TD Waterhouse Canada Inc. Has $684,000 Position in Southern Copper Corporation $SCCO

Key Points

• TD Waterhouse Canada reduced its Southern Copper position by 72.3% in the second quarter, selling 10,603 shares and retaining 4,054 shares valued at approximately $684,000.
• Analysts remain cautious on SCCO, with a consensus rating of “Reduce” and an average price target of $146.84; three analysts rate it a Buy, five a Hold, and seven a Sell.
• Southern Copper reported quarterly EPS of $1.99, exceeding estimates, while revenue rose 40.6% year over year. The company also increased its quarterly dividend to $1.10 per share, representing a 2.1% yield.

TD Waterhouse Canada Inc. cut its holdings in Southern Copper Corporation (NYSE:SCCO - Free Report) by 72.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,054 shares of the basic materials company's stock after selling 10,603 shares during the period. TD Waterhouse Canada Inc.'s holdings in Southern Copper were worth $684,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in shares of Southern Copper during the 2nd quarter valued at about $1,729,500,000. State Street Corp lifted its stake in Southern Copper by 2.4% in the fourth quarter. State Street Corp now owns 2,862,244 shares of the basic materials company's stock valued at $410,646,000 after buying an additional 66,268 shares during the period. Fisher Asset Management LLC lifted its stake in Southern Copper by 0.3% in the fourth quarter. Fisher Asset Management LLC now owns 2,536,228 shares of the basic materials company's stock valued at $363,873,000 after buying an additional 7,194 shares during the period. Bank of America Corp DE bought a new position in shares of Southern Copper during the 2nd quarter worth approximately $318,448,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Southern Copper by 2.2% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,290,648 shares of the basic materials company's stock worth $224,908,000 after buying an additional 27,744 shares in the last quarter. 7.94% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SCCO has been the subject of several research analyst reports. CICC Research lowered shares of Southern Copper to a "market perform" rating in a research note on Sunday, July 26th. Morgan Stanley increased their target price on shares of Southern Copper from $144.27 to $156.13 and gave the stock an "underweight" rating in a research note on Wednesday, July 8th. Wall Street Zen cut shares of Southern Copper from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. UBS Group reaffirmed a "sell" rating and issued a $158.10 price target (up from $143.28) on shares of Southern Copper in a research note on Tuesday, June 30th. Finally, Wells Fargo & Company upped their price objective on shares of Southern Copper from $168.97 to $169.96 and gave the company an "equal weight" rating in a report on Thursday, July 9th. Three equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and seven have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Reduce" and a consensus price target of $146.84.

Southern Copper Stock Up 0.6%

SCCO opened at $209.76 on Thursday. The company has a debt-to-equity ratio of 0.63, a current ratio of 5.06 and a quick ratio of 4.56. The company's 50-day moving average is $189.67 and its 200 day moving average is $184.30. Southern Copper Corporation has a fifty-two week low of $100.43 and a fifty-two week high of $223.88. The firm has a market capitalization of $175.01 billion, a P/E ratio of 30.67, a PEG ratio of 1.92 and a beta of 1.14.

Southern Copper (NYSE:SCCO - Get Free Report) last issued its quarterly earnings data on Wednesday, July 22nd. The basic materials company reported $1.99 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.93 by $0.06. The business had revenue of $4.29 billion during the quarter, compared to the consensus estimate of $4.37 billion. Southern Copper had a net margin of 35.87% and a return on equity of 49.04%. The firm's revenue was up 40.6% compared to the same quarter last year. Research analysts expect that Southern Copper Corporation will post 7.59 earnings per share for the current fiscal year.

Southern Copper Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 27th. Investors of record on Tuesday, August 11th were given a dividend of $1.10 per share. The ex-dividend date was Tuesday, August 11th. This is an increase from Southern Copper's previous quarterly dividend of $1.00. This represents a $4.40 annualized dividend and a yield of 2.1%. Southern Copper's dividend payout ratio (DPR) is currently 64.33%.

Insider Buying and Selling at Southern Copper

In other news, Director Luis Palomino Bonilla sold 202 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the director owned 1,723 shares in the company, valued at $339,066.65. This trade represents a 10.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last ninety days, insiders have sold 504 shares of company stock worth $97,077. 0.07% of the stock is owned by corporate insiders.

Southern Copper Profile

Southern Copper Corporation NYSE: SCCO is an integrated copper producer engaged in the exploration, mining, processing, smelting and refining of minerals. The company produces copper in the form of cathodes, concentrates and anodes, along with byproducts including molybdenum, zinc, silver, lead and sulfuric acid.

Southern Copper operates mining and processing facilities in Mexico and Peru. Its principal Mexican operations include the Buenavista del Cobre and La Caridad mining complexes, while its Peruvian operations include the Toquepala and Cuajone mines and the Ilo smelter and refinery.

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