Southern Copper Corporation (NYSE:SCCO) Shares Sold by Marathon Asset Management Ltd

Marathon Asset Management Ltd lowered its position in Southern Copper Corporation (NYSE:SCCO) by 4.0% in the first quarter, Holdings Channel.com reports. The firm owned 753,499 shares of the basic materials company’s stock after selling 31,439 shares during the quarter. Southern Copper makes up about 2.2% of Marathon Asset Management Ltd’s holdings, making the stock its 11th largest position. Marathon Asset Management Ltd’s holdings in Southern Copper were worth $70,422,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in SCCO. Norges Bank acquired a new stake in shares of Southern Copper during the 4th quarter valued at approximately $52,738,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Southern Copper during the 4th quarter worth approximately $40,226,000. Renaissance Technologies LLC increased its stake in shares of Southern Copper by 1,417.7% during the 4th quarter. Renaissance Technologies LLC now owns 407,912 shares of the basic materials company’s stock worth $37,173,000 after purchasing an additional 381,035 shares in the last quarter. Northern Trust Corp increased its stake in shares of Southern Copper by 44.9% during the 4th quarter. Northern Trust Corp now owns 1,146,537 shares of the basic materials company’s stock worth $104,484,000 after purchasing an additional 355,013 shares in the last quarter. Finally, Marshall Wace LLP increased its stake in shares of Southern Copper by 49.6% during the 4th quarter. Marshall Wace LLP now owns 998,923 shares of the basic materials company’s stock worth $91,032,000 after purchasing an additional 331,319 shares in the last quarter. Institutional investors and hedge funds own 7.94% of the company’s stock.

Wall Street Analysts Forecast Growth

SCCO has been the subject of a number of recent research reports. JPMorgan Chase & Co. dropped their price objective on shares of Southern Copper from $84.00 to $83.50 and set a “neutral” rating for the company in a research note on Monday, April 14th. Hsbc Global Res raised shares of Southern Copper from a “moderate sell” rating to a “hold” rating in a research note on Thursday, April 24th. Itau BBA Securities raised shares of Southern Copper from an “underperform” rating to a “market perform” rating in a research note on Wednesday, June 11th. Wall Street Zen cut shares of Southern Copper from a “buy” rating to a “hold” rating in a research note on Tuesday, May 20th. Finally, Scotiabank raised their price objective on shares of Southern Copper from $52.00 to $72.00 and gave the stock a “sector underperform” rating in a research note on Monday, March 10th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $91.50.

Southern Copper Stock Performance

Shares of SCCO stock opened at $102.41 on Friday. Southern Copper Corporation has a 12 month low of $74.11 and a 12 month high of $118.64. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.71 and a quick ratio of 3.22. The firm has a market capitalization of $81.54 billion, a P/E ratio of 22.41, a P/E/G ratio of 2.43 and a beta of 1.01. The company’s fifty day moving average price is $93.23 and its two-hundred day moving average price is $93.02.

Southern Copper (NYSE:SCCO) last issued its earnings results on Friday, April 25th. The basic materials company reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.05 by $0.14. The business had revenue of $3.12 billion for the quarter, compared to analyst estimates of $3.05 billion. Southern Copper had a net margin of 30.00% and a return on equity of 39.39%. On average, research analysts anticipate that Southern Copper Corporation will post 4.66 earnings per share for the current fiscal year.

Southern Copper Announces Dividend

The business also recently announced a dividend, which was paid on Monday, May 19th. Stockholders of record on Monday, May 5th were paid a $0.70 dividend. The ex-dividend date of this dividend was Friday, May 2nd. This represents a dividend yield of 2.98%. Southern Copper’s dividend payout ratio (DPR) is presently 61.27%.

Southern Copper Profile

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.