Finally, Bank of America lowered shares of Southern Copper from a "neutral" rating to an "underperform" rating and lifted their price target for the company from $162.00 to $175.00 in a report on Thursday, February 26th. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and eight have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Reduce" and an average price target of $145.14.

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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