Temasek Holdings Private Ltd Buys 24,417 Shares of Southern Copper Corporation $SCCO

Key Points

• Temasek Holdings boosted its Southern Copper stake by 9.9% in the first quarter, buying 24,417 additional shares and bringing its total holding to 270,277 shares worth about $46.5 million.
• Southern Copper received mixed analyst sentiment, with ratings ranging from Strong Buy to Sell; the stock’s overall average rating is currently “Reduce” with an average price target of $148.10.
• The company announced a 1.012-for-1 stock split and increased its quarterly dividend to $1.10 per share, up from $1.00, for an annualized dividend of $4.40 and a yield of 2.3%.

Temasek Holdings Private Ltd increased its holdings in Southern Copper Corporation (NYSE:SCCO - Free Report) by 9.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 270,277 shares of the basic materials company's stock after acquiring an additional 24,417 shares during the quarter. Temasek Holdings Private Ltd's holdings in Southern Copper were worth $46,504,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of SCCO. SHP Wealth Management acquired a new position in shares of Southern Copper during the fourth quarter worth $25,000. Lloyd Advisory Services LLC. acquired a new stake in shares of Southern Copper during the fourth quarter worth about $29,000. Virtus Advisers LLC purchased a new stake in Southern Copper in the fourth quarter valued at approximately $29,000. Godfrey Financial Associates Inc. acquired a new position in Southern Copper in the 4th quarter worth approximately $30,000. Finally, IFP Advisors Inc increased its holdings in Southern Copper by 233.3% in the 4th quarter. IFP Advisors Inc now owns 230 shares of the basic materials company's stock worth $33,000 after buying an additional 161 shares during the period. 7.94% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on SCCO shares. Citigroup restated a "positive" rating on shares of Southern Copper in a research note on Wednesday, July 15th. Weiss Ratings cut shares of Southern Copper from a "buy (b)" rating to a "buy (b-)" rating in a report on Wednesday, July 8th. Wells Fargo & Company raised their target price on shares of Southern Copper from $171.00 to $172.00 and gave the stock an "equal weight" rating in a report on Thursday, July 9th. Scotiabank restated an "underperform" rating and set a $140.00 target price (up from $135.00) on shares of Southern Copper in a research report on Monday, June 15th. Finally, Wall Street Zen raised shares of Southern Copper from a "hold" rating to a "buy" rating in a report on Saturday, June 27th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, three have given a Hold rating and seven have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Reduce" and an average price target of $148.10.

Southern Copper Price Performance

Shares of NYSE SCCO opened at $187.92 on Wednesday. The stock has a market capitalization of $155.24 billion, a price-to-earnings ratio of 31.06, a PEG ratio of 1.50 and a beta of 1.11. Southern Copper Corporation has a 12 month low of $88.73 and a 12 month high of $223.88. The firm's 50 day simple moving average is $180.76 and its 200-day simple moving average is $182.80. The company has a debt-to-equity ratio of 0.57, a current ratio of 4.38 and a quick ratio of 3.89.

Shares of Southern Copper are scheduled to split on Tuesday, August 11th. The 1.012-1 split was recently announced. The newly minted shares will be issued to shareholders after the market closes on Monday, August 10th.

Southern Copper Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Tuesday, August 11th will be issued a $1.10 dividend. The ex-dividend date of this dividend is Tuesday, August 11th. This is a positive change from Southern Copper's previous quarterly dividend of $1.00. This represents a $4.40 dividend on an annualized basis and a yield of 2.3%. Southern Copper's dividend payout ratio is presently 72.73%.

Insiders Place Their Bets

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 200 shares of the company's stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $177.82, for a total value of $35,564.00. Following the completion of the transaction, the director owned 1,807 shares in the company, valued at approximately $321,320.74. This represents a 9.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have sold a total of 404 shares of company stock valued at $74,108 over the last three months. 0.07% of the stock is currently 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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