Southern Copper Corporation $SCCO Stock: Ashoka WhiteOak Capital Pte Ltd Boosts Holdings

Key Points

• Ashoka WhiteOak Capital increased its Southern Copper stake by 166.9% in the third quarter, bringing its holdings to 78,290 shares valued at approximately $15.9 million. Other institutional investors also added positions, though institutions collectively own just 7.94% of the stock.
• Southern Copper beat quarterly expectations, reporting $2.15 in EPS and $4.70 billion in revenue, while also raising its quarterly dividend to $1.30, or $5.20 annualized, for a 2.7% yield.
• Analyst sentiment remains cautious: the stock carries an average “Reduce” rating, with 13 analysts’ average price target at $160.95 versus a reported share price of $191.70. Shares were also scheduled for a 1.0106-for-1 split.

Ashoka WhiteOak Capital Pte Ltd raised its holdings in Southern Copper Corporation (NYSE:SCCO - Free Report) by 166.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 78,290 shares of the basic materials company's stock after purchasing an additional 48,957 shares during the quarter. Southern Copper accounts for approximately 4.6% of Ashoka WhiteOak Capital Pte Ltd's investment portfolio, making the stock its 5th biggest holding. Ashoka WhiteOak Capital Pte Ltd's holdings in Southern Copper were worth $15,858,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Southern Copper in the second quarter valued at $1,078,000. Fund Advisors of America Inc FL acquired a new position in shares of Southern Copper in the second quarter worth about $870,000. RFG Advisory LLC boosted its stake in shares of Southern Copper by 143.7% during the 2nd quarter. RFG Advisory LLC now owns 21,727 shares of the basic materials company's stock worth $3,786,000 after acquiring an additional 12,811 shares in the last quarter. HighTower Advisors LLC boosted its stake in shares of Southern Copper by 11.9% during the 2nd quarter. HighTower Advisors LLC now owns 58,421 shares of the basic materials company's stock worth $10,180,000 after acquiring an additional 6,195 shares in the last quarter. Finally, Equitable Holdings Inc. acquired a new stake in shares of Southern Copper during the 2nd quarter valued at about $505,000. 7.94% of the stock is owned by institutional investors and hedge funds.

Southern Copper Price Performance

Shares of Southern Copper stock opened at $191.70 on Friday. The stock has a market capitalization of $159.94 billion, a P/E ratio of 25.38, a PEG ratio of 1.79 and a beta of 1.11. The business has a 50 day simple moving average of $201.36 and a two-hundred day simple moving average of $187.47. Southern Copper Corporation has a 12 month low of $119.25 and a 12 month high of $223.88. The company has a debt-to-equity ratio of 0.63, a current ratio of 5.06 and a quick ratio of 4.56.

Southern Copper shares are scheduled to split before the market opens on Tuesday, November 3rd. The 1.0106-1 split was recently announced. The newly minted shares will be issued to shareholders after the closing bell on Monday, November 2nd.

Southern Copper (NYSE:SCCO - Get Free Report) last issued its quarterly earnings results on Wednesday, October 21st. The basic materials company reported $2.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.03 by $0.12. Southern Copper had a return on equity of 53.46% and a net margin of 37.16%. The firm had revenue of $4.70 billion for the quarter, compared to analyst estimates of $4.49 billion. During the same period in the previous year, the company posted $1.35 earnings per share. As a group, analysts predict that Southern Copper Corporation will post 8.03 EPS for the current fiscal year.

Southern Copper Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 19th. Shareholders of record on Tuesday, November 3rd will be issued a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Tuesday, November 3rd. This is an increase from Southern Copper's previous quarterly dividend of $1.10. Southern Copper's payout ratio is 57.59%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on SCCO. UBS Group reaffirmed a "sell" rating and issued a $180.00 price target (up from $160.00) on shares of Southern Copper in a report on Thursday, October 8th. Wells Fargo & Company set a $193.00 target price on Southern Copper and gave the stock an "equal weight" rating in a research note on Friday, October 23rd. Citigroup restated a "positive" rating on shares of Southern Copper in a research report on Wednesday, July 15th. Wall Street Zen raised shares of Southern Copper from a "hold" rating to a "buy" rating in a report on Saturday, October 10th. Finally, CICC Research downgraded shares of Southern Copper to a "market perform" rating in a report on Sunday, July 26th. 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 company. Based on data from MarketBeat, the stock has an average rating of "Reduce" and an average price target of $160.95.

Insiders Place Their Bets

In other Southern Copper news, Director Luis Palomino Bonilla sold 202 shares of Southern Copper stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $196.79, for a total transaction of $39,751.28. Following the sale, the director owned 1,723 shares of the company's stock, valued at $339,066.65. The trade was a 10.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last 90 days, insiders sold 603 shares of company stock valued at $120,213. Company insiders own 0.07% of the company's stock.

Southern Copper Profile

Southern Copper Corporation NYSE: SCCO is a mining and metals company engaged primarily in the exploration, development, extraction, processing and production of copper. The company also produces molybdenum, zinc, silver and lead, along with related byproducts. Its operations include open-pit mines, underground mines, concentrators, smelters, refineries and other processing facilities.

Southern Copper operates mainly in Peru and Mexico. Its Peruvian assets include the Toquepala and Cuajone copper mines, while its Mexican operations include the Buenavista del Cobre and La Caridad mines, as well as associated processing and infrastructure facilities.

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