Sciencast Management LP Buys Shares of 10,290 Southern Copper Co. (NYSE:SCCO)

Sciencast Management LP bought a new stake in Southern Copper Co. (NYSE:SCCOFree Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund bought 10,290 shares of the basic materials company’s stock, valued at approximately $729,000.

Several other institutional investors also recently bought and sold shares of SCCO. Bank of New York Mellon Corp grew its position in Southern Copper by 1.3% in the 1st quarter. Bank of New York Mellon Corp now owns 283,570 shares of the basic materials company’s stock valued at $21,523,000 after acquiring an additional 3,611 shares in the last quarter. American Century Companies Inc. boosted its stake in shares of Southern Copper by 48.3% in the 1st quarter. American Century Companies Inc. now owns 11,974 shares of the basic materials company’s stock valued at $909,000 after buying an additional 3,901 shares during the period. MetLife Investment Management LLC purchased a new position in shares of Southern Copper in the 1st quarter valued at about $388,000. Rhumbline Advisers boosted its stake in shares of Southern Copper by 121.4% in the 1st quarter. Rhumbline Advisers now owns 173,100 shares of the basic materials company’s stock valued at $13,138,000 after buying an additional 94,910 shares during the period. Finally, BlackRock Inc. boosted its stake in shares of Southern Copper by 10.7% in the 1st quarter. BlackRock Inc. now owns 7,022,108 shares of the basic materials company’s stock valued at $532,978,000 after buying an additional 680,165 shares during the period. 7.40% of the stock is owned by institutional investors and hedge funds.

Southern Copper Trading Up 0.1 %

NYSE:SCCO opened at $79.75 on Tuesday. The firm has a market cap of $61.66 billion, a P/E ratio of 22.13, a PEG ratio of 19.23 and a beta of 1.28. The company has a current ratio of 4.50, a quick ratio of 3.57 and a debt-to-equity ratio of 0.79. The stock’s 50 day simple moving average is $80.15 and its 200-day simple moving average is $75.69. Southern Copper Co. has a 12-month low of $42.42 and a 12-month high of $87.59.

Southern Copper (NYSE:SCCOGet Free Report) last released its earnings results on Tuesday, August 1st. The basic materials company reported $0.71 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.05). The company had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.37 billion. Southern Copper had a net margin of 27.62% and a return on equity of 34.86%. Equities analysts anticipate that Southern Copper Co. will post 3.61 EPS for the current year.

Southern Copper Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 23rd. Stockholders of record on Wednesday, August 9th were issued a $1.00 dividend. The ex-dividend date was Tuesday, August 8th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 5.02%. This is a positive change from Southern Copper’s previous quarterly dividend of $0.95. Southern Copper’s payout ratio is presently 111.11%.

Insider Activity

In related news, Director Bonilla Luis Miguel Palomino sold 500 shares of the company’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $87.11, for a total transaction of $43,555.00. Following the transaction, the director now owns 5,414 shares of the company’s stock, valued at $471,613.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Southern Copper news, Director Sanchez Mejorada Enri Castillo sold 2,400 shares of the company’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $81.56, for a total value of $195,744.00. Following the sale, the director now owns 3,200 shares of the company’s stock, valued at $260,992. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Bonilla Luis Miguel Palomino sold 500 shares of the company’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $87.11, for a total value of $43,555.00. Following the completion of the sale, the director now directly owns 5,414 shares in the company, valued at approximately $471,613.54. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company’s stock.

Wall Street Analyst Weigh In

SCCO has been the subject of several recent research reports. JPMorgan Chase & Co. lifted their price objective on Southern Copper from $52.50 to $55.50 and gave the company an “underweight” rating in a research note on Thursday, August 17th. Jefferies Financial Group assumed coverage on Southern Copper in a research note on Monday. They set a “hold” rating and a $91.00 target price for the company. Morgan Stanley boosted their target price on Southern Copper from $67.00 to $74.00 in a research note on Wednesday, June 21st. Finally, StockNews.com assumed coverage on Southern Copper in a research note on Thursday, August 17th. They set a “buy” rating for the company. Four research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $65.17.

Get Our Latest Stock Report on SCCO

Southern Copper Profile

(Free Report)

Southern Copper Corporation engages in mining, exploring, smelting, and refining copper and other minerals in Peru, Mexico, Argentina, Ecuador, and Chile. The company is involved in the mining, milling, and flotation of copper ore to produce copper and molybdenum concentrates; smelting of copper concentrates to produce blister and anode copper; refining of anode copper to produce copper cathodes; production of molybdenum concentrate and sulfuric acid; production of refined silver, gold, and other materials; and mining and processing of zinc, copper, molybdenum, silver, gold, and lead.

Further Reading

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Institutional Ownership by Quarter for Southern Copper (NYSE:SCCO)

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