JPMorgan Chase & Co. Raises Holdings in Southern Copper Corporation $SCCO

JPMorgan Chase & Co. lifted its stake in Southern Copper Corporation (NYSE:SCCO) by 10.8% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,719,883 shares of the basic materials company’s stock after purchasing an additional 168,005 shares during the quarter. JPMorgan Chase & Co. owned about 0.21% of Southern Copper worth $174,002,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. IFP Advisors Inc increased its position in shares of Southern Copper by 53.7% in the 1st quarter. IFP Advisors Inc now owns 733 shares of the basic materials company’s stock valued at $69,000 after acquiring an additional 256 shares during the period. Cetera Investment Advisers grew its stake in Southern Copper by 7.3% during the 1st quarter. Cetera Investment Advisers now owns 35,592 shares of the basic materials company’s stock valued at $3,326,000 after purchasing an additional 2,412 shares during the last quarter. Skandinaviska Enskilda Banken AB publ increased its holdings in shares of Southern Copper by 1.7% in the first quarter. Skandinaviska Enskilda Banken AB publ now owns 21,616 shares of the basic materials company’s stock valued at $2,019,000 after purchasing an additional 356 shares during the period. HB Wealth Management LLC raised its stake in shares of Southern Copper by 6.4% in the first quarter. HB Wealth Management LLC now owns 2,377 shares of the basic materials company’s stock worth $222,000 after purchasing an additional 142 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Southern Copper by 0.7% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 54,465 shares of the basic materials company’s stock worth $5,090,000 after purchasing an additional 395 shares during the period. 7.94% of the stock is currently owned by institutional investors and hedge funds.

Southern Copper Stock Performance

Shares of NYSE SCCO opened at $129.15 on Wednesday. The company has a market capitalization of $104.90 billion, a PE ratio of 27.08, a price-to-earnings-growth ratio of 1.29 and a beta of 1.08. 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 company’s fifty day moving average price is $127.94 and its 200 day moving average price is $108.06. Southern Copper Corporation has a 1 year low of $74.84 and a 1 year high of $144.81.

Southern Copper (NYSE:SCCO) last released its quarterly earnings data on Friday, October 31st. The basic materials company reported $1.35 earnings per share for the quarter, beating analysts’ consensus estimates of $1.26 by $0.09. Southern Copper had a net margin of 30.98% and a return on equity of 39.62%. The company had revenue of $3.38 billion during the quarter, compared to analysts’ expectations of $3.05 billion. On average, research analysts predict that Southern Copper Corporation will post 4.66 earnings per share for the current year.

Southern Copper Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Wednesday, November 12th will be issued a $0.90 dividend. The ex-dividend date of this dividend is Wednesday, November 12th. This represents a $3.60 dividend on an annualized basis and a yield of 2.8%. Southern Copper’s dividend payout ratio is presently 75.47%.

Analyst Upgrades and Downgrades

SCCO has been the topic of several research reports. Jefferies Financial Group set a $155.00 price target on shares of Southern Copper and gave the stock a “buy” rating in a report on Monday, October 6th. Wells Fargo & Company increased their price objective on shares of Southern Copper from $121.00 to $137.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 30th. Wall Street Zen raised shares of Southern Copper from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. JPMorgan Chase & Co. upped their price target on shares of Southern Copper from $92.00 to $114.50 and gave the company a “neutral” rating in a report on Monday, October 27th. Finally, Zacks Research upgraded Southern Copper from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 7th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $117.94.

Insider Transactions at Southern Copper

In other Southern Copper news, Director Bonilla Luis Miguel Palomino sold 200 shares of the firm’s stock in a transaction that occurred on Friday, October 31st. The stock was sold at an average price of $139.35, for a total value of $27,870.00. Following the sale, the director directly owned 1,713 shares of the company’s stock, valued at approximately $238,706.55. This trade represents a 10.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 962 shares of company stock worth $118,232 in the last quarter. Corporate insiders own 0.07% of the company’s stock.

Southern Copper Company 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.