XTX Topco Ltd Purchases 14,099 Shares of Southern Copper Corporation $SCCO

XTX Topco Ltd grew its position in Southern Copper Corporation (NYSE:SCCO) by 111.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 26,699 shares of the basic materials company’s stock after buying an additional 14,099 shares during the quarter. XTX Topco Ltd’s holdings in Southern Copper were worth $2,701,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Tobam bought a new position in Southern Copper during the 2nd quarter worth about $29,000. Westside Investment Management Inc. purchased a new position in Southern Copper during the second quarter valued at approximately $32,000. N.E.W. Advisory Services LLC bought a new position in Southern Copper in the first quarter worth approximately $34,000. Allworth Financial LP lifted its holdings in Southern Copper by 65.1% during the second quarter. Allworth Financial LP now owns 383 shares of the basic materials company’s stock worth $39,000 after buying an additional 151 shares during the period. Finally, Quarry LP bought a new stake in Southern Copper during the 1st quarter valued at $41,000. Institutional investors own 7.94% of the company’s stock.

Wall Street Analyst Weigh In

SCCO has been the subject of several recent research reports. Wells Fargo & Company boosted their price target on Southern Copper from $121.00 to $137.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 30th. The Goldman Sachs Group reiterated a “sell” rating and issued a $115.00 target price (up from $89.00) on shares of Southern Copper in a report on Wednesday, October 29th. Wall Street Zen upgraded shares of Southern Copper from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Citigroup reaffirmed a “sell” rating and issued a $108.00 price objective (up previously from $89.10) on shares of Southern Copper in a research report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. increased their target price on shares of Southern Copper from $92.00 to $114.50 and gave the company a “neutral” rating in a research report on Monday, October 27th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Southern Copper presently has an average rating of “Hold” and an average price target of $117.94.

Southern Copper Price Performance

NYSE SCCO opened at $133.17 on Thursday. The company has a market cap of $108.16 billion, a price-to-earnings ratio of 27.92, a PEG ratio of 1.29 and a beta of 1.08. The company has a debt-to-equity ratio of 0.67, a current ratio of 5.27 and a quick ratio of 4.51. The stock’s fifty day moving average price is $128.47 and its 200 day moving average price is $108.24. Southern Copper Corporation has a 1 year low of $74.84 and a 1 year high of $144.81.

Southern Copper (NYSE:SCCO) last posted its quarterly earnings results on Friday, October 31st. The basic materials company reported $1.35 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.09. The business had revenue of $3.38 billion for the quarter, compared to the consensus estimate of $3.05 billion. Southern Copper had a return on equity of 39.62% and a net margin of 30.98%. As a group, equities research analysts forecast that Southern Copper Corporation will post 4.66 earnings per share for the current year.

Southern Copper Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Wednesday, November 12th will be given a $0.90 dividend. The ex-dividend date is Wednesday, November 12th. This represents a $3.60 dividend on an annualized basis and a yield of 2.7%. Southern Copper’s dividend payout ratio is currently 75.47%.

Insiders Place Their Bets

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 shares were sold at an average price of $139.35, for a total transaction of $27,870.00. Following the completion of the transaction, 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 position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In the last 90 days, insiders have sold 962 shares of company stock valued at $118,232. 0.07% of the stock is currently owned by corporate insiders.

About Southern Copper

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.