TD Asset Management Inc Invests $778,000 in Southern Copper Corporation $SCCO

TD Asset Management Inc bought a new position in shares of Southern Copper Corporation (NYSE:SCCO) during the 2nd quarter, Holdings Channel reports. The firm bought 7,690 shares of the basic materials company’s stock, valued at approximately $778,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SCCO. GAMMA Investing LLC increased its position in Southern Copper by 35.2% in the first quarter. GAMMA Investing LLC now owns 906 shares of the basic materials company’s stock worth $85,000 after purchasing an additional 236 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in Southern Copper by 42.3% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 14,773 shares of the basic materials company’s stock worth $1,381,000 after buying an additional 4,391 shares during the last quarter. Kentucky Retirement Systems bought a new position in Southern Copper during the first quarter worth about $560,000. Kentucky Retirement Systems Insurance Trust Fund bought a new position in Southern Copper during the first quarter worth about $239,000. Finally, Oppenheimer & Co. Inc. bought a new position in Southern Copper during the first quarter worth about $337,000. 7.94% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

SCCO has been the topic of a number of research analyst reports. Wells Fargo & Company raised Southern Copper to a “hold” rating in a research report on Wednesday, October 8th. Morgan Stanley set a $132.00 price target on Southern Copper and gave the stock an “equal weight” rating in a research report on Wednesday, October 8th. UBS Group reaffirmed a “buy” rating on shares of Southern Copper in a research report on Friday, September 19th. JPMorgan Chase & Co. raised their price target on Southern Copper from $79.00 to $92.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 3rd. Finally, The Goldman Sachs Group set a $89.00 price target on Southern Copper and gave the stock a “sell” rating in a research report on Wednesday, September 17th. Two analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, Southern Copper currently has an average rating of “Reduce” and a consensus target price of $110.78.

Insider Activity at Southern Copper

In related news, Director Bonilla Luis Miguel Palomino sold 414 shares of the business’s stock in a transaction on Friday, August 8th. The stock was sold at an average price of $100.00, for a total value of $41,400.00. Following the completion of the sale, the director directly owned 2,327 shares in the company, valued at $232,700. The trade was a 15.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In the last ninety days, insiders sold 1,228 shares of company stock worth $123,102. Insiders own 0.07% of the company’s stock.

Southern Copper Stock Performance

Shares of NYSE SCCO opened at $126.64 on Thursday. The company has a current ratio of 5.27, a quick ratio of 4.51 and a debt-to-equity ratio of 0.67. Southern Copper Corporation has a 12 month low of $74.84 and a 12 month high of $136.49. The stock has a 50 day moving average of $111.99 and a 200-day moving average of $100.13. The company has a market capitalization of $101.83 billion, a P/E ratio of 27.71, a P/E/G ratio of 1.23 and a beta of 1.02.

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.