Southern Copper Corporation $SCCO Position Increased by Strs Ohio

Strs Ohio increased its stake in Southern Copper Corporation (NYSE:SCCO) by 1.1% during the 2nd quarter, HoldingsChannel reports. The firm owned 166,321 shares of the basic materials company’s stock after acquiring an additional 1,734 shares during the period. Strs Ohio’s holdings in Southern Copper were worth $16,827,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in the stock. Impact Partnership Wealth LLC bought a new stake in shares of Southern Copper in the 2nd quarter worth approximately $567,000. Atria Investments Inc lifted its holdings in shares of Southern Copper by 8.2% in the 2nd quarter. Atria Investments Inc now owns 9,587 shares of the basic materials company’s stock worth $970,000 after purchasing an additional 730 shares during the last quarter. Assetmark Inc. lifted its holdings in shares of Southern Copper by 514.8% in the 2nd quarter. Assetmark Inc. now owns 1,125 shares of the basic materials company’s stock worth $114,000 after purchasing an additional 942 shares during the last quarter. Spire Wealth Management lifted its holdings in shares of Southern Copper by 77.3% in the 2nd quarter. Spire Wealth Management now owns 569 shares of the basic materials company’s stock worth $58,000 after purchasing an additional 248 shares during the last quarter. Finally, Mayflower Financial Advisors LLC lifted its holdings in shares of Southern Copper by 2.2% in the 2nd quarter. Mayflower Financial Advisors LLC now owns 16,956 shares of the basic materials company’s stock worth $1,715,000 after purchasing an additional 358 shares during the last quarter. Institutional investors own 7.94% of the company’s stock.

Southern Copper Stock Performance

Shares of NYSE SCCO opened at $138.97 on Friday. The stock has a fifty day moving average price of $117.62 and a two-hundred day moving average price of $102.89. The company has a debt-to-equity ratio of 0.67, a quick ratio of 4.51 and a current ratio of 5.27. The firm has a market cap of $111.74 billion, a P/E ratio of 29.13, a PEG ratio of 1.29 and a beta of 1.02. Southern Copper Corporation has a 1 year low of $74.84 and a 1 year high of $144.81.

Southern Copper (NYSE:SCCO) last issued its quarterly earnings results on Tuesday, October 28th. The basic materials company reported $1.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.09. The firm had revenue of $3.38 billion during the quarter, compared to analyst estimates of $3.05 billion. Southern Copper had a return on equity of 39.62% and a net margin of 30.98%. Research analysts forecast that Southern Copper Corporation will post 4.66 EPS for the current fiscal year.

Southern Copper Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Wednesday, November 12th will be paid a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Wednesday, November 12th. Southern Copper’s dividend payout ratio (DPR) is presently 75.47%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SCCO. HSBC reissued a “hold” rating and issued a $118.00 price target (up previously from $105.00) on shares of Southern Copper in a report on Friday, October 17th. Weiss Ratings restated a “buy (b-)” rating on shares of Southern Copper in a research report on Wednesday, October 8th. Jefferies Financial Group set a $155.00 target price on Southern Copper and gave the company a “buy” rating in a research report on Monday, October 6th. Morgan Stanley set a $132.00 target price on Southern Copper and gave the company an “equal weight” rating in a research report on Wednesday, October 8th. Finally, UBS Group restated a “buy” rating on shares of Southern Copper in a research report on Friday, September 19th. Two equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average target price of $117.94.

Insider Transactions at Southern Copper

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 414 shares of the stock in a transaction on Friday, August 8th. The stock was sold at an average price of $100.00, for a total transaction of $41,400.00. Following the completion of the transaction, the director directly owned 2,327 shares of the company’s stock, valued at approximately $232,700. This trade represents a 15.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last three months, insiders sold 1,228 shares of company stock worth $123,102. Company insiders own 0.07% of the company’s stock.

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.