Southern Copper Corporation $SCCO Stock Position Raised by Amundi

Key Points

• Amundi raised its Southern Copper stake by 3.6% in the first quarter, adding 15,664 shares to own 449,320 shares valued at approximately $77.3 million. Institutional investors collectively own 7.94% of the company.
• Southern Copper reported quarterly EPS of $2.01, beating estimates of $1.95, while revenue increased 40.6% year over year to $4.29 billion. The company also raised its quarterly dividend to $1.10 per share, implying a 2.4% yield.
• Analyst sentiment remains cautious, with the stock carrying a consensus “Reduce” rating and an average price target of $148.60 versus its recent price near $182.79. Southern Copper is also scheduled for a 1.012-for-1 share split on August 11.

Amundi increased its stake in Southern Copper Corporation (NYSE:SCCO - Free Report) by 3.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 449,320 shares of the basic materials company's stock after purchasing an additional 15,664 shares during the quarter. Amundi owned approximately 0.05% of Southern Copper worth $77,310,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of SCCO. EverSource Wealth Advisors LLC grew its holdings in shares of Southern Copper by 41.9% during the first quarter. EverSource Wealth Advisors LLC now owns 5,646 shares of the basic materials company's stock valued at $972,000 after buying an additional 1,667 shares in the last quarter. California State Teachers Retirement System increased its holdings in shares of Southern Copper by 0.4% in the 1st quarter. California State Teachers Retirement System now owns 252,524 shares of the basic materials company's stock valued at $43,449,000 after purchasing an additional 931 shares during the period. Royal Bank of Canada increased its holdings in shares of Southern Copper by 192.7% in the 1st quarter. Royal Bank of Canada now owns 108,462 shares of the basic materials company's stock valued at $18,662,000 after purchasing an additional 71,405 shares during the period. Empowered Funds LLC lifted its position in shares of Southern Copper by 896.1% in the first quarter. Empowered Funds LLC now owns 50,421 shares of the basic materials company's stock worth $8,676,000 after purchasing an additional 45,359 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its position in shares of Southern Copper by 4.9% in the first quarter. The Manufacturers Life Insurance Company now owns 32,315 shares of the basic materials company's stock worth $5,560,000 after purchasing an additional 1,509 shares in the last quarter. Institutional investors and hedge funds own 7.94% of the company's stock.

Insider Activity at Southern Copper

In related news, Director Bonilla Luis Miguel Palomino sold 200 shares of the firm's stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $177.82, for a total value of $35,564.00. Following the transaction, the director directly owned 1,807 shares of the company's stock, valued at approximately $321,320.74. This trade represents a 9.97% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Over the last quarter, insiders sold 504 shares of company stock worth $92,008. Corporate insiders own 0.07% of the company's stock.

Southern Copper Stock Performance

SCCO stock opened at $182.79 on Friday. The firm has a 50 day moving average of $181.30 and a two-hundred day moving average of $184.12. Southern Copper Corporation has a 12 month low of $89.87 and a 12 month high of $223.88. The company has a market capitalization of $150.99 billion, a price-to-earnings ratio of 26.72, a P/E/G ratio of 1.57 and a beta of 1.11. The company has a quick ratio of 3.89, a current ratio of 4.38 and a debt-to-equity ratio of 0.57.

Southern Copper shares are going to split on Tuesday, August 11th. The 1.012-1 split was recently announced. The newly created shares will be distributed to shareholders after the market closes on Monday, August 10th.

Southern Copper (NYSE:SCCO - Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The basic materials company reported $2.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.95 by $0.06. Southern Copper had a net margin of 35.87% and a return on equity of 50.74%. The business had revenue of $4.29 billion during the quarter, compared to analyst estimates of $4.37 billion. The business's revenue was up 40.6% on a year-over-year basis. As a group, equities analysts anticipate that Southern Copper Corporation will post 7.63 EPS for the current fiscal year.

Southern Copper Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Tuesday, August 11th will be issued a dividend of $1.10 per share. The ex-dividend date of this dividend is Tuesday, August 11th. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.4%. This is a positive change from Southern Copper's previous quarterly dividend of $1.00. Southern Copper's payout ratio is currently 58.48%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on SCCO. JPMorgan Chase & Co. boosted their price objective on shares of Southern Copper from $127.00 to $131.50 and gave the company an "underweight" rating in a research report on Wednesday, June 17th. Scotiabank reiterated an "underperform" rating and issued a $140.00 target price (up from $135.00) on shares of Southern Copper in a research report on Monday, June 15th. Barclays set a $166.00 target price on shares of Southern Copper and gave the company an "underweight" rating in a research note on Thursday, July 23rd. Citigroup restated a "positive" rating on shares of Southern Copper in a report on Wednesday, July 15th. Finally, UBS Group reaffirmed 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. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, four have issued a Hold rating and seven have assigned a Sell rating to the company. According to data from MarketBeat.com, Southern Copper presently has an average rating of "Reduce" and a consensus target price of $148.60.

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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